Useful Resources

Loans For Unemployed People

People who are unemployed and on benefits may have been turned down by many lenders, however there are some companies in the UK who do not rely on your credit history records only.

This type of loan is suitable for people out of work with bad credit – those with ccjs, ivas, someone who may have missed a few payments on past credit, those who have had a history of late payments, got defaults on their credit record and ex bankrupts for example. Applying for these types of loans is very easy, you can apply online, over the telephone or some companies also offer shops for you to visit and speak to someone in person.

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Help is at hand now for people on government benefit to spread the cost with affordable weekly payments. If you are on Disability Living Allowance, Carers Allowance or some other type of benefits and you have poor credit history it does not necessarily mean that you’ll be excluded from a loan nowadays.

Jobless loans are granted providing you can prove you have regular money coming in from your government credits and allowances. As well as proving you have regular income you’ll need some form of ID. Perhaps you need a flexible instant decision loan for a deposit on a flat,  repairs to your home or property of other emergency need. Getting personal credit can help you in times of need and there are a few companies who advertise for this type of customer who would normally struggle to get a loan.

Two companies that offer finance to people out of work are Oakam and Provident. As well as lending some of these types of companies also offer other useful services for people who perhaps have no bank account like a cheque cashing service and money transfers. Applying is straightforward using the loan calculators that they offer. The good news also is that some of these lenders also consider self employed as well as unemployed with bad credit which may suit you if you have just gone self employed after being out of work for a long time or perhaps you are new to the UK from Poland or other EU countries for example and again may have struggled to find someone to accept you if you have less than three years residency.

Oakham Loans offer unsecured loans for people on benefits for borrowing up to £600 with flexible affordable repayments of between three to six months, so you can arrange a quick hassle free loan and get the cash straight away with flexible weekly, fortnightly, four weekly or monthly repayments. These instant decision loans are available online, over the telephone or in store (around London area). Oakam also have multilingual advisors helping non English speaking citizens with the process.

Oakam, Croydon, London CR0

Oakam, Croydon, London CR0 (Photo credit: Kake Pugh)

Another similar company as mentioned is Provident, this company may help if you are jobless and have been turned down elsewhere with flexible   installments personal loans with  same day cash loan approval £100 – £500 for people who have poor credit history.

Its always wise though before borrowing any money to see if you really need the money? Can you cut back and do without as not managing your debt sensibly may lead to further problems down the line.  If you searching for a job and on job seekers allowance speak to your job centres about help with what is called a crisis loans for emergencies to see if you qualify. Perhaps you need the money for a new suit for an interview or some other need, they will consider your request and this may be a better option for you or if disabled and you want a car then Motability can be a better route than borrowing perhaps?

We do not imply or make specific recommendations as to which company is best for unemployed loans so its best to look around online and check for the best deals for your needs, check the APR and other criteria and always only borrow if you can afford to repay the money on time.

Companies mentioned in this article (does not constitute a recommendation):

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