Short Term Loans

Unemployment Survival Guide: 3 Point Solution to Loans of Your Choice

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When you receive pink slip for no fault of yours, you need to stay positive and should not fret out. Until you are fired or signed a resignation, you are entitled to avail unemployed benefits and apply for loans for unemployed in the UK.

In the absence of a stable income source, it would not be easy to manage your day to day expenses or run the household. However, by seeking timely loans for unemployed you could ease your cash crunch and search for a new job without any stress.

Unemployed benefits

If you are laid off without your fault, you are eligible to receive an allowance from the government. Although unemployed benefits are small amount which would be insufficient to meet your basic needs, with some amount in the bank you build credit worth and can apply for unemployed loans. You should not exhaust all of your savings as you cannot time out when exactly would you get a new job.

Generally, it takes less than a month to receive a cheque in your bank after you apply for unemployed benefits. While applying for benefits, ensure that you fill all the details correctly. Update your electoral details online too. This would help in easing process.

Unemployed loans

After you receive the benefits’ check you should search for an unemployed loan with ease of repayment. However main stream lenders would not be interested in advancing funds in the absence of income. You can search for private lenders who provide loans for unemployed people.

When you look for unemployed loans, keep the following things in mind:

  • Do not opt for cash advances such as payday loans for unemployed people. The payday loans are expensive loans and seek repayment within 30 days. However, in the absence of income, it would not be wise to use your benefits check in the repayment. So you would need a loan that allows you to repay in instalments.
  • In order to make your search for unemployed instalment loans for UK residents a hassle-free affair, you should contact a loan broker.

With unemployment you would require a new loan and manage the existing loans as well. A professional can guide you in negotiating with your current lenders on the repayment of loan. You can request the lenders to allow you to repay later on without a late fee or ruining your credit history.

Next, they can search for unemployed loans as per your repayment capability. You should apply for a limited amount and that too with delayed repayment that begins after you get the new job. With delayed repayment clause, you can stay stress-free and prepare for your job interview with complete peace of mind.

Save and flourish

You need to make every effort to save some bucks when you are unemployed. Every penny saved would be equal to a penny earned. Here are some quick tips to save when you are unemployed:

  1. Use public transport and save majorly on fuel or gas. Consider buying monthly passes as they are much cheaper. Drive only when it is absolutely required.
  2. With unemployment you cannot afford to have wasteful spending. So, you should not spend on expensive habits such as smoking cigarettes or alcohol as these may use a substantial amount of your savings.
  3. Be a smart shopper and save on groceries. You can cut out fancy items from your list for some time. Next, buy groceries in bulk and ensure that you do not buy any offer without having it on your list. Make maximum use of discount and offers.
  4. Have a budget and keep a close eye on your inflows and outflows.

All in all, unemployment is a temporary condition and you should ensure that it remains the one. We wish you all the best in your job search!!