It is possible to get loans for unemployed with bad credit no guarantor and one of the quickest ways of applying for your loan is with our help. We are not a lender; instead, we work with a panel of lenders to match those looking for loans with a poor credit rating to lenders willing to offer loans.
Types of Loans That Don’t Need a Guarantor
There are several types of loans available that don’t require a guarantor. We have listed them in order of how easy it may be to get approval; however, there is no guarantee that you will be approved.
- Payday loan;
- Short term loan;
- Secured loan;
- Personal loan.
Are Payday Loans for Unemployed with Bad Credit No Guarantor A Suitable Choice?
A payday loan is one of the easiest types of loans to find approval for if you have a bad credit rating. One of the main reasons is that lenders do not delve too deeply into your credit file, although they do have to check it. When applying for a loan for a small sum of money the lender is not taking as big a risk as they would be if you wanted to borrow thousands of pounds.
A payday loan may be suitable if only a small amount of money is needed. With this type of loan lenders usually offer in the region of £100 to £500. Many people who apply for this type of loan do so as they have been met with a sudden financial outlay and they don’t have the money to pay out until their next payday comes around.
Providing you know that a payday loan can be repaid as agreed, this type of loan can work out. However, as interest is added daily, if you fail to repay on time, the total amount repayable can add up, more so when fees are added on for late or missed repayments.
Payday loans can be repaid on your next payday or lenders will allow you to spread out the cost for up to three paydays.
Is A Short-term Loan Suitable for Your Needs?
A short-term loan may be more suitable for your needs if you find yourself needing to borrow between £500 and £1,000.
This is one of the types of loans for unemployed with bad credit no guarantor that can be spread out over a longer period, without committing to a loan over many years. The longer the loan is taken out the more affordable the repayments may be, but overall you will pay for in total.
Is A Secured Loan Suitable?
If your credit rating is particularly poor and you want to borrow thousands of pounds spread out over many years you might consider a secured loan. The downside to the secured loan is that you need to put something of value against the amount of money you want to borrow. This might be your vehicle, property or something of equal value.
If you fail to repay the loan, the lender can take you to court to take your possession to pay off the loan.
Is A Personal Loan an Option?
A personal loan is similar to a secured loan with the difference being you do not need to put anything up against the loan as security.
This is one of the most difficult of loans to be approved for if your credit rating is poor as the lender is taking a bigger risk as they are lending you a large sum of money over a longer period.
We can help to match you with lenders offering loans for unemployed with bad Credit no guarantor and you get an instant decision. Providing you have regular benefit paid into a UK bank account, you are over 18, live in the UK and have a debit card attached to the account; we may be able to find you a loan.