With unemployment, you may face financial as well as psychological fiasco. The need for unemployed loans is generally an immediate one and the borrower is on a look out for guaranteed loans. But can anyone actually guarantee you loan without a Job?
There are several self proclaimed lenders and brokers who claim that they can guarantee loans for each of the borrowers. But before you fall prey to any of the claims you should understand that the approval of loan is never in the hand of a finance company. The loans are approved by lenders on the basis of your credit worthiness. With very poor credit history finding a lender is the most difficult task. For with poor credit score, you are deemed to be the borrower with high risk.
Contacting a Loan Broker
The role of the broker is significant for people with bad credit as they help borrowers search for the required loans which are otherwise not available. So rather than searching for brokers who deal in guaranteed loans for bad credit and unemployed, look for following:
1. Always contact with FCA authorised loan brokers as they assure you safe and secure deals.
2. Choose the broker that offers soft credit deals and not the ones who claim to provide no credit check loans. For, it is illegal to lend no credit check loans in the UK.
3. With limited means, it is important to not spend for broking service. Deal with brokers who offer no upfront fees bad credit loans for unemployed.
4. Do not ask for instant payday loans but intstalment loans. The brokers are the loan advisors and thus can guide you only when you know what you are your requirements. You should discuss your credit situation rather than opting for instant cash loans.
When you do not have a job, your major priority is to look for a new job. With an authorised broker by your side, you would be directed to the desired loan without spending your time. The broker would do the R&D and you can concentrate on searching for the job.
Choosing secured or unsecured loan with unemployment
The decision to apply for unsecured or secured loans primarily depend on your credit situation. When you have recurring intstalment loans and credit bills to pay and there is no job, you would certainly require a bigger loan to fund your monthly financial obligations. Using high cost assets such as your home or car, you can substantially reduce the burden of loan intstalment. However in case you need unsecured loans with unemployment, you need to state the requirements clearly to broker. The broker can help you by not only searching for exact match loans but they also ensure that you avail loans with lowest possible interest rate.
You need to have a clear repayment plan so as to make this loan a success. In case you want to extend the repayment deadline, you can ask for the same to broker. They can help you find unemployed loans with delayed repayment. After all, cash hassles owing to unemployment are temporary, till the time you find a new job.