Are loans for the unemployed possible? Well yes, it would seem that they are. Obtaining a loan when you are unemployed would in my mind be virtually impossible. If you don’t have constant funds running into your bank account it does seem strange that a lender would be willing to give you the benefit of the doubt and say yes. If you apply for a loan and tick the “unemployed” box with 99% of lenders, that red beacon will start flashing immediately. The subprime market that deals with less than perfect credit scores does have innovative companies operating though and it is guarantor loans that again shine here. It does seem that the market leading guarantor loan lender (FLM Loans) will take this punt on you if you are unemployed.

Here is a short passage taken from one of FLM Loans sites: “Regardless of whether a client is a tenant, homeowner or living with their parents we will accept them. Unemployed? Self-Employed? Low income? Outstanding debts? Discharged Bankrupt? We cater for applicants of any status – as long as they are over 18 and not currently bankrupt or on an IVA.” I found this extremely interesting to read – it would seem that loans for the unemployed are possible, but how is this so? Well, FLM Loans are a forward-thinking subprime lender. There will be reliance on the credit check made, what you have to do with them is find a guarantor that would be willing to stand in for you if you defaulted on a loan payment. I don’t believe that FLM Loans just say yes so that you can default and then your guarantor can come in to rescue you. This tells me that for even the most unlikely loan candidates here in the UK, they will at least take serious consideration when they carry out the underwriting for the loan.

If you have recently been employed and have been laid off recently, but are actively looking for a new job every day then that would to me qualify as a worthy candidate and whereby most other lenders would sneer, FLM Loans seem to be the only guys that will give you a shot! Perhaps you have been unable to work from an illness, an injury, or perhaps you have just got back from travelling; these seem like fair instances that would allow you to get the green light for that no credit check loan up to the £3000 mark. I do have to say that FLM should be congratulated for the loan service that they deliver – that is really what makes them innovative today in 2010. There is no one else on the market today that would be willing to take on the same risks. Payday loans for unemployed people are often looked to, but you may struggle here, and even WageDayAdvance (who don’t credit check) would usually expect full time employment.

So, unsecured loans for the unemployed are certainly possible – we don’t even require any collateral! For unemployed loans, your best opportunity certainly lies with a guarantor loan, but can you find a guarantor that is willing to back you? Another thing worth mentioning is – just what position are you in with work? If you choose not to work and haven’t for some time then I really can’t see you qualifying here. If you have not been in work due to reasons beyond your control then I see no reason why you can’t receive that all important large cash loan that you have been looking for. Guarantor loans take up a very small segment of the UK finance market, but I’m sure that you will hear much more about them in the near future. It could in fact be the solution that helps to get you back in work and back in control of your finances.

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