In today’s life, where people have so many expenses to deal with, the urge of funds is always there. Yes, the lending market is indeed highly diversified today that helps people in meeting their financial needs. But, there is also no denying that getting a loan is not easy in the UK, especially for immigrants or a foreign student.
Well, most of the lenders in the market consider citizenship as the prerequisite factor of getting approval. Hence, if you fall into any of these two categories mentioned above, you might find it quite difficult to borrow money. But, there are still some possibilities to get funds.
Different ways how a non-UK resident get a loan
Now, if you are an immigrant who has just settled down to the country, then there is a strong reason that you will need funds. To take out a loan, you will have to increase your eligibility, and for that, you have to perform several steps such as:
- Get voters to roll as soon as you find a place to live
- Register a bank account as quickly as possible
- Get a credit card with a little amount as much as £500
All the above procedures will help you to build your credit history that will increase your scope of getting approval of the loan. Meanwhile, if you have barely settled to the country and are looking for funds, then you can seek for reliable help. You can approach Honor Finance, a direct lender in the UK for Unemployed.
Apart from these, there are various other sources where you can funds. Here, we will be discussing the sources where you can get a loan if you are an outsider. So, let us see them one by one.
Now, if you are a non-UK resident but does a part-time job, then you can go with doorstep loans that you can avail directly at your home. In such types of loans, you don’t need any bank account, and the lending agent will hand over the amount. But, make sure that the lender whom you will contact is ready to provide you with the loan.
Before handing over the cash, the agent will visit you for the necessary documentation and in that case, having a guarantor by your side who is the citizen of the UK.
If you are an immigrant in the UK and still receiving the income in other forms of currency, then you can apply for a currency mortgage. This type of loan will help you in managing the high conversion costs. Going for the currency mortgage enables the borrower to make the repayment of the mortgage in other currencies.
Approach your closed ones residing in the UK
Well, getting a citizenship title can take a long time. Until then, if you need more significant funds, then you can ask any one of your closed ones residing in the UK for some financial help. Or else, ask them whether they can borrow a loan from your behalf if everything is suitable and done on a mutual agreement.
Visit a pawnshop
Now, if you are not able to get any loans from any source, even trying hard, then you could visit a pawn shop. Such stores provide collateral-based loans where the borrower has to give something to secure the loan. It could be anything including:
- Electronic appliance
- Expensive watches
Make sure that you repay the debt on time or else. You might lose the stuff that you will put as collateral.
Wrapping up, the possibility to get funds is quite slight if you are an immigrant in the UK. The best would be to enrol yourself into the electoral and get the citizenship status as early as possible if you are planning to stay in the country.