If you have lost your job, you still may have a need to borrow money (or an even greater need in some instances). Even if you are unemployed, you still need cash. Actually you probably need even more cash since you do not have regular income available to you. You might have tried to get other loans and been rejected numerous times. You may be at the end of your rope financially since you became unemployed, especially if you are relying on government unemployment compensation to see you through until you find work.
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Compensation for the unemployed is typically around 80% of the usual take home pay of the recipient. Most people cannot live on that much money. You no longer have to worry, however. You can qualify for an unemployment loan. If you have access to the internet, you can have access to the funding you require to cover your needs. You can obtain cash via unsecured loans even if you have bad credit, arrears, or have filed for bankruptcy. These loans are also good for people who have good credit, but have lost their job and cannot get funds elsewhere.
Secured And Unsecured Unemployment Loans
These loans are available in two forms: secured and unsecured. If you need a large amount of cash, you can apply for a secured loan but you will have to place your property or asset up as collateral. You can then get anywhere from $25000 to $75000 with a lower interest rate and repayment terms ranging from 10 to 25 years. However, if you rent your home and do not own any property, you do not have anything to pledge as collateral. Or maybe you simply do not want to risk losing your home if something was to happen and you could not repay the loan. You can take out unsecured loans which will offer you anywhere from $500 to $25000 depending upon your needs. These loans do not require any collateral.
These unsecured loans are usually accompanied by a higher interest rate. The repayment terms vary and range from 6 months to 10 years. Additionally, you can make your unemployment loan application even stronger by applying for your unsecured or secured loan with the help of a creditworthy cosigner who has credit that is better than yours and who agrees to make the payments on your loan if you fail to do so. Banks and lenders see a cosigner as an added layer of protection against default on the loan you take out, especially if the amount you wish to borrow is quite significant.
Qualifying For An Unemployment Loan
To qualify for one of these loans you must be at least 18 years old, be a US citizen, and have had an active checking account for at least four months. Not as bad as you thought, huh? The application process is quick and efficient because it is all done online. You do not even have to go anywhere to fill out the application if you have internet access at home. You just fill out the form with the requested information, and you are finished. The amount of your loan will be transferred to your bank account within the same day! Just remember to keep up with your payments to help raise your credit score.
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