Short term loans for the unemployed
Representative Example: Borrow £400 for 4 months, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.
Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
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, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.
Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
Simple
Apply for a loan hassle-free with an easy application process.
Direct
Get the money you need sent directly to your bank.
Fast
Funding can be released to our approved customers within 15 minutes.*
Reliable
Free application process with transparent borrowing charges.
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, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. 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
Trusted Direct Lender
We directly lend payday loans to our customers without involving any brokers.
Multiple Borrowing Options
Approved new customers could borrow £200-£800, and existing customers could borrow up to £1,500 upon passing credit and affordability checks.
No Guarantor Needed
You don't need a guarantor to apply for our payday loan, as we provide an affordable loan solution based on your financial requirements.
Friendly Advisors
Our experienced team is here to help you with any questions you may have throughout the application process.
Moneyboat's service is rated Excellent
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 255.5% pa (fixed) Representative 939.5% 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, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. 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...