Loans for unemployed

Loans for Unemployed – Virtuous but Need To Know More

The jobless people in the UK are getting more time to find the suitable job while the statistics shared by the Govt. departments indicate that unemployment rate has come down. The longer unemployment period is driving the unemployed people into deep financial troubles that seem never ending because of several side effects in addition to mounting debt. The most common side effect of unemployment status is lower credit score. The low credit score makes the borrowing from any source tough as well as costlier. When the job seekers allowance is not adequate to meet out the regular living expenses and other funds requirements for career growth, approaching to FCA regulated direct lenders dealing in guaranteed loans for unemployed seems the only way to survive and career building.   

VirginBucks Specially Structured For Unemployed:

The borrowing purpose during unemployment is not confined just to meet out regular living expenses or emergency needs; the importance and scope of unemployed credit are getting wider and more objective oriented. Despite the decreased unemployment rate, no guarantor unemployed loan is high in demand because of numbers of reasons while the more than ever before jobs were listed in 2017-2018.

The majority of unemployed youths don’t get the job because of inadequate qualification and no experience. Lack of efforts and interest to join any job at the earliest also makes the jobless period longer. Job seekers allowance is a great help from the UK Govt. but the funds are limited and also the financial help comes with lots of clauses like explaining the efforts to get a job on weekly basis. On other side, the unemployed loans are made available without usage limitation. The credited funds can be used for different objectives; improving the credit score from the spared funds is also one of the smart usages.

Eligibility for Unemployment Loan:  

Whatsoever type of qualification you have for the job seeking or whatsoever type of job you seek, there are plenty of options to crush all the financial barriers. The Govt.’s support is excellent for the unemployed because job seekers allowance is easily available; however, more over 300,000 eligible unemployed people were not getting job seekers allowance benefit in January 2018; mainly youths and older women didn’t register to claim JSA. Unemployed youths up to 24 years’ age are eligible to get £57.90/week JSA; while the job seekers allowance for the unemployed people more than 25 years’ age is £73.10/week.

There is a widely spread misconception that job seekers allowance beneficiaries are not eligible for the borrowing from other sources; it drives more people to approach the direct lenders for costlier borrowing. According to the reports available up to July 2018, unemployment rate is the highest in 16-25 years’ age group. Simultaneously, the people in this age group have low credit score because of having no steady earning and also because of having no record of previous loan payment.

Guaranteed loans for unemployed seem the best feasible financial solution to tackle the short-term financial needs because of either reason. To avail such, borrower must be 21 years’ old with registered UK citizenship. 

Concluding Note:

Because of fast growing presence of online direct lending stores in the UK marketplace, the borrowing during the unemployment status is no more a challenging task but numbers of factors affect the total cost as well as ultimate experience. No guarantor- bad credit guaranteed loans for unemployed loans are costlier because of high risk involvement; better arrange a guarantor to improve the affordability. The ideal repayment period is 12 months; stretching it costs you more. Unemployment is a common status not a curse; the situation should be tackled with patience and better planning for finance utilisation.  

Leave a Reply

Your email address will not be published. Required fields are marked *