Unemployment is one of the worst situations in anybody's life because it does not come alone. Simultaneously comes another worst situation of making the ends meet because of No source of income and the various debts mounting up on his account and the unemployment allowance falling deficient of meeting even the basic needs. In this situation, comes the bridging loan for unemployed, which can definitely make your life smooth.
Bridging loans are short term loans when there is a gap between the unemployed period and the time when your source of income actually become active. In simple terms bridging loans for employed is used till the time you actually start working and earning.
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Usually a permanent source of income is a prerequisite for borrowing any loan. But in this case, an unemployed would never be eligible for any loan. However, since unemployment is a temporary feature, lenders have devised a few criteria that will make the unemployed people eligible for financial assistance under bridging loan for unemployed.
Purpose of bridging loan for unemployed
Bridging loan for unemployed can be used for any purpose, depending upon borrowers financial requirements.
However, such loans are normally used for the below given purposes.
To purchase properties
Fund short term property renovation
To purchase a property before the sale of another
To fund the urgent purchase of a property, pending arrangement of a long-term mortgage.
To raise money capital for any purpose, pending a sale of another property.
In fact, bridging loan can be used for any genuine commercial purpose as a short-term measure. Because of the short-term nature of the loan however you should expect to pay more interest and higher fees than with a long-term loan.
Some lenders offer fast in-principle decisions and funds is released to the clients very quickly. This 'quick' element allows clients to secure a property speedily, and with the minimum of stress.
Interest rate & amount of loan
As bridging loan for unemployed is given to a person who has no source of income. Therefore this loan is riskier for the lenders and so bridging loans have comparatively higher rate of interest. If the borrower is a home owner, it makes borrowing bridging loan for unemployed quite easy. The loan for unemployed is taken against the equity in the home. This is the value, in terms of money, that a house will fetch if sold in the market. Hence bridging loan for unemployed is a secured loan. So the borrower provides a security, normally borrower's property is given as collateral. The loan amount offered under bridging loans searched by Chance for loans can advance the borrower as much £1,00,000-£4,00,000. Depending on your circumstances and repayment abilities the loan amount can vary.
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