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I got a game changer when I was struggling with unemployment

Unemployment

For the people around me, Oliver (my name) was a person who is just perfect in everything. They are so unconditionally convinced that I am a good dad, husband, neighbour, uncle, son and of course a master at workplace. I was happy with this graceful image of mine and was living life happily when suddenly something happened. I LOST MY JOB!! (This happened 6 months back). The whole world came upside down shattering my future plans for my family and shaking our daily financial needs.

Due to a heavy loss in my company, the management made many of the employees redundant. Finding another job was not impossible but obviously, it takes time and your expenses don’t know that fact. They just come and keep coming irrespective of the level of intensity of financial crisis.

I literally lost all my confidence and that was showing an effect on my family. My two teenage daughters stopped going to weekend parties (it was painful) with friends as they were afraid that they cannot pay their share. My wife who stays at home and work as a freelance virtual assistant tried a lot but could not hide her worries. Her earnings helped but were not adequate. It was depressing for me to see my family wearing a fake smile to help me stay strong.

Stress and the thirst to break the circle of vicissitudes

I became desperate to get rid of the situation and for that arranging fund was my first priority. My savings were there but not sufficient, taking help from friends and family was something I was not ready to take. However, I am thankful that they never missed a chance to make me feel backed whenever I need. I just wanted to do for my family on my own.

Here comes the game changer

One day while exploring some job opportunities, side by side, I started looking for some borrowing options. I heard from someone that loans are available for the jobless too but at that time, I didn’t agree on this. But that day in the silence of the night my laptop screen was showing something amazing. It was an advertisement for a direct lender ‘The Easy Loans’ which was providing loans for unemployed.

With countless questions, I clicked on the advertisement and reached to the website of this lender. When I explored a little and got into the details, every word on the site proved true. There were reviews of other borrowers that helped me see the other side of the coin. They were all satisfied and some of them who were unemployed like me actually got a loan.

It is time to take action

This was the turning point and excited with my experience, I called the lender to know how to take things forward. The person on the call was quite helpful and made me understand the whole application procedure. The options of tenure were also there – 3 months, 6 months, 9 months, 12 months. Great variety! I must say the lender has a trained and expert staff with good knowledge of the finance market. They understood my concern when I told them that I was made redundant and losing a job was not due to my incompetence.

I qualified to apply for the loan EASILY

The only concern that ‘The Easy Loans’ has is for the repayment capacity of the applicant. Yes, I had no current income to show, but they were ready to consider my salary slips from the last job. Besides, I gave them my bank statement to verify the potential I keep on financial aspect.

I applied and it was smooth

 You know what? Nothing was complicated in the application procedure and within minutes, I was able to understand everything. The complete process was 100% online, no paperwork, no physical verification, no documentation. Approval decision came just after the submission of online form.  By the noon 1 o’clock funds reached to my bank account. I was feeling ecstatic as just one night before I was gravely worried about the countless expenses. But on the very next day, I had sufficient money to bear all those expenses.

I repaid my loan in small instalments

To facilitate easy repayments, the lender gave me the liberty to choose from varied repayment plans. I chose one, gradually paid the whole loan amount.  One month before the completion of the tenure, I got a job and by the time I paid off the whole amount, all my worries were gone. The Unemployed loans by this lender helped me and my family pass our tough time smoothly.

I am deeply thankful to the ‘The Easy Loans’. They helped me get back my grace among my family and friends. They were feeling proud of the way I tackled the mess without taking any help from any one of them. They called me a Hero but I know the real hero is the one that backed me when I was ready to lose my patience. Thanks again to ‘The Easy Loans’.

Posted on by britishlendersuk

How I Ended My Financial Struggle with Unemployed Loans?

unemployed loans

Nothing can be more stressful than losing your job, especially the one which you really loved. Not only it affects a person financially but emotionally as well. Suddenly, all the expenses that you used to manage smoothly during your work life will become a behemoth task after losing your job. My name is Henry, and I live in Cardiff, where I worked in an IT firm as a software tester. Last month, I had to lose my job due to some specific reason. Even though I gave my 100% in my work, still the company expectation was way higher than I could deliver.

