When you lose a job, the first thought is always about how you will manage expenses. Well, your emergency fund may last for some days. Unemployment benefits may be supported longer, but the amount is never sufficient. In that case, loans for people with no job come as a natural choice.
Unemployment loans are short-term funding options you can avail yourself of while jobless. You need to prove your repayment capacity to obtain funds. Whatever source is available to prove it, use it and get instant approval decision.
GoBigBucks is a private lender that offers a wide range of short-term loans, including loans for jobless people. Our borrower-friendly deals and flexible repayment plans aim to provide you with financial ease.
Let us help you actually through an affordable loan deal. Apply now online for funds, and once approved, receive funds within 24 hours.
Let us know the varied aspects of unemployed loans that help you apply for the right loan offer offered by a lender.
Interest rates
The interest rate on loans for the unemployed can be variable and fixed. In the case of a variable rate, the interest rate may change in between the loan tenure. In the case of a fixed rate, the interest rate will be the same during the tenure.
APR
APR stands for Annual Percentage Rate. It is affected by the latest regulations instructed by financial regulatory authorities. Besides the one on our website, you get to know the newest percentage on this aspect.
Payment options
You have two online payment options. One is monthly payments, and the second is early repayment. For both types, no penalty or charge is included. Once you apply to use, we can always work on your repayment priorities.
Loan amount and term
The loan amount can be €1000 to a maximum €10000, depending upon individual affordability and current financial circumstances.
Before you apply for loans for unemployed in Ireland,we will explain all the above aspects to you. Ask anything you want, and we aim to provide clarity to our borrowers. We work not only to lend money but also to spread financial literacy. You should know about the financial products you are going to obtain.
Unemployment loans have many benefits. A funding support system that supports you during your jobless days will be profitable. So, what benefits convince most people to depend on unemployment loans?
Things to avoid when you apply for unemployed loan
You must take care of some things to qualify for an unemployed loan. All these facts are related to your personal financial condition. If you take care of these factors before applying for a loan, instant approval is possible.
Once you decide to take loans for the unemployed with bad credit, you need to work on some considerations. These are necessary to ensure a smooth journey as a borrower. Let’s read below the necessary aspects that demand your attention.
You can choose a direct lender to provide loans to the unemployed. Let us delve into what convinces people to choose a direct lending company over a mainstream loan provider.
Borrowing options are limited when you are not earning. Still, a few options are available on unemployed loans from private lenders and credit unions.
See below how these two loan sources are different from each other when it comes to financing unemployed individuals.
| Criteria for difference | Private Loans | Credit Union Loans |
|---|---|---|
| Eligibility | Acceptance on benefits, self-declared earnings | Accept particularly social welfare |
| Loan approval | Same day funding | Approval may take a few days |
| Credit score check | No or soft credit check | Detailed credit checks usually ICB or CCR |
| Interest rate | High or competitive interest rates | Lower loan interest rates |
| Loan amount and term | Borrow from €100-€3,000 for a maximum of 12 months | Maximum loan amount is €5,000 to be repaid in flexible terms |
| Guarantor and collateral | Not mandatory | Not required |
| Risk factor | Higher risk of over-borrowing | Lower risks involved |