The impacts of being unemployed does not only affect you but your whole family as well. Unemployment comes with a host of other problems regarding the finance of you and your family. During this period the banks do not want to advance any kind of loans and advances to you which previously made the problem even worse. But now with cash loans for the unemployment in the market you need not to worry so much about your finances.
The banks and other financial institutions are giving away loans and advances even to that person who are not only unemployment but also has a bad credit history in the past. This will not only soothe the financial crunch situation that you are in right at the moment but also help you to gain more credit points if you pay back these loans in time. The amount of the loan varies from £500 to £15,000. The eligibility criteria for cash loans for unemployed are
o You should be a UK citizen
o You should have a permanent savings account
o You should have a proper repayment plan before applying for the loan.
Based on the above criteria, your principal amount as well as the interest will be decided by the bank.
The interest charges and the time of repayment will be decided by looking at your credit history. If you have a satisfactory credit history then you can get a lower rate of interest and in case you have a poor credit history the rate of interest can go as high as 100% of the principal amount. But the repayment time will be spread for a period of 3-10 years or after you get an employment. You can pay back these loans on either way that is by monthly repayment plan or by a one time payment option. As a borrower you should always check the different loan options very rationally in order to get the best deal in terms of repayment and interest.