Cups of noodles and empty wallets are pretty much on the menu for the unemployed. Unfortunately, most of us will experience a time or two of unemployment in our lives. Perhaps things are not as bleak as they might seem. Did you know that loans for the unemployed are being made available by some lenders? With unemployment getting ready to hit 10%, they better be ready for land-office business.
Here Are Somethings You Can Do To Help Your Chances
Improve your credit score by making all other payments on time and according to your contract. Lower your credit-to-debt ratio to help yourself become a better risk. Try to secure some employment, even if it is just on a part-time basis. Having no employment may decrease your chance of getting a loan for the unemployed.
Unemployed Often Means No Regular Income
If that is not as plain as the nose on most faces, nothing is. But some unemployed folks still have insurance or have a bit tucked away, or they have an annuity - lucky them. Loans for the unemployed are offered for the convenience of those who have been inconvenienced by unemployment. They can be availed without too much hassle.
What About Bad Credit?
Often, you do not have to worry if you have bad credit. Some payday advance lenders can arrange for loans for the unemployed or bad credit cash advances for people who have credit problems like bankruptcy, bounced checks, missed payments, even charge-offs and judgments. Often no credit check is required.
Qualifications for Unemployment Loans
However, still being on the dole is the best way to qualify for a loan for the unemployed. Or if you are still under a lay-off stipend or have disability or unemployment insurance. The loans can be turned to almost any use you desire. If an empty pantry or pocket is not an immediate concern, you can turn them to buying a car or redoing the house. Use it to consolidate your bills. Some have even used them for a much-needed getaway.
Secured and Unsecured Unemployment Loans
Whether or not you offer collateral as part of your loan for the unemployed agreement is up to you and your lender. There are no strict guidelines right off the bat. If you take a loan for the unemployed, the amount will most certainly be smaller and the interest rates will most certainly be higher. If you opt to secure the loan with collateral, conversely you will be offered larger amounts at lower interest rates, but here again, this is up to the lender and the amount the security is worth. Repayment terms regarding length of the loan will also depend on the collateral offered and the guidelines of a particular lender.
Finding an Unemployment Loan
The first place to start your search for a loan for the unemployed will be the internet. Punch Unemployed Personal Loans into your browser window and you will be rewarded with dozens of lenders willing to negotiate a loan for the unemployed with you. You should check around for the best interest rates and the best terms of repayment. They will vary widely, since these loans are rather new. Whatever you do, read the fine print before you sign anything. You are probably tired of hearing it but the reason you are tired of hearing it is because it is one of the most important things you will hear in your life. But you are unemployed, so you are probably already aware of the pitfalls of fine print. May your job hunting be successful.