Generally, loans are provided to people who have a source of income such as salaried or self-employed. However, at Good to Go Loans, we look at all applications including unemployed people for all types of loans. It is mandatory for the borrower to have some type of income such as Centrelink benefits to apply for an unemployed loans. The borrower only needs to submit an online application and provide minimal documents online such as the bank statements and identification documents.
Basic eligibility criteria needed for an unemployed loan
Any regular income
Though the loans for unemployed don’t require any specific employment, this person needs to receive some income on a regular basis. This income can be from a Centrelink payment.
Average credit score
An approval of unemployed loans does not require a perfect credit report. Having a previous default may still allow the eligibility to apply.
If the borrower can offer security such as a vehicle, a secured loan may be the best option.
Facts to keep in mind before applying for unemployed loans
- As these loans for unemployed are designed for short terms, the borrower must have the financial capability to meet the repayments of the loan.
- The borrower must check the loan term, fees and charges to ensure affordability of the loan repayments.