loan for unemployed?

sparker123

I have my own house paid for and am expecting a lump sum in a few years time, is there a reasonably cheap way to borrow say £5000 ? I have credit cards/ OD with a combined limit of about £7k available but was wandering what cheaper options might exist.

marcarm

ratesetter?

DCFC79

Your unemployed so are you claiming benefits ?

sparker123

yes JSA and council tax. I just want to top them up ideally.

Clouds88

If you are on JSA, as in jobs seekers and not DLA... can you not find some employment? Surely that will be a better way of increasing the income. Obviously I don’t know your circumstances but I wouldn’t get into debt for every day spending.

Pixie5740

sparker123 wrote: »

I have my own house paid for and am expecting a lump sum in a few years time, is there a reasonably cheap way to borrow say £5000 ? I have credit cards/ OD with a combined limit of about £7k available but was wandering what cheaper options might exist.

The problem you have, which I'm sure you have already realised, is that no income usually equals no loan. How would you repay the £5,000 loan or the credit cards? Both will require some sort of monthly payment.

sparker123

You are right of course I am looking for a job, however I've been unemployed for quite a while so it's not easy. My life policy is supposedly guaranteed to return 3% pa so you'd think there ought to be a deal out there. I could sell my car but that would limit employment options further I guess.

I would not normally consider borrowing to pay living expenses but since I am expecting a lump sum it would seem to make sense. If I cashed it in now I'd lose final bonus, not to mention my entitlement to means tested benefits.

System

sparker123 wrote: »

You are right of course I am looking for a job, however I've been unemployed for quite a while so it's not easy. .

It is if you're not fussy what you do and what the pay is. You just go to every employment agency that supplies factory and warehouse workers and sign up with them all and take what is offered.

I've not been unemployed since I left school over 30 years ago other than when my disability has been so bad it has prevented me from working but to manage that I've had to accept doing less than ideal jobs which has meant in the past that for example in the recession of the early 90s despite being a qualified experienced electronics engineer I ended up working in a food factory putting cheese circles on turkey burgers 12hrs a day.

McKneff

Respect Tarambor....

sparker123

the problem now is that even if I find short term work I will end up having to sign back onto this new system which is much harsher so not really worth the risk

sparker123

yep, unfortunately a lot are in the same situation though, the new regime is a failure on many levels. When people have bills to pay sentiment does not come into it really.