Can I get a loan without a job?

No, it is usually not possible to obtain a loan without some form of employment with the vast majority of UK lenders. This also includes people who are currently recipients of benefits or receiving a pension.

There are a small number of providers who do provide loans for those who are unemployed, but remember that they are likely to have sky high-interest fees to compensate for the perceived risk in lending to you or they may require some form of security such as a car, home or jewellery.

Why can’t I get a loan without a job?

This is mostly down to affordability checks. Lenders have a legal responsibility to ensure that any borrower who takes out a loan is in a financially stable position to do so.

Remember that loans are granted on the basis of the strong probability that you can pay back the loan. If you are in a position that does not suggest you can do this – such as by not having a job, then a lender is unlikely to approve your loan application.

Lenders will need evidence that borrowers can afford a loan, and one of the most common ways of checking is by asking for proof of income. Typically, borrowers may be asked to provide a recent bank statement or payslip as evidence that they can afford to repay their loan.

Failing to keep up with loan repayments can incur additional fees and negatively impact your credit rating which can affect your chances of getting future finance such as credit cards, loans and mortgages.

What type of job do I need to have?

In terms of the job that you need to have to apply for a loan, it can be either full time or part-time. The most important thing is that this job needs to be stable, providing you with a regular monthly salary that you can live on.

The lower the income you receive from your job, the lower the amount you can typically borrow.

Ideally, when applying for something like a quick loan, personal loan or mortgage, the lender wants to see something legitimate with a payslip from a business.

It is OK if you are self-employed, because you can still have a limited company. But in terms of ticking boxes from the lender, they cannot rely on ‘gig economy’ jobs, getting paid in cash or earning 100% on commission.

Can I get a loan if I am self-employed?

Yes, it is possible to take out a loan with us if you are working for yourself and there are over 5 million people in the UK who are self-employed.

You will need to be over the age of 18, a full-time UK resident and your employment must provide a stable and regular monthly income. For some lenders, particularly in mortgages, they like to see limited companies that are profitable and have been running for a minimum of 2 years, although this can vary depending on the product.

What else do I need to apply for a loan?

• A UK resident
• Have a permanent UK address
• A valid mobile number so that we can contact you about your loan status application
• Valid email address
• UK bank account
• Able to afford monthly repayments
• No recent IVAs or bankruptcy