How to Arrange Cash when you Are Unemployed
It is a tough task to arrange cash when you are unemployed. Read here some viable financing options that you can access even when there is no job.
Unemployment is one of the worst phases of life when you are left with no funds in your saving account and you struggle to manage even the daily expenses. The situation becomes more serious when you receive pending payment reminders, but you don’t have the cash to make the payments. You need to clear various credit cards and utility bills. Installments of various personal loans add more trouble to the financial crunch. Let me suggest some viable funding options that you can choose even when you are jobless.
Try Secured Financing Options
Secured loans are one of the most common types of funding options that various banks, traditional financing institutions, and direct lenders offer. An applicant just has to submit his valuable asset against the required amount. You can pledge your home, car, or any property. An unemployed person should prefer online direct lending companies over banks as their lending processes are completely online and they don’t require any kinds of documents. Moreover, they give fast approvals in minutes as compare to the approvals given by the banks in days to weeks. The loan amount is totally dependent on the value of the collateral.
Unsecured Funds are Risk-Free
If you are looking for risk-free cash with no collateral then guaranteed loans for unemployed is one of the best financing options that you can choose. Direct lenders offer these funds with no guarantor and no extra fees. You just need to fill your basic details in the online form present on the lending website of the lender and click on the submit button. You have an assured chance to get the approval in seconds. The required funds would be transferred to your bank account on the same day. Documentation is not required. You can borrow from £500 to £60000 and repay in installments.
It is not easy to survive the unemployment phase. Although the government provides benefits but that amount is not enough to manage all expenses. Sometimes, you face a sudden financial crunch and the irony is you don’t have an active bank account. Now what? Direct lenders have a small cash option that you can borrow by sitting in your home. Greenwoods doorstep loans are easy cash options that can be delivered to your home in just 30 minutes by a local agent with no cash delivery charges. You don’t have to go through any kinds of formalities. You can borrow up to £4000 using this easy door-to-door financing option.
Withdraw Money from Credit Cards
It’s an old method of borrowing that still works. If you have available limits in your credit cards and you need instant cash, then it is the easiest way to arrange funds. However, you have to pay a withdrawal fee that could be 3 % to 5 % of the borrowed amount. Moreover, the interest rate is calculated on a daily basis and the total cost is too high. You need to be highly careful in choosing this option. Don’t withdraw cash from the credit cards if you are not sure of the repayments. Missed repayments would lead you to a serious financial trouble.
Payday Loans for Unemployed
Whether you are jobless or disabled living on benefits, you are perfectly eligible for availing payday loans for unemployed. Offered by the direct lenders, these funds are slightly different from the ones offered by the typical banks. You can avail payday cash with no guarantor and no collateral. You have a flexible repayment option to payback the availed funds in installments. You can borrow up to £4500.
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ABOUT THE AUTHOR
The author has more than a decade experience of offering various types of unsecured loans. Currently, he is working with one of the top direct lending companies in the UK as a “senior financial consultant”. Being father of two naughty daughters, he loves to spend time with his family. Besides finance, travelling is his passion.