It was really shocking and stressful for me, and I was totally clueless that I will be struck by such a disastrous event. For a few weeks, I had given multiple job interviews but was unable to convert them. I was in depression and was unable to figure out what can I do to get out this bad phase of my life. The worst thing was that as my job loss was unexpected, I was not even financially prepared. Day after day, all my savings were reducing and managing all the expenses was getting difficult for me, along with the cost of the interviews. I was in a desperate need of a job and money both, but things were not working the way I want, and luck didn’t favour me either.

To manage the financial expenses, I had applied for a personal loan at a bank, but unluckily I couldn’t get the approval. However, I never gave up, and I still kept on trying to find myself a new job. I also tried to tackle all the financial challenges that life threw at me patiently and smartly. I kept my cool and prepared an effective strategy to deal with this situation.  I informed my friends, family members, ex-colleagues so that they could help me to find a new job. Meanwhile, I also got approval from a reputed direct lender named AOneFinance, who helped me financially with their loans for unemployed services.

Here are the things that I had to include in my strategy:

  • Firstly, I created a budget that can help know my expenses more transparently.
  • Got rid of all the discretionary expenses like going to clubs, movies and over shopping, etc.
  • Focused on enhancing the skills that would help me in finding the job more efficiently.
  • Filed for unemployment so that I could receive the benefits provided by the government.
  • Rather than swiping cards, started using the cash more to get a clear idea how much I am have been spending.
  • Consulted friends, seniors and experts for financially advise to learn more about financial management.
  • Used the loan amount to clear the bills and previous debt instalments to make sure that my credit score is not hampered.
  • Started using public transportation rather than own vehicle to save a lot of money that would cost in the name of gas, maintenance and others.
  • I borrowed clothes from friends and relatives during the time of the interviews.
  • Buying clothes would have cost a lot more money than borrowing.
  • I left my big apartment where I had to pay a heavy rent and shifted to a smaller one.
  • Did some freelancing work to earn some decent money until I get a regular job.

Well, after taking all these steps, not only I survived this phase of my life but also managed to get myself a new job. Now, I have also started to save so that if unfortunately, such things happen again, then I can handle it without any complications. The time of unemployment taught me numerous lessons that with determination and right efforts, items can be turned even how bad the situation gets.

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Cost & Repayment of Bad Credit Unsecured Loan- Major Concerns

Arranging a guarantor or pledging some asset is the biggest challenge to borrow from a Govt. bank financial institution or direct lending store. If the borrower has a bad credit score in parallel to an ongoing financial crisis, it becomes more challenging to have a guarantor against the debt. Pledging the high market value asset for small amount loan is not good because the pledged property remains at risk during the entire repayment period. In addition, the complex process of pledging the property often needs the guidance of professional expert or broker that escalates the cost of an intended loan. The easy availability of bad credit unsecured loan at direct loan stores eliminates all such hurdles. Getting the required debt without pledging anything or guarantor is no more a tedious task in the UK but the cost is always the major concern of borrowers.

The Cost of Unsecured Bad Credit Credits:

The direct lenders fix the cost of unsecured credit after evaluating the borrower’s credibility. The size of the direct lending agency, specialization in unsecured lending, capacity to take a risk in disbursing bad credit loan, location, prime target areas, authorisation by FCA etc like key factors contribute in fixing the lending cost. The previous loan history, repayment record, existing debts, earning, monthly repayment capability, location, profession type, stability in earning, credit score report etc are the key cost deciding factors at borrower’s side. Although the FCA plays a key role in keeping the lending cost under control yet some direct lenders with short-term business interest take undue advantage of borrower’s urgency for quick cash help; therefore, the selection of right lending agency is always an important step to get the best genuine debt deal.

Importance of Credit Score in Private Borrowing: 

The numbers of private lending agencies offer no credit check unsecured credits for long-term and short-term both. According to the new regulations of FCA, checking the borrower’s repayment capability and credibility is the must for direct lenders before making any lending deal. The direct lenders offering no credit check credits check the borrower’s credibility but these agencies don’t take the bad credit score as the reason to reject the application. Although the high risk is involved in dealing with a low credit score borrower the risk is compensated by fixing the interest rate high. For example, if you have a credit score of around 500- 600, you will get the loan at a lower interest rate than if you have a credit score of around 350- 400. The highest possible credit score is 999. The credit score of 650- 700 is taken as being excellent.

