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Securing Loans for Unemployed and Disabled People

Loans are hard to come by for everybody at the moment and all the more so if we are talking about loans for unemployed people and disabled people. There are still some options available though and shopping around is as always key to finding a loan at the best rate.

Loan Options

Thanks to recent economic uncertainty and most of the world trying to get their economy back into a fit state, getting a loan has become an extremly arduous process. Banks generally need to see that you have an impeccible financial history and an A-rated credit history before even considering you.

For unemployed and disabled people the process can prove even more difficult. Generally those in these categories cannot ever dream of meeting the requirements for a secure loanee. This is a bitter pill to swallow for many as unemployed and disabled people at times struggle financially. There are many money lenders that offer high interest loans but these are simply unreasonable for people that do not have much money. Some of these lenders charge up to 200% interest on their loan sums which places unwanted pressure on the loanee.

The best place to go to for a loan is the Credit Union. Credit Unions provide loans at the lowest interest rates you will find so these loans are ideal for unemployed and disabled people. To qualify, you must be a UK citizen of at least 18 years of age. If you already have an account there then things are much simper and if you do not have an account it is easy enough to set one up. You will need to show proof of address that shows that you have resided at your home for more than a year.

Having a Little Savings Balance Helps a Lot

It is much easier to secure Credit Union loans for unemployed and disabled customers that already have a savings account with a healthy balance. You can get a loan up to the value of two times your savings balance in many local Ctredit Unions. Your loan application will be considered more favourably if you have a small bit of cash in a savings account.

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