Author (will.jason1). Submitted on Fri, 8 Jun 2012
Demand for money is ever growing. May it be for an employed, professional or an unemployed. Everyone needs money, for one reason or another. It could be required to realize petty expenses like grocery bills, education fees, electricity bills, or other expenses like child’s abroad study fee, starting up some new small scale business, wedding a son or a daughter and forth. Trouble arises when one badly needs money during his worst phase called unemployment. It is a bad situation and one may be trapped into it due to reasons like recession, poor annual credit appraisal, lack of growth, salary dissatisfaction, unprofessional working environment, etc. It is difficult for the unemployed to get financial support in their hard times. Their applications are usually rejected. Loans for unemployed have been introduced to help the jobless people.
Loan for unemployed can be categorized into two types and they are secured and unsecured. Secured loans require a valuable possession like a property or any other real estate as security. Pledging security benefits the applicant in getting lower interest rates. Unsecured loans do no require collateral. They are completely risk free for the borrower. The lender is at risk in case the borrower defaults due to which he charges more interest rate. This secures him to some level. Basic legibility conditions mandatory to be fulfilled by applicant before applying are: he should be a citizen of UK, must be earning a minimum monthly income £1,000, should have an operative bank account and must be 18 years of age or above. The capital ranges from £100 to £1,500 and the repaying period stretches from 14 days to 1 month.
Elimination of the credit check procedure has made it easier for the poor credit holder to apply and avail funds in times of need. They may have poor credit score due to reasons like bankruptcy, arrears, irregular payments, etc. Loans for unemployed gives you guarantee that your application will not be rejected. Efforts should be made to repay in scheduled time, as it may enhance the credit score. The amount acknowledged can be used by the individual to meet up his wants and desires. This lessens his guilt due to lack of job. The processing is free of signing or submitting stacks of papers which ultimately fastens the whole procedure.
Applications may be submitted online with the required basic mandatory details. Upon approval, the amount is electronically transferred the same day into bank account of the borrower.