Short term loans for the unemployed

Getting through a period of unemployment can be tough, especially when unexpected problems come up. Unemployed people can not apply for Moneyboat’s short term loan but hopefully, we can point you in the right direction with loan alternative options.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%.  Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Can I get a loan if I’m unemployed?

Being unemployed can make it difficult to find options for short term credit because most lenders need you to have a steady income coming in for them to loan you money. Some lenders will consider applications from people who do not have a job; however, these loans can often make your financial situation even worse.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%.  Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Can unemployed people get a loan from Moneyboat?

At Moneyboat, we consider every application individually, so we can assess from your circumstances whether offering you our short-term loan product will help you. As a responsible lender, we have to make sure that we wouldn’t be putting you in a worse position by lending you money with interest that you might struggle to repay.

If you have a steady source of income coming in, you could be eligible to apply for a Moneyboat short term loan. As a first-time client with Moneyboat, you could:

• Borrow up to £800

• Repay in up to six instalments for your convenience

• Have money in your bank within 15 minutes of your application being approved

FAQs

Can I get a loan if I don’t have an income?

It will be very hard for you to find a lender who will accept you for a loan if you don’t have any income at all – they need to know that you can make repayments regularly, including the interest that they charge.

I’m unemployed but on benefits – does this count as income?

Each lender has their own rules, but here at Moneyboat, we do not accept benefits as a form of income. Most lenders will compare how much money you have coming in with how much you spend every year to figure out if you have enough money left over to cover the costs of repaying your loan.

If you've been receiving specific benefits for a minimum of six months, you could check into applying for a budgeting loan or advance. It's essentially an interest-free loan from the Government Social Fund aimed at assisting those facing challenges in affording essentials like clothing, rent, and household items. Repayments are automatically deducted from your benefits. Just a heads-up, though—eligibility kicks in after a minimum of six months on certain benefits.

Unemployed with a bad credit score – can I still get a loan?

It’s possible to get a loan if you have a less-than-ideal credit score. While your credit history is important, we consider various factors, including your current financial circumstances and any additional income you may have. However, you cannot get a Moneyboat loan if you are currently unemployed.

It's important to know that people with bad credit may have to pay higher interest rates due to the risk of not being able to repay on time.

Representative Example

Based on the last working day of each month

Interest rate 288.35% pa (fixed) Representative 1,267.9% APR

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%.  Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
*Our guide to financial promotions: https://www.moneyboat.co.uk/fi...