Unemployment is a curse, more so when you run out of last bits of money. Add to that, your dire need for money. Result, you are in total state of confusion and nearing depression.
Now with unemployed loans, you have an option of a better life until your next job. You may get these loans more easily if you have unemployment benefits. Unemployment benefits may be in the form of redundancy pay, disability allowance, or one-income allowance given by your previous employer.
You may choose to behold collateral, with which you get the following benefits:
• Lower rate of interest
• Repayment term up to 30 years
• More flexible terms and conditions
• Higher amount of loan
However, you may choose not to use your collateral. Alternatively, you may not own collateral. In that case, you have maximum repayment term of 10 years, and maximum amount £25000. In such cases, the loans are approved only up to an amount that the company thinks that you can repay. This depends on a number of factors which vary from company to company.