A sad fact of the economic downturn is that the rate of job loss through lay-offs was enormous. Many people with good a education and ample experience found themselves in a situation they never imagined: unemployment. Not only is this a hard pill to swallow psychologically, it can very quickly lead to financial ruin. As soon as severance pay runs out (if there is any in the first place) the bills begin to pile up. No one wants to be broke and out of work, but it is a sad reality for far too many people. Finding a loan to help you through this time would be an amazing help, right?
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Unfortunately, the general consensus is that finding an unsecured loan when you are unemployed is impossible. With no job to support repayment and no collateral to fall back on, who would lend to an unemployed person? Well, there are in fact those who will. Unsecured loans are available for the unemployed as a means to help them get back on their feet.
Loan Details
Unsecured loans are those without collateral. Therefore, you do not risk your home or your vehicle should your loan fall into default. The downside to taking an unsecured loan is that the rates of interest are quite a bit higher than if you opt for a secured loan using your home, property or vehicle as leverage.
If you do not own, or do not want to risk these possessions, the unsecured option is still viable. You can get unsecured loans for as little as $1,000 or as much as $25,000 depending upon a number of criteria which you will discuss with the lender. Generally, the repayment period for these unsecured loans can range from as little as six months to as long as ten years.
Bad Credit
If, in addition to no job, you are also suffering from a poor credit score, do not automatically assume that all is lost. There are lenders who will work with you to get you the money you need to stay financially solvent. Even if you have a previous bankruptcy on your record, there are means to help you if you know where to look. Again, however, you need to be prepared to pay a higher interest rate due to your bad credit. Basically, you present a greater risk to the lender because of this past history.
Use of Unemployment Loans
Because these loans are offered hassle free, as in the lender will not ask you what you mean to use the money for, you are pretty much free to do what you want with this loan. There are several ways in which an unsecured unemployment loan can help you, including consolidation of debt, payment of medical bills, purchasing a vehicle in order to facilitate the job-hunting process and much more. The key is to make sure that you use the money wisely so that you will be able to repay it in the end.
Be Responsible
It is a real relief to know that there are options for unemployed persons in terms of personal unsecured loans. This is not to say that you should go out and get a large loan for a vacation, but if you are in a tough spot and do not currently have a job, or even if you only have a minimum wage job, these unemployed personal loans can be the lifesaver that you need.
However, as with any loan, make sure that you are being responsible with how you spend the money and that you have a clear plan for repayment. These unemployed personal loans can really be the answer to your jobless crisis.
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