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Your Guide to Unemployed Loans in the UK

If you are unemployed and you find yourself in need of funding right away, you might be thinking if there are lenders who will accept your application for a loan. Fortunately, there are unemployed loans in the UK that you can turn to satisfy your need for money. This article will guide you on the things that you will need to consider, the possible requirements, and other important things that will help you in taking out an unemployed loan in the UK.

Are there unemployed loan lenders in the UK?

The quick answer is yes there are unemployed loan lenders in the UK and some of them can be reached online. There are, however, certain eligibility requirements that you need to meet in order to get accepted and having a reliable source of income, enough to repay the loan, is a must. This income may include earnings from a business (if you are self-employed), government benefits or any other form as long as you can properly demonstrate and prove it to your lender. Normally, lenders will need to access your banking history and financial documents to confirm that you have the ability to repay your loan.

The eligibility requirements for unemployed loans

The requirements in taking out loans for unemployed will differ from lender to lender and this is something that you might want to look into before you apply for a loan. With that being said, you will need to see the specific criteria before you submit an application and they may include:

  1. Source of income – Even though you’re out of the job market, you will still need to demonstrate a viable source of income to apply. This is a basic criteria for unsecured forms of unemployed loans so if you are not employed or are employed casually but earn enough income, you still can be approved by a lender providing the loan.
  2. Credit Rating – Lenders providing loans for unemployed people are often flexible in their eligibility criteria including credit requirements. This means that lenders will not only disregard your unemployed status but also the blemishes on your credit history as well. For example, you can still be accepted if you have a history of default although most lenders will not consider your application if you are currently bankrupt.
  3. Your personal assets – If you own a vehicle or property, your chances of getting approved can be far better. This is because the lender may decide to use your personal assets as security for the loan making it easier for them to approve your application even if you are unemployed and have an adverse credit rating.

The lender will also look at how much you need to borrow and for how long and will compare it to your monthly earnings and outgoings. This will help them determine if whether or not the loan and its repayments are something that you can comfortably afford.

Secured and Guarantor unemployed loans

If you cannot properly demonstrate that your income is enough to satisfy the monthly repayments of your unemployed loan, the lender may require you to offer some form of collateral as security to your loan deal. The collateral can be a valuable asset such as your home or car and these types of loans are known as secured loans. This loan option, however, is quite risky because, in the event that you default from your payment responsibilities, your lender is legally obliged to seize and repossess your home or car to cover the money that you owe them.

Also, if you have a friend, co-worker or family member who trusts you to make the proper repayments, you could be qualified for a guarantor loan. The loan is where a friend or family member will agree to repay the loan on your behalf if you miss out on them. If they can’t fulfill the agreed payments, they can be summoned to the court which means this is an agreement that should be taken seriously.

Knowing your options

If you are enjoying a solid relationship with your bank that includes a positive history of debt repayments, it could be a good idea to explore the possibility of taking out a loan if you are unemployed. Your bank may be comfortable in granting you a loan if you have shown that you can manage debt properly.

Aside from your bank loans, unsecured loans, and guarantor loans, the other options that you can look into include:

  • Payday Loans – Short-term loans that are ideal for emergency situations. If you find yourself in dire need of funding and the money you are looking for is not that big – say anywhere from £100 to £1,000 – then the loan option might be worth considering. The loans are very quick and easy to take out and depending on your lender, you can have the money that you availed for ready for use on the same day your application is approved.
  • Doorstep Loans – The loans are popular options to those who are retired and relying on benefits. They are also among the most convenient loan options in the UK with cash delivered right at your doorsteps from a friendly local agent representing your lender. The same agent will also be the one to collect the payments at your home weekly or on a fortnightly basis.
Other things to consider

You can also consider improving your credit score before applying for loans for the unemployed. Not only will it position you in good financial standing but could also help you enjoy loan options with better rates and terms in the future. There are also numerous ways in which you can improve your credit score such as paying your bills and debts on time.

You may also want to think about borrowing from your family and friends which is virtually an interest-free loan with fewer restrictions and pressure. But if family and friends are simply out of the question, there are still numerous lenders in the UK that can cater your need for funding even if you are unemployed as long as you meet their requirements.

What can I do if I wish to complain?

Information about complaints can be found in our complaints policy.

What if I can’t keep up my repayments?

If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.

What do i do next?

Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.

*Subject to lender approval and requirements.