Loans for unemployed ?

[Jenni_luvved]

Are there any real companies out there that give loans to someone who is unemployed, becuase i really need a loan and im in full time college. Also i rent.

I know most of them wont consider it but ive found a few companies online, but they all ask me to give them some money so they can help me , which i think probably means they are a scam.

Not provident though as i need more money than that, they only loan up to �500 apparantly.

Well yeah if anyone of you know of a company that could help please let me know...thanks

[sara3]

employed folk are finding it hard to get loans now, so really you have very little chance unless you pay extortionate interest (along the lines of a loan shark) or fall for some scam.

get a part time job, get a student loan/grant, find out if you're entitled to any benefits but don't get yourself into a financial mess before you've even started full time work.

[Jenni_luvved]

what money i get really has nothing to do with this

[CheekyChops]

You will not find a company to give you a loan that doesn't charge an extortionate interest rate.

Loan companies want to know that you can afford to repay them each month. You are unemployed, how are you planning on making the monthly repayments?

If I have to ask that question, then you can guarantee that the loan companies are asking the same one. They get no satisfactory reply so they decline you.

The ones that ask for an upfront fee (Yes loans and others) are not lenders, they are brokers. They ask for a fee of about �59.95 and then fail to find you a loan anyway.

And 'What money I get really has nothing to do with this' is a very stupid statement to make. It has everything to do with this - you won't get a loan if you have no income to repay it with!!

What do you want a loan for anyway, and for how much?

[Jenni_luvved]

the reason i said what money i get has nothing to do with this, i didnt mean it has nothing to do with wanting a loan, i meant it has nothing to do with someone talking down to me becuase i get benefits

[CheekyChops]

No - you are right in that respect, it doesn't.

But the fact remains that no mainstream lender will give you a loan unless you have the means to repay it and if you are unemployed, then unfortunately you don't.

[Jenni_luvved]

ok cheers for that

[Jenni_luvved]

no i dont have a child actually, i find it quite sad how some people assume that just because someone is on benefits they are some teenage drop out who has 3 children from different fathers and claims benefits for drugs and drink or something. I know thats probably what you think i am like, but im actually in my mid 20's, settled down, we dont have children and are both studying to get decent careers to get financial stability for when we decide to start a family, rather than do shop or bar work for the rest of our lives. I dont agree with people claiming job seekers for their whole lives when they never intend to get a job, but i hardly sit around all day doing nothin apart from smoke drugs or something, i study really hard and am trying to make something of my life so when i do have children i can give them a good life, so please dont be so judgemental its not necessary.

[Jenni_luvved]

what money i do have

[Jenni_luvved]

the same reason most people need a loan; because i need quite a bit of money to pay for something but i dont have enough right now

[Jenni_luvved]

ok...

[R1Geezer]

Ok wisdom of the geezer, reality check. In his own psychoitic way noknowledge is making a fair point.
1) How much can you afford to pay each week, that's every week, towards a loan?
2) Assuming 1) is greater than 0 why are you not saving that amount now? you should already have what you need
3) how much do you actually need?
4) Save the amount in 1) each week until you have the amount in 3)
Now I suspect some weeks you may have money to pay a loan but not every week, that's how you ended up with duff credit rating in the first place.
What do you need to buy that is so urgent you'll sell your soul to a loan shark on a squillion % APR?

Sorry but the inverse loan as described above is the only viable way and it has the advantage of 0% apr.

Do not be tempted by the myriad of companies that claim they can find you a loan for a fee, scams all of them.

Good luck

[eyeshade]

I know its hard Jenni but when me and Mr ES started out, we had ver little, no car, lived in the sticks, had to walk everywhere, we couldn't go out, we had enough for our rent and some food. That was it. Couldn't afford children so never had any. But we worked hard and paid cash for everything we have and still do. If we don't have the money, we don't get it. Sometimes you have to go without to get more. Be patient and it will come.

[chazza]

Have you contacted the student loan company? I took out a loan in final year to cover my rent as I didn't want to work part time while studying, and I only had to pay it back once I was making over �18K (the figure may have gone up by now) after graduating.
The interest rate was also very low

[sandmaster]

I admire your intentions abd there is no harm in approaching your bank manager. You will need to show him carefully worked out budget which shows you have some excess income to repay a loan. But don't hold your breath. In the 'old days' bank manager's could make up their own minds about the worthiness of such a request and the probability of repayment. These days it is computerised, and you lose a lot of points being unemployed. But try - you never know. Avoid companies who advertise they lend to people with poor credit ratings - the interest rates are extortionate. Best of luck

[badgerchops]

Why dont you apply for a crisis loan with your benefits? Thats your only option.

You are no doubt expecting to pay back a minimum amount (even though you wont qualify for a loan) and so you need to be a realist that you will never qualify.

Drives me mad - i would like to sit and study everyday but like everyone else i worked and studied part time. You want a good education for stability when you start a family, well how about working now,saving money and then having children like the rest of us.

You are obviously working the system somehow to be able to do this.