One of the major problems that UK dwellers have been facing is unemployment. This fact is very much supported by latest statistics which reveals their number to be well over a million. Adding to it, their growth rate has also been pretty high, which is around 2.7%. During phase of unemployment one needs credit most badly. Rising number of unemployed and need of credit has also got lenders interested to offer loans specially meant for unemployed people. Unemployed personal loan is like any other personal loan that can be borrowed by unemployed.
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Facts related to Unemployed personal loan
Unemployed personal loans can be availed as secured as well as unsecured loan. By offering some collateral against amount borrowed, you can bring down the interest rate and it is the biggest advantage of secured loan. However, most unemployed people are against risking their property and to them better suited is unsecured loan which comes in at a little higher interest rate. Depending on the factors mentioned and others like your lender, your credit history, other source of income etc. interest rate of unemployed personal loan vary typically from 7.9% APR variable to 19.9% APR variable. Interest rate is a little higher as lenders consider these loans to be risky. One can get a better deal by carrying out a small investigation of loan market and exploring upon the offers of various lenders. Increasing competition in the loan market has made it possible even for people with poor credit history to qualify for unemployed personal loan. Depending upon your ability to pay back, lender you opt for, credit history and factors you can borrow an amount between £1000 and £15,000.
Unemployed personal loan: application and repayment
It is always advisable to look for lenders offering unemployed personal loan on internet. You can compare offers of different lenders which will help you to get best deal in terms of loan amount and interest rate. Being unemployed one would never like to get his credit score poorer at same time. So, you must plan out repayment very judiciously so that you can make monthly repayments along with meeting your monthly expenditure.
So, you need not worry any more with your unemployment. Unemployed personal loans are always there to help you till you get another job. Unemployed personal loans help you to enjoy each and every moment of life during your tough financial times and that is the reason for these loans becoming more and more popular.
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