unsecured loan

[mj8183]

Am I likely to get an unsecured loan whilst recieving benefits? I recieve income support and have done for a while now, I'm also a private tenant. I know some companies charge a fee, what is this for? and will I be charged it?

[CheekyChops]

The Companies that charge a fee (usually around �50) are just brokers. They take your money and then try and find someone willing to lend you the money, wquite often they take the fee and then fail to find anyone. They mainly deal with people who can't get a loan hrough the normal routes, banks etc.

How much did you want to borrow, basically the lender is going to want to be satisfied that you can afford the repayments. I'm not sure if main-stream lenders would give a loan to someone who is not employed, especially in the current climate.

[factor-fiction]

The lender will want to be sure you have the means to pay back the loan, or will want some security- usually a charge on your house. It may sound harsh but how can you pay it back whilst you're not earning.

[mj8183]

Thanks for your answers. It isnt harsh factor, its the truth. Thinking about it, I cant really afford to meet payments for the amount I need. I'll just save. Wish me luck!!!