Short Term Unemployed Loans: Temporary, but Magical Solution for Finance
Short Term Unemployed Loans: Temporary, but Magical Solution for Finance
The fiscal policy of the British government, especially in the recent years, has contributed greatly to the spectacular rise in the number of unemployed people in United Kingdom. Unemployed people have demands for finance like any other person who has secured a job. They pay the bills for medication or for grocery stores. They are to clear bills for electricity and for telephone. They want to participate in the marriage ceremony of their friends and neighbors. Sometimes it is urgent for them to pay off the outstanding of the previous loans. The financial market has made provision of short term unemployed loans for the unemployed people.
The phrase Short term unemployed loans ' suggests that small amount of loan is available. The loan amount ranges from 1,000 to 25,000. The duration of repayment is also short. This is to mean that the borrowers are asked to clear the loan amount within 1 to 10 years. It is not good for the loan seeker to stop payment or to default whatever may be the reasons. On such occasions, same interest is charged on the outstanding amount or the borrowers are to bear certain extra charges as fines or fees. Moreover, the interest rate for short term unemployed loan is slightly higher.
The borrowers get some advantages when they apply for short term unemployed loans. Short term unemployed loans are completely hassle free. The lenders do ask the loan seekers to produce faxing documents. Hence much of the paper works are not required when one submits application. Short term unemployed loans come under unsecured form. The borrowers are not to produce any tangible property for using as collateral. Moreover, the lenders do not check credit history of the applicants. Some people have record of stained credit because of late payment, defaults, arrears, CCJs, IVAs etc. They are also eligible for short term unemployed loans.
The borrowers can apply online. They are to fill up an application form submitting personal information like name, address, bank account number etc. The process is easy, simple and time-saving. The lenders too take little time to go through the formalities before approving the application. The amount of loan is swiftly transferred to the bank accounts of the respective borrowers.
Any unemployed citizen of United Kingdom is entitled for short term unemployed loans. He must be at least 18. He must submit evidence of his contact address like telephone or electricity bills. The lenders want to have the assurance that the loan-seekers will find regular source of income in near future.