Well, if it is really about unemployment, 'guarantee' word seems to be a little unfit in the scenario. However, this impossible-looking thing has transformed into possible now with the help of direct lending. A platform that is the representative of next-generation online lending, which gives equal financial opportunities to all.
Now, there are several lenders available that provide 100% guaranteed loans for Unemployed in the UK. And you know what, they literally do that. But to let them do that, you need to have certain conditions. A liberal help is not destined to be irrational. It has its demands of situations. If you can create them, then the result of sweet fruit is sure to come to you.
Here are the few things that you need to have to get guaranteed approval on unemployed loans.
A good credit score is the first stimulator for the lender
Oh yes, this is the perfect thing to get a pleasant ‘Yes’ on your loan application. Obviously, you do not get into poor credit situation suddenly after leaving a job. It takes time and gathers a big piece of pending debts. If you are applying at a time when your credit rating has not degraded, then it is easier to get funds. This point signifies that you need to keep paying the expenses on time if you want to get approved. However, you may need to provide a guarantor. It all depends on the policy of the lender.
Gather all the possible sources of income
This is the obvious condition. If you do not have any regular income, then something else that can be represented as the earning. For instance – rental income, freelance, anything can be accepted as the income. Even if you are living on the benefits, some lenders accept you with no hassle. They just want you to have a repayment capacity, which can compensate their risk of lending money. This flexibility is one of the most promising reasons that makes the online lending a magnet.
In case of poor credit rating
In many circumstances, you become the victim of a poor credit situation. Yes, mounting debts are there behind the mess. Whatever there is no need to get panic on this as there are few lenders that provide funds on without any constraint of credit score status. For that, you need to provide either collateral or guarantor.
However, different lenders have different concerns about this. For instance, – 561-720 comes under the bad credit score category, but you may find varied lending companies acting differently. Some lenders accept the applicants with 561 credit score, which is a minimum of poor credit situation. On the other hand, some may ask you to have at least 650 credit score, while some may not agree below 700. You need to see what is your credit score and also which lender is providing funds for that. The above points assure a smooth escape from the vicissitudes of struggles that a jobless person faces. If you are on the same boat, the ways mentioned above can help in getting the loan approval easily. It is not easy to spend the days when you are unemployed. Future uncertainties pair with financial insecurities to make a bigger mess. If you handle the latter, the situations can remain in your control.