There is no denying the fact that being jobless is one of the most stressful things that can happen to any one of us. Not only it affects us emotionally but financially as well, and during this situation getting a financial help could be nothing less than a blessing in disguise. Well, when you lose your job, the only thing that keeps on revolving into your mind is how you will be managing your finance where you have just lost your steady source of income. All of a sudden paying your bills, rents and even managing the expenses would look like climbing the Everest.
Fortunately, there are options that you could use to overcome your financial shortcomings when you no longer have a job. In this blog, we have prepared a list of funding options that are ideal for unemployed people to use. So, let us see them one by one.
How to deal with the financial constraints after losing the job
1.Loans for Unemployed
These are the loan products specifically designed for the unemployed people. The reason for your unemployment could be many and there are many lenders who understand this face and offer Loans for unemployed in the UK with no guarantorrequirement. So, even if you don’t have a guarantor which is one of the mandatory things that most lenders demand, there is still a possibility to get financial assistance. You could use the fund to manage your handle your expenses and complete the payment after you have found a new job.
2. Loans for people on benefits
Well, the government of the UK provides some benefits to the jobless people. Yet, the benefits that they are provided are not enough to manage the expenses and getting a loan would not be easy too. Yes, it is true that most of the lenders hesitate to give loans to the jobless people, but there are lenders in the market holds no bar for the people on benefits in providing a loan. However, in order to get such loans, it is must to be living in the UK with a permanent residence apart from other qualifications.
3. No Credit check loans
If you have ever applied for a loan, then you must be well aware of the funding procedures of the banks and other financial institutes. Among all credit score is the first thing that most lenders before approving the loan. So, being an unemployed person for a long period of time starts affecting the credit score and thus reducing the chances of getting a loan. Somehow, this is not the case with every lender, as there are some who offer loans with no credit check. Basically, these are nothing than payday loans where the credit score is not checked. You should go for payday loans for unemployed direct lenders UK from a reputed direct lender in the UK.
4. Bad Credit loans
Yes, payday loans are the best funding options that you can avail during your unemployment, but if you need a bigger amount of loans, then you have to look for other alternatives. Well, you cannot get a big amount of debt, without getting your credit checked. However, there is an option where you can get the needed fund as there are few direct lenders who offer loans for unemployed with bad credit and no guarantor requirement. So, even if your credit is bad you could still get a loan that would help you to get out of this rough patch of your life.
Well, all the loans mentioned above have different ranges and duration. So, you need to apply according to your need and circumstances. Here is the table, where we have mentioned how much amount you could borrow according to your requirement:
