Obtaining a loan if you are unemployed is not always easy. Some lenders will assume that you will not have the means to repay your loan and simply turn you down without looking into all of your personal circumstances. However, at Cockle Finance, we provide a professional service so that loans for unemployed people become possible. We believe that everyone needs some credit here and there and unemployed people are no exception.
That’s why our short-term loans and online loan service are available to you whether you have recently been made unemployed, face the prospect of redundancy or have an income that is solely dependent on benefit payments. So long as the loan offered is affordable and you have a clear repayment structure, Cockle Finance will be able to match you with a suitable lender who can meet your borrowing requirements.
Why Obtain a Loan for During Periods Of Unemployment?
People need to borrow for all sorts of reasons, whether they are employed or not. Perhaps you have a big-ticket item that needs to be replaced in your home, such as a fridge or a cooker, or you need money to tide you over until your next job starts? If you don’t have the chance to save for it from your income, then an unemployed loan may well be the best way of paying for it, certainly compared to in-store credit options. There again, you may need a short-term loan to cover extra expenses over the Christmas period.
Sometimes people who have recently been made unemployed need some finance to cover them until their universal credit application has been processed or their redundancy money comes through from their former employer. In short, there are many different reasons to provide loans for unemployed people and we deal with them all at Cockle Finance. Why not talk to us about your borrowing options even if you have a limited income during your current period of unemployment.
Loans for Unemployed People That Provide Value for Money
At Cockle Finance, we think that it is right that all of the loans we broker on behalf of our clients offer as much value for money as possible. Consequently, any lender we match you with will be able to provide you with a loan which takes into account all of your personal circumstances, including your ability to pay back the sum you have borrowed. In some cases, this will mean extending the term of the loan from, for example, 20 weeks to 33 weeks so that it is spread out more. There again, we will always try to find a loan that means you will only pay back the minimum amount of interest so that you are being offered a deal that constitutes the best that the market can afford.
If you live in Essex and are after a doorstep loan to help you out while you are out of work, Cockle Finance can help. Get in contact or apply for a loan online and we’ll scour the market to come up with the most affordable borrowing deal possible.
Loans for Unemployed People That Provide Value for Money
At Cockle Finance, we think that it is right that all of the loans we broker on behalf of our clients offer as much value for money as possible. Consequently, any lender we match you with will be able to provide you with a loan which takes into account all of your personal circumstances, including your ability to pay back the sum you have borrowed. In some cases, this will mean extending the term of the loan from, for example, 20 weeks to 33 weeks so that it is spread out more. There again, we will always try to find a loan that means you will only pay back the minimum amount of interest so that you are being offered a deal that constitutes the best that the market can afford.
If you live in Essex and are after a doorstep loan to help you out while you are out of work, Cockle Finance can help. Get in contact or apply for a loan online and we’ll scour the market to come up with the most affordable borrowing deal possible.
What Other Finance Options May Be Suitable?
We know that borrowing money can be a lifeline when an unexpected expense comes about. Here at Cockle Finance we want to make the process of borrowing money as safe as possible so that you can manage your cashfl0w and loan repayments.
There are a range of finance options available for people who want to borrow money. Doorstep loans are a great finance option that is well suited to short term borrowing. Find out more information about a doorstep loan here.
Unemployment Loan FAQ
What is a loan for the unemployed?
A loan for the unemployed is a type of personal loan specifically designed for individuals who are currently without a job. These loans can offer financial assistance for people in between jobs or those facing a temporary lack of regular income. They can be used for various purposes, such as paying bills, covering emergency costs, or managing other financial commitments.
Who can apply for a loan for the unemployed?
Our unemployment loans are for individuals who are currently not working. We can’t just lend money without making sure repayments are affordable and realistic. With this in mind you will typically need to demonstrate some form of alternative income or show that you have sufficient savings or assets to repay the loan. This could include income from benefits, pensions, or other sources of income.
What is the maximum amount I can borrow with a loan for the unemployed?
The maximum amount you can borrow if you are unemployed will depend on various factors, including your alternative income sources, your credit history and affordability. The key here is to ensure you borrow only what you can afford to repay from your available income sources without putting yourself in financial distress.
How do I apply for a loan for the unemployed with your company?
You can apply for a loan if you are unemployed by completing our online application form. During the application process, you’ll need to provide details about your current financial situation, including any alternative income sources or benefits you’re receiving. Once we receive your application, we will review it and make a decision based on your individual circumstances.
How quickly can I get a loan for the unemployed?
The speed at which you can get a loan for the unemployed can vary. Once your application is approved, we aim to transfer the funds to your account as soon as possible, often within a day or two. However, this may depend on factors like the time needed to verify your information and process your loan.
What are the interest rates on loans for the unemployed?
Interest rates on loans for the unemployed can be higher than other types of loans due to the perceived risk associated with lending to borrowers without a regular income. However, we strive to offer competitive and fair rates to all our customers. The exact rate you’re offered will depend on factors like your credit history, alternative income sources, and the amount you wish to borrow.
Can I get a loan for the unemployed with bad credit?
Yes, it’s possible to get a loan for the unemployed even with bad credit. While credit history is a significant factor, we also consider other aspects, such as your current financial situation and any alternative income sources. Please be aware that the interest rates may be higher for those with poor credit due to the increased risk.
What happens if I can't make a repayment?
If you find you can’t make a repayment, please contact us as soon as possible. We understand that situations can change, particularly when you’re unemployed, and we will work with you to find a solution. This could involve adjusting the repayment schedule, providing a payment holiday, or discussing other options that could help you manage your situation.
Can I pay off my loan for the unemployed early?
Yes, you can typically repay your loan for the unemployed early. Doing so could potentially save you money on interest. However, it’s essential to read your loan agreement or speak with us directly, as some loans may have early repayment fees or penalties. If you’re considering early repayment, we can provide you with a final settlement figure and any relevant information about early repayment.