There may be a situation in anyone's life when he is jobless for some span of time. But, being jobless doesn't mean you do not need money for your survival. Your expenses remain the same. Sometimes there may be an emergency like paying pending bills, consolidation of debts, higher education, medical expenses, and emergency repairs of the home or any other requirement. Getting a loan for an unemployed person is a very tough job as most of the lenders deny approving loans to unemployed people. Thus at that moment as one is in need of some external financial help, so he may look for begging money before his friends or relatives. To help out such people, unemployed loans have been introduced in the financial market. These loans are meant for the unemployed people.
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Unemployed loans are of two types, namely secured and unsecured. In secured case, the borrower is required to pledge any of his valuable assets like any real estate, building or any property as security against the loan which ultimately benefits the borrower with a lower rate of interest and a larger loan amount. The lender in this case feels secure as he can recover his loan amount in case the borrower fails to repay the complete loan by the time. Thus, he comes up with better terms and conditions. The loan amount is about £5000 to £75000 with repayment period of about 5 - 25 years. The repayment period for such loans is longer and has easily payable monthly installments. In unsecured case, one is not required to pledge any of his valuable assets as collateral against loan. Thus, the borrower in this case is not required to fear about the possession of his collateral by the lender if he fails to repay the loan by the fixed time. The rates of interest for such loans are slightly higher and repayment period is shorter than the secured loans. Shorter repayment period makes monthly installments easier and does not really affect one's economic life. The loan amount is about £1000 to £25000 with a repayment period that ranges from 1 - 10 years. This loan is suitable for tenants, non-homeowners and students as no collateral is required. The application process for these loans is very simple and quick as the documentation is skipped-off. Unemployed persons who have bad credit scores such as arrears, late payments, defaults, missed payments and insolvency can also avail these loans.
Browse the internet and compare loan quotes from different lenders available online. Little negotiation and thorough research can let you grab a reasonable deal. Online application is popular due to its instant approval and easy loan procedure. Good online searching can get you the best deal ever and that too from the very comfort of your own home. Simply you need to fill up the online application form with your personal details and send it to the lender. You will get your money deposited into your bank account on the same day or the next business day.
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