Guaranteed loans bring several kinds of advantages for the people because they can quickly get rid of their unexpected financial trouble. It has become easier due to the significant inclusion of direct lenders in the UK lending market. They have eased out the application process, where you do not need to visit anywhere and follow too many obligations. What you can do is fill out an online form and share your necessary personal details with the lender. After submitting it, the lender quickly goes through the details and approves the loan application on a guaranteed basis.
All these advantages are favourable to those who are living the unemployment days. They can get easy funding access, particularly when they are struggling to find out the job. Some more features of guaranteed loans for unemployed are:
You do not need to go anywhere else to avail these sorts of benefits. Honor Finance UK provides exactly with its personalised guaranteed loan offers.
Time and trend have both been changed now and applying for the loans is no longer a tricky task. The market has innovative loan solutions offered by the direct lenders like us and thus, availing guaranteed loans should not be a problem at all. However, this was not part of the lending process a few years ago.
The demand for flexible loan policies has been on the rise, and the direct lenders have responded well. We are also totally committed to this and vow to offer guaranteed financial solutions for jobless individuals.
Most of the unemployed people suffer from bad credit score too. They do not have stable monthly income sources, and they cannot get rid of their multiple debts. With the current change in the lending system, the unemployed people with bad credit score can also see themselves as the pre-qualified borrowers. We accept their loan applications too without pursuing their credit histories.
A loan is all about giving them money and taking something as repayment assurance from the borrowers. For the unemployed, pledging the collateral is difficult or sometimes, very risky. Here, providing the collateral is not mandatory at all, and that makes availing the loans a lot convenient.
Other than the loan obligations, borrowers usually worry about interest rates. Traditionally, the interest rates are on the higher side for the unemployed but not here. Any individual with no job at all can borrow funds on the competitive interest rates, which will match the current financial circumstances.
We offer a variety of guaranteed loans depending on the need and affordability of borrowers. Mainstream lenders generally require you to arrange a guarantor with a good credit history regardless of the size of a loan. Arranging a guarantor with a good credit rating during an emergency seems to be impossible. When you need money, urgently, the lending criteria should be as smooth as possible. Here is how our guaranteed loans work.
|Loan Amount Limit||Guarantor||Collateral||Income|
|Up to £5,000||No||No||Yes|
|Between £5,000 and £10,000||No||Yes/No||Yes|
When you need a smaller amount of funds (up to £5,000), your income plays a role as a third party to guarantee the loan.
When you need money between £5,000 and £10,000, we will not ask you to arrange a guarantor, but you may have to secure your loan in case your income is not stable, and your credit report is impaired.
When you need money over £10,000, you must arrange a guarantor even if you have a good income statement.
Depending on your current needs, you can decide any of the above options to apply and get the following benefits from us:
The guaranteed loans for unemployed help them to stabilise their finances right now and for the future too. Apply now to get the immediate solution to your any financial issues.
Well, the answer is between a yes and no both. If you go to the traditional lenders, then chances will be very slight that you will get approval. However, there are direct lenders in the market who offers guaranteed loan even you do not have any source of income. Honor Finance is one such reputed lender where you can get such loans without any inconvenience. All you have to do is submit the online application process where you can set the amount from £1000-£10000, and if your request is approved, you will get the amount within hours of the approval.
Unemployment brings numerous challenges along with it, so getting a loan can be helpful in such a tight situation. Well, getting a loan is not that easy than it may sound as most of the traditional lenders check the income source of the borrower before approving the loan. However, this doesn't mean that you cannot get a loan as there are direct lenders in the market who offer guaranteed loans for unemployed people. These lenders check the repayment capacity of the borrower and can approve the loan request if you have side income sources like freelancing or any others.
If you are applying for a loan at a bank or any other traditional lender, then you require at least a good credit score to get loan approval. Even after that, the lender will go through your income status and other financial aspects, and then decides whether you are worthy of approval or not. But this is not the case with the direct lenders who can provide you guaranteed loan even you have a bad credit score. You can also get the loan quickly in your account as these lenders maintain an online loan procedure.
Well, not as such, if you are applying at a reliable lender. They can provide you with a guaranteed loan without any complications or any additional schemes. The direct lenders do not have strict rules and regulations to approve the loan as most typical lenders do. You will have to submit the online process where you will have to provide all your necessary details. After that, if your loan request is approved, the amount will be transferred directly to your account without any complications. Therefore, even if you are unemployed, you can get the guaranteed loans if you are generating income via freelancing or any other source.
If you are knocking the doors of a direct lender, then you will be required to submit only your primary documents. As the direct lender runs an online application procedure, so you will not be asked to provide too many documents. Here are some of the basic things that you will have to submit:
After you have submitted all these documents and your request is approved by the lending team, you will get the guaranteed loan directly in your account within the same day of the approval.
If you are applying for a loan to a direct lender at the UK, then there are no such strict criteria. However, you will have to provide a guarantor to get the loan, or you must have a good credit score. But if you don't have a guarantor, then you will have to request only for a small amount as your application could be cancelled if you apply for a higher amount. This is the industry standard, and all lenders follow this to provide a guaranteed loan.