Yesterday the unemployment figures were bad, today they are worse. And years of experience and advanced education degrees do not offer that much security. Not only is unemployment a psychological blow, it can quickly lead to financial ruin. The severance pay, if you were lucky enough to get it, runs out, unemployment insurance runs out, savings run out and emotions run out.
Loans Are Not Impossible
Well, what if you knew that you could get an unemployed unsecured personal loan? Of course, the general consensus is that getting an unsecured personal loan while unemployed is impossible. If you have no job and no collateral, who would lend to you? The fact is, there are lenders who will give loans to the unemployed as a means to keep the wolf from the door.
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Unsecured vs. Secured Unemployed Unsecured Personal Loans
Unsecured loans have no collateral, or valuable property, to back them up. No requirement for your home or your car to be put on the line should you go into default on the loan. Of course, with no collateral, the interest rates can be rather high. So, if you do not own any property of significant value or if you just do not want to put it in jeopardy, the unsecured personal loan is the way to go.
Loan Amounts and Monthly Payments
Depending on your job prospects, your genre of job, your credit rating, and some other factors, your unemployed unsecured personal loan can range from $1,000 to $25,000. Repayment periods on your loan can range from six months to as long as ten years. Interest rates, payment size, lender preferences, maturity time and other considerations will determine the monthly payments.
Considering Bad Credit or Even Bankruptcy
It may seem that prospects for an unemployed unsecured personal loan are pretty dim if you have bad credit on top of the unfortunate circumstance of unemployment. That is not automatically so. So that you can keep your financial solvency, there are lenders who will work with you. Do not even let bankruptcy prevent you from seeking out a loan. Again, though, you will be asked to pay rather high interest rates. You are presenting the lender with a higher risk and the higher rates help offset the risk.
Using the Cash from Unemployed Unsecured Personal Loans
These unsecured personal loans are offered with no restrictions regarding their use. Of course, lenders have a couple of terms regarding debt. Good debt is debt that you have incurred to do something like consolidate your loans or buy some property or a high ticket item, such as a car. Bad debt is when you use the borrowed money to go on a vacation cruise. This should give you an idea of how you might want to spend your loan money.
Unsecured Personal Loans Lend a Lot of Assistance
Unemployed unsecured personal loans can help you in a number of ways. You can consolidate your debt so you only have one payment to worry about instead of a number of them until you become employed. Cover your medical bills. Get a vehicle to facilitate job hunting. Use the money in such a way that it will not be a regret in the future.
Finding Unemployed Unsecured Personal Loan Lenders
Looking for a lender who will lend to the unemployed is best done on the internet. Simply punch Unemployment Loans into your browser. You will find a number of lenders who may be willing to lend to you. Application is easy, just be sure that your lender is reputable and that any page where you divulge information is secure. As with any loan, be responsible in how you spend the cash and have a clear method for repayment. This loan could be the saving grace to get you through your jobless time.
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