Loans in the UK for individuals who are Unemployed

Written by Todd Priestly, Admin Finance

Employed people enjoy a wide range of loan options as opposed to those who are unemployed. If you are in the UK and you are unemployed, don't wonder whether it is possible for you to get loans. Of course you can. It is the high time for you to search for the most convenient loan option for you to be able to meet some of your financial needs.



While in the UK,you can take advantage of the following loan options in order to cater for your different financial needs. Each loan option works differently from the others as discussed below.

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  1. Student loan for those who are unemployed : Living without a job is a great disaster,but combining unemployment with education makes the issue much more complicated. However,if you are eligible for a loan,there is no need to worry because you can take this kind of a loan and be able to enjoy its numerous benefits. This loan enables you to pay for your higher education. The amount you get is determined by your course of study as well as the kind of education you are taking the loan for.
  2. Unemployed loans for the retired people : Those who are retired may lack source of income to cater for their financial needs.Unemployed loans for the retired people is available in the UK and they may either be secured or unsecured. To get a secured loan,you have to pledge your property so that you can obtain loan ranging from 5000-100,000. Having the right collateral makes the interest rate to be reduced in order for you to be able to pay the loan faster. If you decide to go for unsecured loan for retired people,no property is needed to secure the loan.However, this loan has higher interest rate than secured loan.
  3. Personal Loan : This is the loan that you can take in order to cater for your personal needs such as education,vacation among other things which are important to you. When taking this loan,the lender examines your current financial standing in order to determine whether you are able to pay back. After getting satisfied with your financial status,the lender gives you the loan that is enough to meet your needs without imposing high interest rate on the loan.
  4. Guarantor Loans : To apply for this type of loan,the lender requires you to provide a guarantor who will lend credibility to your trustworthiness and ability to pay back the loan.If you default in paying,the guarantor is held responsible for the repayment.You can borrow a guarantor loan amounting up to 12,000 which you should repay within 7 years.
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