Your financial situation becomes questionable when you lose a job. You are devoid of a steady source of income. Managing usual payouts turns out to be tough.
A long list of debts might have racked up when you are out of a job. In addition, you are unable to bear the financial burden. Are you wondering if you can borrow money? Having many doubts at this stage would be natural.
Any loan would need the guarantee of the job. Wait! Do you know about unemployed debt consolidation loans?
They are a unique addition to the loan family. These loans allow you to apply despite your jobless status. You can have this much-needed lifeline to get rid of the debt problem.
With a simplified payment plan, disbursing pending debts will not be a tough call for you. Go ahead to make debt payments faster. You will be able to stash away a lot of money in the form of interest.
In short, getting approval for loans to pay off debts will not be a difficult task. However, you must check on a few things so that you need not have to repent later. Enlighten yourself by reading through this blog.
Debt consolidation loans: How you must go about it?
These loans facilitate easy payment of past debts. Instead of making each payment separately, you can use these loans to combine all debts. This way, you will have to take care of a single payment.
Paying attention to different types of debts at the same time is difficult. You can overcome this problem with these loans.
Not just that! You can even get relief from paying extra for interest. This loan arrangement lets you focus on a single rate of interest for a single loan. With it, you can also get relaxation as an unemployed person.
You might question the fairness of this loan opportunity. Clear all your confusion by understanding the basic features of these loans.
Face no restriction for unemployment
It actually indicates that the lender is ready to accept any form of income. Put simply, you will be able to convince the lender if you have income via other sources like investment returns, rent, unemployment benefits, pension, regular payments from a settlement, disability benefits, freelance income etc.
Therefore, it does not mean you can apply for a debt consolidation loan with zero income. In that case, the lender cannot make sure about loan repayments. Getting loans is impossible if you are unable to assure the lender about your financial capacity.
Having some stream of earnings is critical. Most importantly, you must not apply for loans if you earn nothing. In that case, it will result in the accumulation of debts, as you cannot repay loans.
Go through soft checks only
The lender will emphasise your affordability over everything. You need not have to go through hard checks to establish this. A soft search on your financial profile would be enough to validate it.
You can easily escape the hard assessments by applying for these loans. A loan application will no more cause harm to your credit profile. This soft check will go unrecorded.
There is no reason for you to bother much at the time of applying. This assessment requires your present payment history. The lender will ascertain whether you have completed the recent transactions on time. Getting approval becomes easy once you convince the lender.
Accessibility assured
People might go through different situations in life. One of them could be having no access to a bank account which is a vital lending requirement. At this point, one might be on the verge of giving up all hope.
Loan approval will be unachievable. The lender requires your bank account information to transfer money after approval. In this case, the lender will be unable to hand over the money.
Is there any solution to this problem? Yes, you can opt for doorstep loans with no credit check. Here, the lender will deliver the approved sum of the loan to your doorstep.
You need not have to accept loans via online mode. On top of this, you are not required to disclose your credit history also. Put simply, you can take pleasure in dual advantages by applying for a single loan.
The lender will send an agent who will take care of the loan application formalities. After successful approval, you can quickly receive the loan money at your doorstep.
Online form to fill out for loans
You might have familiarity with the traditional process of applying. In the case of these loans, your experience will be different. You can easily skip steps like visiting the bank, meeting the bank officer and collecting the form.
With these loans, you will get easy navigation to the application form by popping into the website. The application form will be quite short, unlike the offline form. It will enquire about a few details that you must provide correctly.
Paperwork would be either zero to very less as compared to the conventional method. The lender will not need various documents from your end. You can finish the loan application in a few minutes.
When you apply online, you will receive loans online. These steps will alter when you opt for doorstep delivery of debt consolidation loans.
Competitive rates are accessible
Economical rates can ease off your borrowing anxieties. Loan interest will be unbeatable with these loans. The lender will fix the price according to your financial conditions.
They will not charge random fees. Besides, you will not have to confront any sudden fees. You will have to pay according to the loan agreement.
Rest assured, to face no brokerage fees. No broker will participate in this process when you directly approach a lender.
The bottom line
Qualifying these loans to settle past debts is easy, even when you do not have a stable source of income. With a few clarifications, you can easily make it to loan approval. Be careful when choosing the loan amount which should match your requirements and financial circumstances.
Your research ahead of borrowing will be helpful. It will let you acknowledge the pros and cons of this decision.
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.