Will I be approved for a loan if I am not employed but receive regular tax credits, benefits or other income?

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It depends on the lender. Some lenders may accept your loan request and approve it, some might not. There are UK loan providers specialized in floating loans to unemployed people.

However these lenders might have higher interest rates because they are taking the risk of providing funds without any security.

We advise you to think carefully before applying for a loan if you are unemployed and you don’t have a stable income. Taking a payday loan when you don’t have monthly incomes to repay back your debt may affect your financial stability and reflect on your credit score.

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