Funding for People without Employment

By: Loans for the unemployed  20/02/2013
Keywords: unemployed loans, loans for unemployed people, loans unemployed

There is little debate on the issue if there are unemployed people in United Kingdom. Actually, it has been a fact that there is no region in the world where one cannot find those people who do not have a job. Many of them cannot bag a job in life time and many are to accept the life of an unemployed person after they lose their employment thanks to lay off, retrenchment, downsizing and other economic maladies. A section of the renowned economists share the concept of tolerable rate of unemployment, although it is bitter to any one’s ear. The British finance market has, however, made provision for supporting the unemployed people who reside in England. These people can select loans for unemployed people.

The government of Great Britain maintains a record of its citizens who are not employed with the purpose of providing them with assistance under certain conditions. This is how, in a country of nearly or more than three million unemployed people, 1.57 million do get provisional support. Now, loans for unemployed people are available to those jobless borrowers who are citizens of United Kingdom and who are, at the time of submitting the loan application, are over eighteen years of age. It is also a must that they have enlisted their name in the record of unemployed people maintained by the government. The lending agencies are to transfer the sanctioned amount of loan to the bank account of the applicants if their loan application is passed for payment. It is, therefore, necessary that the finance seekers are in possession of a bank account, valid and running.

The unemployed people who can produce tangible assets as collateral can obtain loans for unemployed people in secured category in which they are asked to pay the interest at affordable rates and the duration for repayment is made flexible. In absence of collateral, the loan seekers can derive the finance in unsecured form and they need not put up any collateral. For them, interest is charged at slightly higher rates and repayment tenure is fixed shorter than the earlier one. It is still possible for some applicants to fetch an amount as much as £25,000, of course, if the lending agencies are sure of the fact that their investment will be back in time.

It is common among a section of the jobless people that their credit history shows little marks of good health. The borrowers with such impaired credit record are also eligible for loans for unemployed people. Credit verification of the loan seekers is not so important in finance of this kind.

Declan Dylan is Author of this Article.For more information about Please visit


Keywords: loans for unemployed people, loans unemployed, unemployed loans

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