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Best way to borrow whilst unemployed?
Hi 
I'm totally new to borrowing and am looking to borrow £1000,
I'm not sure whether a loan or a credit card is the best way to go and with the variety of deals out there... which one is best suited?
I'm 24 and can comfortably afford around the £50 mark on a monthly basis, with a little bit of flexibility on that figure if needs be.
A problem I have is that I'm currently unemployed and my credit rating isn't the best.
Has anyone else been in a similar situation? Would love some advice as I'm a tad bamboozled by the various options out there.
Credit card or loan?
I'd like to thank in advance anyone who takes the time to respond to my message... it's very much appreciated.
I'm totally new to borrowing and am looking to borrow £1000,
I'm not sure whether a loan or a credit card is the best way to go and with the variety of deals out there... which one is best suited?
I'm 24 and can comfortably afford around the £50 mark on a monthly basis, with a little bit of flexibility on that figure if needs be.
A problem I have is that I'm currently unemployed and my credit rating isn't the best.
Has anyone else been in a similar situation? Would love some advice as I'm a tad bamboozled by the various options out there.
Credit card or loan?
I'd like to thank in advance anyone who takes the time to respond to my message... it's very much appreciated.
0
Comments
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Hi there,
Just t clarify. Youre unemployed and you want to borrow £1000 for what purpose and how does anyone know you are going to pay it back?
Um...
I think it would be more prudent to get a job first right?0 -
Hi
I'm totally new to borrowing and am looking to borrow £1000,
I'm not sure whether a loan or a credit card is the best way to go and with the variety of deals out there... which one is best suited?
I'm 24 and can comfortably afford around the £50 mark on a monthly basis, with a little bit of flexibility on that figure if needs be.
A problem I have is that I'm currently unemployed and my credit rating isn't the best.
Has anyone else been in a similar situation? Would love some advice as I'm a tad bamboozled by the various options out there.
Credit card or loan?
I'd like to thank in advance anyone who takes the time to respond to my message... it's very much appreciated.
CC applications ask about your employment status and what salary you get so I dont believe you would get accepted for a credit card, same for a loan as you say your rating isnt the best.
Bank of mum and dad might be an option. Sell some stuff, do some od jobs for neighbours/family for some cash.
Can I ask why do you think a lender should loan you £1000 when you credit rating isnt the best ?
Are you able to show you can keep with the payments ?
I know its not what you wanted to hear but its the truth.0 -
You are not likely to be able to take out any kind of loan whilst unemployed - at least not from any legitimate lender.0
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The only loan you are going to get is from your mother I'm afraid.
You have absolutely no chance of borrowing it from anywhere else.
Just curious but why do you need it.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
For goodness sake dont go to a payday lender either!
You have no realistic income. JSA is for the purposes of paying for living, not servicing debt and you wont get away with trying to declare it as such.
No reputable lender will touch you with a barge pole and there are good reasons for that and you dont want to go to a dis-reputable one.
Drop this idea, and make do with what you have and what you can manage with working odd jobs, selling stuff etc.Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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Best way to borrow whilst unemployed? None
You won't get a loan as your monthly income is low so they won't take the risk on you now ma good your no matter how good your credit report is."All truths are easy to understand once they are discovered, the point is to discover them."
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No chance of getting a loan or credit card.....and if you can only afford £50 a month to repay the debt....then you're dreaming.0
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Possibly look at a Credit Union if you 'must' borrow. You will need to make payments in before you can take money out0
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You can apply for one of the creation credit cards if you're unemployed as long as you have a partner that works 16 hours a week.
Who is eligible to apply for a card?
UK residents aged 18 years and over with a UK bank or building society account. You will need to provide a landline telephone number for home or work and have a regular source of income through full-time or part-time employment of more than 16 hours per week (this can be you or your partner), or be a student, retired or on incapacity benefit. Finally, you need to have a clean credit history, ie, no arrears, defaults, County Court Judgements (CCJs), bankruptcies or Individual Voluntary Agreements (IVAs).0 -
The only kind of loan you might get is one where you forfeit your kneecaps if you miss a payment.
On the plus side I don't think this gets recorded on your credit file so not all bad.
"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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