Cheap personal loans for unemployed people

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    • Hi Suzan. If you have a source of income (be it benefits, a pension or investment income) you may still be able to obtain credit. Take a look at our QuickStart tool to help narrow down your options.

  1. If you’re not in debt now then try and avoid it – can someone help out getting your bike fixed, maybe in return for a favour? What skills do you have to offer in return?

    There are plenty of loans around for people who are unemployed or with a bad credit record or even loans that don’t require a credit check – that doesn’t mean that they are a good idea.

    Don’t forget if you are in serious debt already there’s plenty of free help out there – Step Change, Money Advice Service, Citizen’s Advice and others

  2. Problem with taking out a loan when you are on benefits is that it will always be difficult to repay because you will be paying a high interest rate.

    Normally I’d say steer clear of these loans but sometimes you don’t have a choice – if you can be really frugal with your money and are good at managing it then a loan even though you’re unemployed could get you over this difficult time. But, if you are not good a managing money, then you will just be making your situation worse.

  3. I’m unemployed but looking for work and hope I won’t have to wait long. I have a good credit history but thought i wouldn’t be able to get a loan becasue I’m only on benefits – i don’t have any other income. I need to get some repairs done on my bike but haven’t got enough to cover the cost (it’s about £300) but without the bike I can’t get to any of the jobs I’m applying for – no public transport where i live.
    I’m worried about the risk of taking out a loan when I’m only living off benefits but I’ll be stuck without a job if I can’t get the bike fixed.
    Has anyone who’s unemployed taken out a loan and paid it back from benefit income – be intrested to know what people think.

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