Loan with no requirement of a secondary borrower is the credit that is made available without any guarantee; the credit may be for short-term or long-term. Presenting someone as a guarantor against the required loan amount or pledging a property or other asset against the small amount loan is neither possible nor the practically feasible especially for the unemployed. No guarantor loans for the unemployed are the multidimensional help with unlimited scope for career growth, provided it is used with objective oriented strategy.
Know the Reasons for Unemployment Before Planning the Career:
Before going ahead, let’s peep into the causes behind the unemployment in the UK. The current UK unemployment rate is 4.2% with more than 1.45 million jobless people. The employment rate for the 16-64 years age group is 75.3%; as per data available in January 2018, more than 32.136 million people were in work. Almost 21.2% or 8.7 million people of 16 to 64 years age group are economically inactive. Unemployment is higher in certain regions and particular areas (e.g. north). Despite the improving employment rate, the numbers of unemployed are still high.
What are the reasons?
- There is high geographical immobility that makes it difficult for an unemployed to relocate to the southern UK that offers more jobs.
- Local frictional factors also keep the unemployment in particular areas high; therefore, jobless people take more time to find a job.
- Lack of skill is identified as one of the major reasons for youth unemployment.
- Absence of right motivation is also a key factor for the high unemployment rate among the youth.
- Fast-changing economy conditions are also making the way of getting a dream job at the earliest more difficult.
- Funds shortage deviates the youths’ focus from to job searching to meet our living expenses.
No- Guarantor Loan Really Exists for Career Development?
Even if you are jobless for over the months and are surviving with job seekers allowance; still you can get the financial help. Your credit score may not be above 500- 600 because of being jobless for longer, still, you can get the cash loan to try better for a job. Direct lenders offer short-term bad credit loans for unemployed to help them get the job at the earliest by breaking all the barriers that exist just because of the shortage of cash in hand. Some of those barriers are relocation, joining professional training, developing skill, going for personal interviews, paying all the monthly dues on the time etc. The no guarantor loan is provided by assessing the credibility of unemployed; for example – the job prospects, the possibility of job getting, expected time to get a job, location, age, qualification, existing debt etc. More the amount you ask, more the risk transfers to the lender’s side; therefore, big amount loans come at a higher cost. Before applying for no guarantor credit, plan better to use the funds for career objectives like relocating, applying more, attending more interviews, professional skill improvement etc.
Plan Better Before Going for A Loan:
The no guarantor loans being provided by the direct lenders in the UK are the great help to search and grab a suitable job at the earliest without worrying much for living expenses but this easy to avail financial help incurs a cost. The total cost should be analysed with realistic parameters without being too optimistic. Have an idea of wages for the job type you are looking for, plan for the living expenses, and count the balance amount for repayment of instalment. In addition, you must set a period the get a job. If you don’t get the dream job within set period, join the part-time job at least to pay the dues on time.