Employment has become a necessity these days. Getting a job is tough because of heavy competition since everyone is a graduate with good experiences and skills. So if you already have got a new job let nothing get between you and the job. But what to do if the problem is you don’t have a vehicle to commute to your office daily and also if your job entitles a lot of traveling within the city.
You can’t hire a cab or take a bus every time. It’s a waste of time, money and energy. The best option available is to buy a car. A fresh new one or a second-hand car. But this dream of getting a car might seem impossible with your bad credits. Don’t worry. There is a solution. You can always get a payday loan that provides loans for all types of people.
Payday loans are short-term loans that provide loans instantly within minutes. They are bad credit loans with no guarantor, no credit check and no security. Many payday loan lenders are available in the UK and you can get instant personal loans for bad credit. To get these loans, all you need is,
- To be a citizen of the UK and above 18 years of age.
- To have a permanent bank account and this has been active for a minimum period of 5 months.
These loans are available as doorstep loans that can be availed by applying online upon which the customer service executive of the company will contact and provide you with a loan at your doorstep. All you have to do is provide your details and sign the agreement form. After signing the form, the loan will be sent to your account within hours. Make sure you have chosen the best repayment option available.
Once you received the personal loans for bad credit, all you have to do is buy your car. Before buying your car make sure what type of car you want whether a new one or a second-hand car. If you have decided to buy a new car, make sure you choose the best-branded car with good mileage. Also, check if the company has the best service available for servicing it at regular intervals. If you have decided to buy a second-hand car, make sure to check these things before buying it.
- To gain a second-hand car, first, check the availability of second-hand cars with your friends and colleagues. Sometimes your friends may look out to sell their old ones to buy a new car and getting it from them save the brokerage fee got by the dealers and safer since your friend won’t lie about the condition of the car to you.
- If you don’t have any cars available like that make sure to choose a perfect dealer who has the best name in the market. The price might be a bit higher with them but it is better considering the amount of risk by buying it from an unknown dealer and the car is in poor condition.
- Then choose your car perfectly. Make sure your car has good mileage condition and also take a look at the condition of the engine and other parts. Make sure, if they are the original parts or duplicate replaced ones. If you have a mechanic friend in hand, take them to buy your car.
- Be clear about the price you want to pay and also make the final settlement only after you have received all the papers required.
- Test drive your car before buying it.
Can You Get a Short Term Loan if You are Unemployed
You may be reluctant to believe that you can apply for a loan even if you are unemployed, but this is true. While traditional lenders can rebuff your application because you do not have a steady flow of income, direct lenders can finance your emergency needs.
Undoubtedly, you can get short term loans for unemployed when you are out of work. The disbursal limit for unemployed loans varies from £500 to £5000. However, it does not allow of disbursal when you have no source of income.
You can get personal loans if you do not have full-time employment, but you must have a temporary source of income, which can be your part-time job, rental income or any other income-generating assets or govt benefits.
The direct lender will disburse money after analyzing your income to be certain that you can repay the debt after meeting your regular expenses.
Can you take the loan in case of bad credit history?
Yes, you can apply for these loans even if you have a poor credit report, but lenders charge high interest to mitigate the risk involved in defaults. If your credit score is fair, you can negotiate for an interest rate with your lender. You will find these loans affordable if you have a stellar credit report. The higher the creditworthiness, the lower the interest is.
What if you do not qualify?
If you do not qualify for unemployed loans, you should use the following options:
- Doorstep loans for unemployed
- Arrange a guarantor
- Put collateral against the loan
The final words
Getting unemployed loans is not a mammoth task as long as you have a temporary income source and you convince your lender about your repayment capacity.