Loans for the Unemployed

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

Loans for People That Are Unemployed – Borrow From £100 to £5000

Are you unemployed and looking for a loan? Naturally, it will be more difficult to secure a loan if you are unemployed, but in many cases, it is still possible. Although traditional lenders such as banks often have stringent lending criteria, with many requiring borrowers to earn a minimum amount every month, there are other lenders available who are willing to consider loans for unemployed people.

Can I get a loan if I am unemployed?

As with any loan, the main criterion for approval is that you are able to keep up with the loan repayments. Those without an income from employment will have to prove that they are able to repay their loan comfortably, and you may be offered a higher interest rate from a lender due to the increased risk.

Payday loans tend to be one of the most expensive forms of borrowing, so they are not intended to be used by those who are unemployed. However, it may be possible to borrow an amount that can still be repaid comfortably if you are in receipt of certain benefits or if you have savings. As with all loans, you should consider whether borrowing is the right choice for your individual situation.

When you complete a loan application through our website, your details will be matched to lenders that are most likely to approve your application. There are some lenders on our panel which will consider loans for unemployed people, and we work hard to guide our borrowers to those who are most likely to approve their applications.

Can I get a loan if I claim benefits?

Yes, it may be possible to obtain a loan if you receive long-term benefits. For example, more permanent benefit payments such as Disability Living Allowance or pension payments, which are likely to remain stable for the duration of the loan agreement, may be considered. Alternatively, if you are currently unemployed but have sufficient savings available to repay your loan, a lender may approve your loan application on this basis.

Where can I get a loan if I have a bad credit score?

Many individuals struggle to borrow if they have a bad credit score, and while your credit history is important, our lenders consider many factors when assessing loan applications. If you can demonstrate that you have the means to repay your loan, such as long-term benefit payments or savings, and that the loan is affordable, you may be approved. Many of our lenders specialise in lending to those with a poor credit history, with applications considered on an individual basis.

Although there are lenders who will consider your application, it is important to borrow responsibly. If you cannot make your loan repayments, the missed or late payments will be reported to the credit reference agencies, and your credit score is likely to drop further. However, if you adhere to the loan agreement and repay your loan on time, this will create a positive impression when future potential lenders view your credit file.

How can Cobra Payday Loans help?

As a payday loan broker, we have excellent partnerships with a variety of lenders, many of which are known for their open-minded, fair approach. If you are struggling to meet the strict criteria of banks and building societies due to being unemployed, we have access to lenders willing to consider lending to you.

In general, if you are a UK citizen with a UK bank account, aged over 18 and have the means to repay the loan, you will meet the basic lending criteria for our panel of lenders. Instead of visiting multiple lenders in the hope of finding a loan, we offer a single, simple application form. We then pass your details across to the lenders on our panel so that we can match you to the best lender for your unique situation.

There will only be a single hard search of your credit file if you proceed with your recommended lender application, and there is absolutely no charge for our service.

FAQs

How much can I borrow with an unemployed loan?

When you borrow through Cobra Payday Loans, we can match you with lenders who are able to offer loans from £100 up to a maximum of £5,000, with flexible payment terms. For example, if you only need a small loan of £200 to cover an emergency expense, you may decide to repay the loan over the course of 1 or 2 months. However, for larger amounts, to ensure the loan repayments are affordable, you may decide to repay over a period of up to 36 months.

Do I need a guarantor if I’m unemployed?

If you are declined for a loan due to being unemployed or because you have a poor credit history, it may still be possible to borrow a loan. If a close friend or family member is willing to act as a guarantor and they meet the lending criteria, your loan may be approved. However, this requires serious consideration as if you do miss a repayment; the guarantor will become responsible for the payment.

Can I get a unemployed loan quickly?

We know that when you are applying for a payday loan, it is likely to be because you need access to the cash quickly. To ensure you can access your cash as soon as possible, many of our lenders can transfer funds to your bank account in as little as 10 minutes from approval. Although, the final processing times will depend on the speed of your bank.

Can I get a guaranteed approval?

As our lenders are authorised and regulated by the FCA, there are no guarantees. As responsible lenders, every application requires a credit check and thorough affordability checks, so while we can direct you to lenders who are most likely to approve your application, there will be no guarantees. If you have found a lender who is offering guaranteed approval, they are unlikely to be unregulated, and you may find yourself in further difficulties if you are unable to repay the loan.



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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.