Being without a job can really be a drawback because the income shortage can really ruin your finances if you have not taken the necessary precautions. Often, unemployment payments are not enough for making ends meet and proper financing is a must. They come to your aid to escape shortage and provide funds for this type of emergencies.
Unemployment loans are specially tailored for those whose job contract has been terminated and need finance to cope with regular expenses till they find another source of income. This type has certain particularities not shared with other types of them. For instance, the income requirements are lessened or absent.
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Secured Form and Unsecured Form
As with all other personal loan types, there are secured personal loans and unsecured versions too. The presence of collateral will guarantee much better terms and very advantageous conditions like low APR, longer repayment programs, higher amounts and lower monthly payments.
Unsecured personal loans on the other side, will present a significantly higher APR, will provide lower amounts for shorter time periods and though the monthly payments may not be too high it is only because of the aforementioned low loan amount and not for other reasons.
Income Requirements On Unemployment Loans
These loans are not identical to common ones when it comes to income requirements. Given that redundancy benefits are usually not enough for coping with a monthly installment, these reduce the income requirements for approval by providing lower monthly payments. This is achieved with an extension of the repayment program that usually doubles the average schedule of an unsecured personal loan.
Unfortunately, the amount will also be limited because a low income will not allow a higher figure. However, if you have other sources of income (even if you cannot show proof of it), you can always request a stated income unemployment loan which will provide you with a higher loan amount and competitive terms with only slightly higher interest rates than regular unsecured personal loans. But, if you use your property as collateral for them, you will even be able to obtain cheaper rates on your secured unemployment loan.
Online Loan Lenders
These loans can be obtained from local lenders in your area but if you want to save searching time, you can always apply for your loan online. There are several unemployment loan lenders on the web that are eager to compete for your business. By requesting quotes from various lenders you will be able to compare what they have to offer and decide which proposal best suits your needs and budget.
Online applications are simple and require you to fill one or two online forms providing personal and financial information. Read the forms carefully as most surely you will be authorizing the lender to pull your credit report. It is better to contact the lenders informally first to make sure that completing the form is worthwhile. Otherwise, the credit verification might simply lower your credit score while you are declined for the loan you requested.
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