Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk
Warning: Late repayment can cause serious money problems, for help or advice please go to moneyadviceservice.org.uk
Minimum Loan Length is 3 months. Max Loan Length is 12 months. Representative example: Borrow £850 Over 11 Months. Monthly Repayment £146.30. Total Amount Repayable Of £1,609.25. Interest: £759.25. Interest Rate: 150% Pa (Fixed). 277.6% APR Representative. We are a credit broker not a Lender.
It’s not uncommon to need a little extra cash once in a while, especially if you are unemployed. Unfortunately, cash loans are hard to come by when unemployed, because traditional banks won’t lend money to you. So how do you get fast loans?
Thankfully, unemployed people can access quick loans through some payday loan lenders. These cash loans can be a great help to people who would otherwise not be able to access credit.
Yes. You do still need to have a regular source of income. However, unlike traditional banks, payday lenders may consider other forms of income, such as benefits, as enough to back your payday loan.hhhioh ugiuguig
In order to receive a payday loan on benefits, you must:
Be at least 18 years of age.
Be a resident of the UK.
Have a bank account.
Aside from formal employment, the following can also be considered as a source of income:
Governmental benefits such as retirement pensions.
Earnings on an investment, such as a rental property.
Earnings from self-employment.
Whatever your source of income, it must be regular and substantial enough to take a loan against.
At Viva Loans, we make the process of finding a lender easy.
If you are unemployed, all you need to do is fill out and submit the payday loan application here. We will review your application immediately and compile a list of lenders who offer payday loans to unemployed people and help you find a match.
Payday loans are fast. After you fill out the application, we will choose responsible lenders who fit your profile best and send it off to them.
If you are approved, you will hear from your lender in under one hour. They will provide you with the terms of your payday loan and, if you agree to them, your loan will be processed instantly. The money is then deposited into your bank account in a matter of minutes.
A lot of people are unable to access traditional credit and, often, they are the people who need it most. Specialist lenders and alternative loan options, such as payday loans, exist to fill this gap.
Payday lenders are mainly concerned with the inflow of cash into your bank account. It’s not so important that your income come from a full-time employer if you have other forms of income that can serve as a means for paying back the loan.
That being said, it is riskier to loan to unemployed people. Payday loans are easier to get and have a higher approval rate, because they consider people who are too risky for banks. To mitigate this risk, payday loans often have higher interest rates.
You can provide the following documents as proof that you have a verifiable source of income:
A valid and recent bank account statement, preferably within the past 3 months.
Relevant bank deposit statements for pensions, grants, benefits, etc.
Relevant bank deposit statements for investments.
Payday lenders look to your sources of income rather than your credit history. People with bad credit can still qualify for a payday loan as long as they have a regular source of income.
You can use your payday loan for any purpose you’d like, but it’s important to remember that they are short-term solutions rather than long-term forms of income.
You shouldn’t use your payday loan to replace your regular income after losing a job. You shouldn’t use a payday loan for luxuries or entertainment goods. You should only take out a payday loan for one-time, unexpected emergencies and necessities, and you should make sure that you’ll be able to repay the loan on time.