Loans for Unemployed: Assistance for Fight against Unemployment
Loans for Unemployed: Assistance for Fight against Unemployment
The job market in Great Britain has been overcrowded in the recent years. To speak the truth, pressure on the job market is more than ever. The British government has recently taken some financial steps effect of which is sure to show an increase in the rate of unemployment. The rate of unemployment is already considerably high. The British people have been unemployed because of retrenchment, lay off, downsizing in different plants and offices which has direct and indirect link with the recent global recession.
On the other hand, rights of the unemployed people to have a decent life cannot be denied. They must have finance to clear the medical bill and to pay off the school fees of their sons and daughters. They must be capable of clearing the electricity and telephone bills. Loans for unemployed have been introduced in the market keeping in mind that immediate problems of the unemployed in United Kingdom must be addressed duly. All kinds of unemployed people (homeowners, non-homeowners and students, for example) can avail loans for unemployed.
Loans for unemployed are available in two forms: secured and unsecured. The unemployed people who can produce tangible property to be used as collateral are offered loans for unemployed in secured form. In most of the cases, the unemployed people cannot provide assets to be used as collateral. Moreover, there are reasons for the borrower to be worried. The lender has the right to take possession of the property used as collateral if the borrower fails to pay back the borrowed amount within the scheduled time. Most of the loan-seekers prefer loans for unemployed in unsecured form. Collateral property is not required in loans for unemployed in unsecured form.
The loan-seeker who wants to secure loans for unemployed must fulfill the following conditions:
1) He must be an unemployed.
2) He must be a citizen of United Kingdom
3) He must be over 18.
The advantages received by the borrower in loans for unemployed are the following:
1. Payment holiday
2. Under payment
3. Exemption from fines and penalties in some cases.
4. Provision for online application
5. Swift transfer of the loan amount to the bank account of the loan-seeker.
The lender offers an amount between L100 and L1500 towards loans for unemployed. He demands that the borrower must pay back the loan amount within 7 to 31 days. Interest rates for this kind of loans are relatively high.