When you are unemployed, money is understandably tight, and sometimes you do need a loan. Unfortunately it is not possible to get payday loans from Payday Loans UK if you are unemployed. Although “payday loan” has become almost synonymous with “short term loan” it does actually still hold its original meaning. That is, a loan to be paid back when you are next paid. If you do not have a job, then obviously you will not have a payday on which to pay the loan back.

Unfortunately, Payday Loans UK cannot offer payday loans to the unemployed.

Why do You Need a Job to Get a Payday Loan?

Perhaps someone might say that although they are unemployed they will be able to pay the loan back in another way within a month. Unfortunately we still will not be able to help, one of the only stipulations for being able to get a payday loan is that you do have a job. The reason for this is that payday loans are usually needed very quickly, and by having just this one requirement it makes the application process very clean and fast. If payday loans started being given out even if the recipient did not have a job, but was just given on the promise that the loan would be paid back on a set date, then it would become too easy to get the loan.

Payday loans are sometimes criticised because it is too easy for people to get the loan anyway. That is probably because we don’t do a credit check, but the reason for this is that by having a job, it means that you have the ability to pay back the loan, so the credit check would not be useful. Of course a credit check would also slow down the application process as well. The main point, though, is that if the recipient has a job that pays a rate that allows them to be able to pay back the loan, then it is judged that they have the capability to pay it back. Whether they have been able to pay loans back in the past or not is not the point, they obviously are able to now. If the potential recipient does not have a job, however, they may still be able to pay it back from other means but this is far more complicated, and the payday loan would have to start being called something else.

Application Process

As already stated, one of the main reasons that Payday Loans UK does not offer payday loans to the unemployed is that it would make the application process too long. We also offer no fax payday loans, and this would hardly be possible if they were offered to people without a job. Whatever other means were going to be used to pay back the loan, it would almost certainly require some written documentation.

As it is, the application process at Payday Loans UK is very fast, only taking a few minutes. It is also very simple, with only a few stipulations needing to be met. The main one being, of course, that you currently hold a permanent job, which pays every month.

Tags: application process, credit check, Payday Loans, payday loans for unemployed, Payday Loans UK

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Ken Heading keeps up to date with all the financial news in the UK, particularly as it affects payday loans, and enjoys writing on this subject.

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