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Overcome the hurdles of unemployment with short term loans for unemployed

Unemployment can be very painful because your carefully planned financial budget goes for a toss and you are unable to meet even your daily expenses. In this situation if some financial emergency comes up where you have to shell out a large sum of money then things can become worse. In this situation you may need a financial helping hand which could be in the form of a loan. But you know that no traditional mainstream lender or bank will give a loan to unemployed people. Hence in this situation your best bet is to approach a reputable loan broker who can help you get short term loans for unemployed.

What are short term loans?

There is no exact definition of short term loans which can last from anywhere between a few days to a few months or even 3-5 years. However, short term loans are supposed to be taken only in a real necessity. You should never take a loan for frivolous expenses because if you are unable to repay the loan it will impact your credit score in a negative manner and also land you in a financial mess. Here you also need to bear in mind that when a lender gives a loan to an unemployed person, they are taking a higher risk and hence the rate of interest on these loans is also high. This is the reason you should do your math properly and if possible take financial advice on the amount of loan you should take and the tenure of the loan.

Where you can get adviceOf course there are many financial advisers in the market and you can consult them for guidance. However, these advisers usually charge a high fee and in the situation of unemployment you may not be able to shell out such money. This is the reason that if you want to get loans for unemployed people then you should approach loan brokers. These loan brokers employ financial advisers who provide financial advice free of cost. They take stock of your financial situation and considering that you have no income when you are unemployed they can suggest ways of repaying the loan. For instance, getting benefits for unemployed people can be one way of being able to repay the loan. At the same time, these advisers will also help you to decide the loan amount and the tenure.

**What to do if you have bad credit?**The other situation in which mainstream lenders will not provide you a loan is when you have bad credit. In this situation you may want someone who will give you short term loans with no credit check. However, this is not possible or legal in the UK because according to the regulations of the Financial Conduct Authority it is necessary for a lender to conduct a credit check before providing a loan. This is the reason that every legitimate lender will definitely conduct a credit check, but it is also true that some of the lenders do not consider only your credit score as a factor for approving the loan. Instead they may look at your current ability to repay the loan.

Short term loans for unemployed are not possible if you approach a mainstream traditional lender or bank. Instead if you approach a loan broker then it is possible to get short term loans in spite of being unemployed because these loan brokers have associations with many specialist lenders who are ready to take

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