Member Article

Unemployed loans can brighten your days of unemployment

Unemployment is a problem that is increasing in the UK in spite of the efforts of the government to curb it. The number of unemployed people are looking for jobs but not finding what they require or what they are capable of. As a result they are having to make do with menial jobs, and some of the smarter people are opting for self-employment or small home based businesses. However, for the latter they need capital which nowadays people seldom have. Most people find it difficult to save money and whatever savings they do have are not in liquidated form. This is the reason that many unemployed people are opting for unemployed loans in order to make themselves self-employed or to start small businesses. These loans are also often used to pay for financial emergencies like a broken down car or a hole in the roof or some medical emergency which are not insured. Where you can find loans for unemployed people If you search online for loans for unemployed people on benefits you will find many websites catering to this requirement. But beware some of them are loan sharks and other unscrupulous elements. In order to protect yourself from them, the best way is to approach a loan broker in the country. These loan brokers are associated with many specialist lenders who provide loans for special needs. At the same time, these loan brokers thoroughly check out the lenders that they are associated with. Both the brokers and lenders follow the guidelines of the FCA to the letter and are licensed to deal in loans inside the UK. Even the websites of the loan brokers can be found on the internet if you search with the relevant keywords. Long term loans for Unemployed people While it is quite easy to get short term loans like payday loans for unemployed people getting long term loans can be somewhat tricky. This is because the unemployed don’t have a proof of income and that is why all the traditional mainstream lenders simply refuse to give long term or any other kind of loans to these people. However as mentioned above there are many loan brokers who are associated with specialist lenders and they are ready to provide long term loans for unemployed people. These long term loans can be in the form of mortgages, car loans, or even personal loans. Now per se there is no definition of a long term loan, any loan that has a tenure from 3 to 30 years can be termed as a long term loan. Usually the interest rate on long term loans is lesser than short term loans, but in the long run you may end up paying a large amount as interest. Hence it is advisable to do your math properly before you sign on the loan papers. The best part is that the websites of the loan brokers have loan calculators which will tell you exactly what amount of loan you should take and the instalments and total interest amount on the loan along with the tenure.

This was posted in Bdaily's Members' News section by Loan-Adviser .