No job? No proof of income? No worries. Unsecured loans were created to provide loans to people who cannot get loans otherwise, either because of bad credit or because they are unemployed. Unemployment puts a real damper on a loan application, which makes the unemployment loan a popular choice (especially in the current economic downturn).
Workers who are laid off from their jobs or experience job loss due to companies closing are finding that this loan fits well with their needs and allows them to stay afloat while they look for other work. In many instances, the unemployment loan has saved homeowners from losing their homes due to foreclosure, or kept bad credit borrowers from filing bankruptcy. Unemployment loans are out there, but you need to prepare yourself in order to be able to find them.
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Your Credit History And The Unemployment Loan
Whether you like it or not, credit history does play a role in determining the amount of the loan and the interest rate. Borrowers with excellent credit can get approved immediately. However, borrowers with less-than-perfect credit need to make an extra effort to convince the lender of the repayment capabilities and should prepare to pay higher rates and fees.
A good credit score of 700 or greater will automatically qualify you in most instances for an unemployment loan. If your credit score is less than that, you will likely still qualify for this loan, but you will be asked to pay a greater amount of interest. However, paying more in terms of interest is much more appealing than ending up in a horrible financial situation and jobless.
Collateral Not Required For Unemployment Loans
Fortunately, with unsecured unemployment loans do not require any collateral, so the borrower is free of the risks that are associated with that. If you are already unemployed, you are already worried enough about finances. You likely do not need the additional worry of the possibility of losing your home if you become unable to repay the loan. The money borrowed can help pay off previous debts, home renovations, vacation, furthering education, or just keeping your home running and bills paid while you search for work. If you do wish to pledge your home as collateral for the unemployment loan, however, you can pay a lesser amount of interest and enjoy smaller monthly payments paid out over the course of a longer period of time. Each borrower should look at their own unique situation when determining whether they should pledge their home as security for the unemployment loan.
Borrow $25,000 Or More
The amount available for unsecured loans for the unemployed ranges between $1000 and $25,000. The repayment schedule can extend up to ten years, depending on the amount of money borrowed. To find the lowest interest rate available to you, do some research online and compare different lenders. You can even request free quotes. To help bring your credit score back into good standing or to maintain your current good credit, be sure to repay the loan on time by making payments on or before the due date each month.
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