Short Term Loans for Unemployed People

Being out of work is tough on your finances so it’s important to manage your money carefully to ensure that you can cover all your regular expenses. However, sometimes no matter how carefully you plan, unexpected expenses can crop up which may mean that you need a little extra cash. Short term loans for unemployed people may be hard to find, but we’re here to show you what options you have.

Can I get a Short Term Loan if I’m unemployed?

You can get a loan if you’re unemployed – but it’s a lot more difficult than if you had a job. If you can’t provide proof of income, lenders are less likely to offer you a short term loan. However, even if you don’t have a job, there are options available to you as long as you have an alternative source of income. However, unfortunately, at BingoLoans, we do not offer loans to people who are unemployed.

Do I need a Guarantor?

If you want a loan for unemployed people, you may need to have access to a guarantor, who can co-sign the loan, which can be a family member or a friend who has a good credit history. Not all lenders will require this, however. If you receive permanent benefits, they may still consider you for an unemployed loan no guarantor.

What do I need to qualify if I’m unemployed?

To apply for a short term loan with BingoLoans, you must have a valid debit card, an active bank account, and:

  • Be at least 18 years of age.
  • Be a resident of the UK.
  • Have a stable source of income or be employed.
  • Have an active bank account and a valid debit card.

You may also need to show that you have a regular income. As well as be able to afford the repayments on top of your existing financial commitments. In some cases, these details may need to be verified (although this will be done discreetly).

Can I apply for a Short Term Loan even if I have Bad Credit?

Yes, you can. Short term lenders look to your sources of income rather than your credit history. People with bad credit can still qualify for a short term loan as long as they have a regular source of income. For more information on bad credit loans, see here.