The average credit score in different areas of the UK differs at large; the prominent lending agencies consider this geographical credit score discrepancy also. For example, residents of Sunderland have the lowest average credit score. The reasons behind the geographical credit score discrepancy are many like the personal, social, political, environmental and others; therefore, the lending agency considers the unsecured loan applications of each area at different approving scale.

Concluding Note:

Getting the unsecured loan even with a low credit score is not a tedious task but the cost matters. The unsecured debts dues are mounting high because of increasing numbers of failures in repayment; it is making the lending agencies more conscious for securing the credited amount. The premier direct lenders support the clients to pay on the time by suggesting the best loan format; therefore, get the experts’ help to come out of the financial crisis at the earliest because the unsecured borrowing is a short-term solution to manage instant finance need.

Posted on by britishlendersuk

Should You Apply For a Loan Online or Not- Pros & Cons

In 2017, more than ever before households in the UK took ‘bad credit personal loans online. The lender lending bad credit instant decision loan is understood to be a private lending store because the UK’s mainstream r banks have limited the funds for lending, especially for poor credit score holders. The majority of borrowers in the UK, irrespective to the required loan amount and repayment period, prefer the direct lending agency with an online presence. The trend is getting wide-scale acceptance in all the communities because of its several pros but it has some cons also in parallel. To get the best affordable deal for instant decision same day loan, you must contact only to the best direct lending agency.

Which is the best direct lending agency for Online Bad Credit Loan?

Almost all the lending stores have a long clientele. These loan stores have adequate experience also in providing online loans. The processing is also transparent and fast. Still, almost all the borrowers share different experience for borrowing from private lending agencies. Do you know the factors that make the difference to your ultimate satisfaction level? The loan interest rate is certainly an important factor to be considered for the already financially tight borrowers but the ultimate experience of private borrowing depends upon other aspects also; knowing these aspects will help you find the best lending agency for ‘bad credit guaranteed loans’:

  • History of the direct lender – Explore the information in about us.
  • Social reputation– Explore the online testimonials and the remarks by the agency’s personnel.
  • Diversity in short-term and long-term loans– The required loan amount varies for regular financial needs to which the common household in the UK come across often.
  • The process of application, approval and processing–  Guaranteed loan providers are expected to have very high approval rate for all categories of borrowers; you can expect more than 95% approval rate at guaranteed loan provider.
  • Flexibility in repayment terms and conditions– If you are not very sure for the regular income in the coming months, flexibility in terms and conditions becomes more important for you.
  • Fees and penalties – For different causes like processing, late payment, early payment etc.

Should You Apply Online For Bad Credit Loan?

If we see modern culture, getting the required financial help while sitting in the comfort zone of home or office seems the best option; and, it is indeed. Applying online for a loan delivers numbers of benefits:

Convenience:

Convenience is the top reason to consider applying for a loan online. The documentation process is cut to the minimum level; even some direct lenders advertise for loans without paper work helping you save the cost of documentation. Still, you must have all the relevant documents handy to support the provided information online.

Quick Turnaround Period:

Online process shortens the turnaround period; thus, ensures you on the time financial help. By applying to an online loan store, you eliminate the waiting period. The status of the loan request can be tracked. The most direct lending agencies in the UK claim for transferring the fund by the next day; so, if you are in need of urgent cash, apply for personal loan online.

Easy To Assess The Reputation Of Direct Lender:

As all the proceedings are online, you can explore the numbers of applications and the rate of approval. The reputation of direct lending agency can be accessed by going through the social media profiles, and ranking in search results.

High Transparency:

When you deal online with a direct lending store, everything is written and said in black and white; therefore, there is left no scope for misunderstanding to pay hefty the later stage.

Why You Shouldn’t Apply Online For A Loan:

In most of the cases, the interest rate of online personal loans is higher if compared to that of a traditional way of personal borrowing.  The cost of offered online loans includes the processing and administrative charges as most of the online loan stores in the UK provide instant support of experienced lending professionals. Most of the online loans are structured for the short-term to facilitate the individuals but if you need a large amount loan for commercial use, better you approach the regular bank. Each time you apply online for a loan, the request is registered at your credit history; more you apply, more the credit score comes down.

Conclusion:

Getting any type of loan in the UK online is a modern age facility and the majority of borrowers prefer it also because of being extra convenient. All the leading stores don’t have required perfection level to process the loan 100% online; therefore, the selection of loan store with perfection in online lending becomes a focus area as important as to get the least priced loan.