I Have No Job And Bad Credit And I Need Cash Now. What Can I Do?

If you are unemployed and have a bad credit score and need money in an emergency, your best option is to try and get a Crisis Loan from the Government.

This is an interest free, short-term loan which will enable you to meet the everyday needs of you and your family in a crisis or following an emergency such as a fire or flood.

Getting an emergency loan when you don't have a job

The amount you can borrow is determined by the borrowers’ individual circumstances as everyone is different and any other benefits that you are getting, such as Income Support or Jobseekers Allowance will not be affected.

Like any other loan though, it has to be re-paid in full and an adviser at your local Jobcentre will be able to work out a suitable repayment plan for you which is usually over a maximum period of 78 weeks.

In some cases though, this may be extended to 104 weeks.

Applying for a crisis loan

The reason why you need the money must fall into certain criteria. A Crisis Loan cannot be used to consolidate existing debts that you may have or to buy a car or to pay for a family holiday.

It may take a few days for you the money to be deposited into your bank account, but, as already mentioned, it is an interest free loan so you will only pay back the amount you borrowed and no more.

Applying for a payday loan when you have bad credit

The only other option that is available to you which may get you the money you need more quickly is a 'Payday Loan'.

You can get one of these if you don’t have a job but they do usually like you to have one so that they can see you are capable of paying it back. You must also be aged 18 years or above and have a bank account in your name ideally although it is possible to get one without a bank account.

The only downside to Payday Loans is that they have very high interest rates attached to them so you will pay back a lot more than you originally borrowed and you will only have a short time in which to repay the money back to the lender.