Instalment loans in the UK are just like any other loan, in that the borrower has to repay the original loan amount along with the interest. However, in some short-term loans, the repayment has to be done in one single lump sum of money. This may be difficult for some people and hence for them, instalment loans are the best option. Instalment loans have varying tenures such as 12 months to 84 months. The tenure is decided between the borrower and the lender at the time of approval and disbursal of the loan.
What should you do if you need an instalment loan and you are unemployed?
The situation of unemployment in the country is becoming worse over time. This is the reason that many people find themselves out of a job due to no fault of their own. Moreover, Traditional high street lenders refuse to provide loans to unemployed people. However, if you are in this type of situation then there is still hope for you. If you are unemployed and in need of a loan you can easily approach a reputable loan broker in the UK. Such loan brokers have tie-ups with many specialist lenders who are ready to provide loans for unemployed people in an emergency.
These non-traditional lenders understand the current economic situation and also understand that being unemployed does not mean being unreliable as far as repayment of the loan is concerned. Hence they provide loans to unemployed people who can use this loan amount as a helping hand until they find another job and start getting a regular salary when they can repay the loan. Nowadays more and more unemployed people are opting for self-employment or small home-based businesses. They can use this loan amount to finance such ventures also and repay the loan from the earnings of the new venture.
What do you do if you have poor credit?
The answer is simple – Approach a reputable loan broker. There are many lenders who provide loans to people with bad credit because they understand that a person can easily get into bad credit due to uncontrollable and unavoidable circumstances. Most reputable loan brokers are associated with many such specialist lenders and they can help you get loans for poor credit quite easily. Do bear in mind that if a lender is providing a loan to a person with bad credit then they are taking a higher risk and this is the reason that they charge a higher rate of interest.