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Why Part-time Workers in the UK are Taking Loans?

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A report released by the House of Commons Library states that in 2016/17, around 16% of all undergraduate students studied part-time.

After the uncertainties surrounding the BREXIT, another topic is clouding over the financial market of the United Kingdom. The total number of people working as part-time workers in the UK has taken a toll. A report published by Statista (https://www.statista.com/statistics/621607/total-number-of-persons-employed-part-time-in-the-uk/) has depicted a graph, which shows that there were approximately 8.3 million people working part-time, the lowest figures throughout this period. From May 2017, there have been more than 8.5 million part-time workers in the UK.

                Another report published by Office for National Statistics (ONS) shows that there were 1.44 million unemployed people (people not in work but seeking and available to work), little changed compared with June to August 2017 however, 160,000 fewer than for a year earlier.

The formation of the Financial Conduct Authority (FCA) in the year 2013 proved to be successful in regularising and administering the disturbed and imbalanced financial market of the UK. The FCA is accountable for the conduct of around 58,000 businesses. People who are self-employed or who do not have a permanent job are often denied any financial support from banks and leading financial institutions.

A fact mentioned on the website of Money Advice Service has sent a wave of shock among the readers. It is mentioned that 1.5 million people became self-employed between the years 2001 and 2017 and now around 1 in every 6 people earn their living this way. While being self-employed gives you a sense of freedom, but sometimes it may pose a threat to your basic survival and existence.

Hence, more people are opting for a part-time job. Especially, students who are studying in the universities are taking up a part-time job to support themselves during the rainy days. Part-time job has its own set of pros and cons. A person doing a part-time job cannot earn the way a person in a full-time employment does. Similar loopholes of a part-time job lead the way for part-time workers to choose loans.

                Loans have always been knownto play the role of a survival kit for self-employed or part-time workers in the United Kingdom. There are numerous lending agencies, loan brokers, financial institutions who are willing to provide a loan to part-time workers.BestUnsecuredLoan is a UK based loan brokering firm, which provides loans for part-time workers. It always gets difficult for all of us to accept any rejection. This is why we suggest you apply for a loan through a loan broker. Why? The reason is a loan broker deals with multiple lenders and this increases your chance of being accepted. Maybe a few lenders out of that pool will be ready to lend money to people who are working part-time. This will ease your job of searching for a lender.

A part-time worker has to prove their repayment affordability while taking out a loan. Lenders who will be willing to lend money will assess their repayment affordability and will give their final nod for the approval of the loan. With a fixed monthly, weekly or even bi-weekly salary, a person can apply for a loan. This raises one more question, that is, what does one have to provide the broker or lender with in order to gain access to the loan?

Being a responsible broker, BestUnsecuredLoanwill help you get loans according to the available proof of income with you. Besides, we never ask for loan guarantor, co-signor or collateral. A part-time worker in the UK can avail unsecured personal loans with no guarantor at BestUnsecuredLoan.

                Generally, a university student, a parent, or a shift worker, workin irregular hours. In these conditions, the work hours change from week to week. But the good news is that you can still be eligible for a loan. Many lenders see casual workers as more of a risk because as there is no guarantee of continued work. If you are working in casual or part-timeemployment, it is important to know that there are loan options out there that can be considered.

There are a few points one should keep in mind while considering to take out a loan, which is mentioned below:

  1. Take what you need

Never take anything thatis not needed by you. A little extra always looks good but not in this case. You are liable to repay the whole loan amount, so, always measure your step while calculating the amount you actually need.

  1. Plan the repayments

Planning for anything beforehand gives you an extra breathing space. To save the last minute hustle, plan your repayments. Divide your monthly budget according to your salary and plan it in such a way that it doesn’t interfere with your regular monthly expenditures.

  1. Do not miss any repayment(s)

Missing a repayment will impact your credit score negatively. Do not miss any repayment as the same will also reflect in your credit report. Later, when you will be applying for any other loan, this may go against you and you may face rejection from the lender for the loan.

A loan which is properly planned and efficiently managed can turn out to work in your favour. Choose a reliable broker and ask questions that you have to get a clear picture of the whole scenario.

Part-time workers in the UK can apply for a loan here.

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