Almost everybody has faced unemployment at least once in life. Many know that being unemployed is very unpleasant: no income with expenses remaining the same may eat up your savings quickly, should you have some. Besides basic things, like home and food, here are still many other needs to fund, including things like medical expenses, education, regular monthly bills, etc. With banks having steady employment on the top of their loan qualifications list, it is not easy at all to borrow money. Many turn to their friends and relatives to get assistance with their financing needs. Luckily enough, there have been loan packages developed specifically suited to meet the needs of unemployed individuals
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Unemployment Loans, Similarly to Other Loans, Come In Two Types: Secured and Unsecured
Secured loans feature better terms, lower interest rates, and higher amounts. This is mainly due to the fact that they are considered to be of lesser risk to lenders, since there is collateral pledged by the borrower, typically a house. Lending institutions are more willing to fund secured loans since they have an added layer of protection against defaults by placing a lien on the property of the borrower. Such loans usually feature amounts from $5,000 up to $75,000 and convenient terms of up to 25 years. Such loans tend to benefit borrowers more as they ensure the lowest monthly payment possible when compared to other loans.
Unsecured loans, on the contrary, do not require any collateral to be pledged by the borrower. To offset added risks lenders typically limit the amounts and durations on unsecured loans. Also, the interest rates are higher, sometimes by several percentage points. Loans are typically underwritten for amounts ranging between $1,000 and $25,000 and terms of 1-5 years. In case of a perfect credit history some lenders are able to extend terms up to 10 years on unsecured loans. While such loans may serve no benefit to homeowners, they are perfect for renters and students who have nothing to present as collateral.
Finding Unemployment Loans Is Easier Than Ever
Internet has truly revolutionized the way business is done, including banking and lending. Today, there is no need to get out of your home to search for, apply to, and receive an unemployment loan. Internet search serves to the advantage of the borrower, as it enables conducting a thorough research of loan products on the market and receiving loan quotes almost instantaneously. All you need is to find several lenders that offer loans that look appealing to you, fill out loan applications online, and wait a bit to get loan quotes. Once approved, funds are transferred to your bank account: as simple as that.
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