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What Happens If I Don’t Repay My Short Term Loan?

What Happens If I Don’t Repay My Short Term Loan?

Why not use our service to find a great-value short term loan with an title loans Sweetwater FCA-approved lender? This way, you can be sure that you’re protected.

Short Term Loans for the Unemployed

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Most short term loans are issued to people who are in full-time employment. This is because they can demonstrate an ability to pay back what they borrow via their monthly wage. Payday loan lenders look at affordability when considering who to lend to. For example, a lender may ask you to list your current monthly outgoings (such as rent, utility bills, monthly subscriptions, transport costs and so on) to ascertain whether you earn enough to make repayments on top of your existing monthly outgoings.

Some lenders are willing to offer short term loans to the unemployed, provided they can prove that they have the means to make repayments. If you are unemployed but have other forms of income (such as a pension or regular employment support allowance payments), most lenders will consider your application for approval. Why not use our free service to find out if you could be eligible for an unemployed short term loan today?

Most short term loans are repaid on time and in full. However, there may be instances where you cannot afford your loan monthly repayments. If this is the case, you should contact your lender as soon as possible to try and come with a realistic and affordable repayment plan.

Before agreeing to the terms of a short term loan, you should be aware that failure to keep up with repayments could result in your case being passed to the legal department of your lender.