loans

Same Day Unemployed Loans with No Credit Check: Instant Loans for Unemployed People with Bad Credit

With 9.7% of the U.S. workforce and growing without work, finances are extremely tight for many families. Whilst the banks were all too willing to lend money in the past, they are no longer interested because of the inextricable link between joblessness and the risk of default. However, it is possible to get a same day unemployed loan from a pawnbroker to help meet a financial obligation, such as paying the rent or a utility bill. The cost of borrowing isn’t cheap, but a loan with no job provides a genuine lifeline for the struggling consumer.

Poor Credit Loans with No Credit Checks

Bad credit unemployed loans are available from a pawn shop without the need for credit scoring. This is because, in order to borrow money, it is necessary to provide the lender with collateral (gold, silver, jewellery, electrical goods etc). Unless the item is redeemed, by paying back the principal and any interest that has accrued, the item will be sold at the pawnbrokers. For this reason, the default rate is in the region of just 10-20%. Pawn shops offer loans with no job because they have nothing to lose and a lot to gain.

The Cost of Pawnbroker Loans for Unemployed People

The cost of borrowing varies considerably between pawn shops, but it typically costs $20 to $25 to borrow $100 for a month. Subject to the value of the item, it is possible to borrow over $10,000. David Crume, president of the National Pawnbrokers Association, stated that the maximum value of instant loans for unemployed people is 20% to 25% of the collaterals value. This is to ensure to ensure that, in the event of default, the worth of the item is greater than the loan and any interest that accumulates.

Pros and Cons of Unemployed Cash Loans

Same day unemployed loans with no credit checks provide money when finances are tight. The problem is that the rate of interest is so high that, when combined with the repayment of the principal, it leaves less money to pay household bills the month after. Failure to redeem to the item by settling the debt and an item of far greater value than the loan secured on it will be sold to recover the money that was lent. Only take out a loan with no job for an emergency and not to make frivolous or impulse purchases. Consider carefully how the debt will be repaid at the end of the borrowing term.

loans

Loan Sharks – How to get Help to Write off Debt From a Loan Shark

Loan sharks are illegal moneylenders. Any moneylender in the UK must possess the appropriate license issued by the Office of Fair Trading. Unlicensed moneylenders normally operate through word of mouth and call door-to-door. They may seem perfectly nice until a repayment is missed. Then they can threaten or even carry out acts of violence if loan repayments are not made. Many people who are in the clutches of a loan shark feel trapped and desperate.

Loan sharks charge very high interest rates, often over 1000% APR, sometimes as much as a whopping 131,000%. They can also make arbitrary charges for missing a payment, or even double the debt. Many people do not report loan sharks because they are ashamed of having got themselves into a financial mess. But they have done nothing wrong. It is the loan shark who is acting illegally, and it is possible to get help to write off the spiraling debt.

How to spot a loan shark

A loan shark may well ask you to fill out an official looking form – but might forget to give you your own copy to keep. They may, according to the Office of Fair Trading, take bank cards or benefits as loan security. You probably won’t be provided with a proper repayment plan, you’ll just be told how much you have to repay per week. You may not be told exactly how many repayments you’ll have to make – there is no end in sight.

Loan sharks typically prey on people who may have debts, but will find it hard to get credit through other means. They may not own their own homes, or have regular employment. They do not lead so-called “chaotic lifestyles” but are simply struggling to make ends meet – and these are the sort of people who will be targeted by loan sharks.

How to get help to write off debt from a loan shark

Loan sharking is illegal. Since 2004, more than £45 million of illegal debt from loan sharks has been written off through legal action taken by the Trading Standards Illegal Money Lending Team. Illegal moneylenders can be jailed, and their money taken from them – the people they “lend” to are not the criminals; the loan sharks are.

To report an illegal loan shark, you can contact the Trading Standards Team at the website above. They have a 24 hour telephone hotline and you can also text or email your concerns – this will be completely confidential. You can report an illegal moneylender who is lending money to yourself or to someone you know.

Carol Highton, a campaigner for the Trading Standards Team, decided to act against moneylenders after her son Paul was driven to suicide at the age of 22 by an illegal loan shark. She says “Loan sharks are the scum of the earth, who prey on people who are vulnerable and desperate to get out of debt.”

How to get help to safely get out of debt without using a loan shark

If your debts are spiraling and you don’t know what to do, there are safe and regulated ways that you can be helped. A very good way to start is to go to your local Citizen’s Advice Bureau. Their website will show you where to find your local branch.

Another good way to get help is through contacting a debt management charity such as the Consumer Credit Counselling Service. They can support you and help you to draw up a financial plan and arrange repayments that you can afford. If your debts are too large for you to be able to repay, they can even be written off.

If you are in the clutches of a loan shark, you can report them and write off your illegal debt. If you are worried about your debts, contact one of the agencies above for a safe, controlled and supported plan to become debt free.