Loans for UnemployedUp to £1000 Apply now
Are you on benefits and need a loan today? Here at Cashfloat, we believe that being unemployed should not hold you back from securing a loan as long as you have a regular income from benefits. We offer loans for unemployed and loans for people on benefits between £300 and £1000. The Cashfloat team makes every effort to allow you to borrow money, even with a bad credit file, as long as you can afford the monthly repayments.Apply now
Payday loans are not designed for the unemployed
Before you apply for payday loans online, you need to carefully consider if this is the right product for you. Loans for people who are unemployed or that receive benefits (such as a disability living allowance) are expensive, and can easily spiral if not paid on time. You may want to first check if you’re receiving all the benefits that you’re eligible for. You can do that using the government’s online eligibility checker here. You can also read our full guide to the UK benefit system, which we put together to help you navigate this ever-changing system.
Where can I get loans for unemployed with a bad credit score?
Right here! You can apply for bad credit loans with us even if you are not currently employed as long as you can prove that you have a steady source of income. This can be benefits, pension payments or if you are getting COVID 19 related support from the government. Cashfloat specialises in loans for people with bad credit history, and we do not like turning people down because of their credit score. If you have been turned down for a loan and you think it may be because of your credit rating, we suggest that you begin the process of credit repair today. Improving your credit score gives you a much better chance for obtaining credit in the future.
Do I need a guarantor to apply for a loan when I am unemployed?
Cashfloat’s loans do not require a guarantor or any collateral. All our loans are unsecured. At Cashfloat, we understand that it takes time to find a guarantor and when you need money you want it fast. As long as you can prove you can repay your loan, we will be happy to consider your bad credit loan application.
Can I get guaranteed loans for the unemployed?
A responsible and authorised lender, we can not promise guaranteed loans for the unemployed. The reason for this is simply because all lenders must carry out credit and affordability checks before approving a loan. However, we do have a high acceptance even if you have bad credit. There are many loan sharks out there guaranteeing loans to customers, and this puts good people into debt problems when they have difficulty paying back the loan they couldn’t afford to get. Click here to learn how to identify loan sharks.
Loans for people on benefits
People on benefits may often find themselves in situations when they need that extra cash, whether it’s for a car that needs fixing or any other unforeseen expenses. At Cashfloat we advise you to only apply for short term credit if you need the money urgently and can afford the repayments. Learn more in this article about the day to day struggles of people living a life on benefits.
Can I get a loan if I am on benefits?
If you are unemployed and are on benefits, you can apply for a loan with us. Many people think that doorstep loans are the only kinds of loans available for people on benefits since you do not need a bank account and approval rates are higher. However, doorstep cash loans for the unemployed are often not well regulated and may be unsafe.
It is a lot safer and easier to apply for loans online with Cashfloat. If we can not offer you a loan at this time, we are also an authorised credit broker and help you find another lender better suited to your needs.
How fast can I get a loan on benefits?
What are the basic requirements to apply for a loan?
To apply for a loan with Cashfloat, you must meet these basic requirements:
- Be over 18
- Be a citizen of the UK
- Hold a UK bank account
- Have a source of income (may be benefits if you do not hold a job)
How is Cashfloat different?
Cashfloat aims to make loans for unemployed, safe and affordable for citizens of the UK. Our advanced lending decision engines help customers get loans best suited to their needs and provide a fast and efficient service. We accept customers with all kinds of credit scores as long as you can prove you can afford to meet the repayments. Cashfloat’s loans are flexible – you can make your repayments as early as you want with no extra fee. Need £500 up to £1000? Apply today even with bad credit and if approved get you money within an hour!
Have you lost your job recently due to COVID 19? Click here for a comprehensive guide for those who have been made redundant. Gain knowledge about your legal rights and get advice on how to begin your search for a new job.
Can I get unemployed loans with same day payout?
Yes, if you have been approved for an unemployed loan, you will get same day payout. That’s just one of Cashfloat’s perks! Once approved, we send you the money within the hour!
Do I need a guarantor when applying for loans on benefits?
Cashfloats loans for people on benefits are no guarantor loans. In fact, all our loans are no guarantor loans. We understand that it can be frustrating trying to find a guarantor when you are applying for a loan on benefits. Therefore, we have made all our loans no guarantor.
Can I get an emergency loan if I am on benefits?
Being on benefits does not change how we deal with your loan application. If you require an emergency loan, we advise you to contact our fast track help desk on 020 3757 1928. A support representative should be able to assist you with your emergency loan application.
Why is it better to get loans for unemployed from a direct lender?
Getting a loan with a direct lender is always preferable than getting a loan from a credit broker. There are a few reasons for this. Firstly, getting a loan with a direct lender will usually prove to be a quicker service as there is no middle party between you and the lender. Secondly, if you use broker services, and end up signing a consumer credit agreement through them, you may need to pay broker fees. There are no hidden fees when using a direct lender. Another thing to consider is that if you apply with a direct lender, only one credit check is carried out. When you apply with a broker, you can’t control how many credit checks will be carried out on your credit file.
Cashfloat is not a lender only, but also a broker. Unlike other brokers, we are not just an Introducer Appointed Representative. Instead, we’ll first see if we can give you a direct loan offer, and we only act as a broker with your express permission.
Does Cashfloat offer budgeting loans?
No. A budgeting loan is a product that the government offers to help people who are on beenfits. You may also be able to claim a budgeting advance if you’re eligible. We suggest you check your eligibility for these interest-free products before applying for payday loans, which are very expensive.
Lenders Requirements if you’re Receiving Benefits
If you receive benefits or an allowance and have no income from employment, you can still apply for a loan with us. However, we will ask you to send us proof of all your income (whether that’s from a support allowance, disability living allowance or a pension fund) via email to make sure you can afford the loan. This can be a screenshot of the money entering your bank account or a screenshot of your universal credit account login area confirming this month’s payments.
Some of our customers ask us if we still perform a credit check, even if they send in proof of their affordability. The answer is yes. We will still carry out a hard credit search to make sure you’re on top of all your other credit commitments, so be aware that this will leave a credit footprint.
Apply now for amounts between £300 and £1,000. You can see a reprensentative example below: