You need an instant financial assistance because you have realised that your finances are in big trouble since you have lose your job. Such unexpected financial crisis dismantles all your present and future plans because you have to use your savings to control the expenses. In addition, you need an extra funding source to continue the daily financial activities. All these pre-requisites can only fulfilled through instant cash loans for unemployed. Indeed, the lenders in the UK are providing these loans as the specialised funding for the jobless individuals.
There is no lack of short term loans at the marketplace, but not all loans are suitable for financial emergency. The instant cash loans have the difference from other small loans since the lender takes an instant decision on the loan application of the borrowers followed by the immediate fund transfer.
Features of Instant Cash Loans
When you are unemployed, you cannot wait for things to come. You have to show your alertness in finding the right solution at the right time. Opting for instant cash loans brings several advantages to your favour. Here are the basic features of the loans:
- The lenders are providing the loans on easy eligibility conditions where borrowers with more than 18 years of age and with a permanent residence in the UK are qualified for the loans.
- Borrowers have the choice of applying online for the loans, which really save their time and money. The documentation hassle is also not involved here.
- There is absolutely no need of securing the loan. The lenders are prepared to accept loan applications without the collateral like home or car.
- Few credit lenders are also willing to accept the loan application of the borrowers without the guarantor’s signature. However, the rates of interest remain on the higher side.
- Unemployed people with bad credit scores are also eligible to apply for the loans, but they have to show their reliability in repaying the funds within the time schedule.
Alternatives of Instant Cash Loans for Unemployed
Choosing a loan option without analysing its alternatives should not be done from the borrowers’ point of view. They should have the understanding of all the alternatives, in which the two most important ones are mentioned here:
12 Month Installment Loans: The loans, which are repaid through monthly installment, are indeed extremely beneficial in fulfilling the small financial needs. The lenders are providing loans for 12 month duration so that the unemployed people can have the funds until finding the new employment. Such loans are also useful in improving the credit scores since the repayments are easy as compare to other loans.
Short Term Loans with No Guarantor: These specially customised loans also provide alternatives to the instant cash loans. Borrowers have the choice of applying loans without the guarantor’s signature on the documents. It is true that providing a guarantor has several advantages for the people, but sometimes, finding the responsible guarantor becomes difficult or it takes unnecessary time. The lenders are providing these loans to disburse funds quickly and allow borrowers to meet their short term personal needs with no difficulty.