Are you among the millions of unfortunate people who have been subjected to recent job loss due to the global financial crisis that is sweeping the globe? If so, you are not alone. There are so many stories in the daily news of companies going under and people losing their jobs - or of companies being forced to outsource work to foreign countries where they hire individuals for less than one dollar an hour. It seems no job is secure today - and you may be struggling to stay afloat financially until you find employment - which is scare to say the least nowadays.
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Money Above Unemployment Compensation
Many folks who find themselves short after they receive any meager unemployment compensation that is due to them are turning to unemployment loans to help meet their needs until they find another suitable job. An unemployment loan can help you pay basic expenses like mortgage payments and rent, as well as utility bills like your electricity, water, telephone, trash collection and sewage bills, and more. Further, your other bills that continue to stack up each month - such as existing loans and student loans, credit card bills, child support or alimony payments, and other financial commitments, can be met with an unemployment loan.
Avoid Bankruptcy
Oftentimes, borrowers of unemployment loans are on the verge of bankruptcy and may be contemplated filing a bankruptcy proceeding to keep their home out of foreclosure when they discover that they can receive an unemployment loan to avoid financial disaster. Filing bankruptcy is just a band-aid for the financial problems that you are going through, and in fact, bankruptcy will have detrimental long-term consequences that may take you up to ten years to recover from.
Unemployment loans can be secured with collateral (such as your home or automobile) or unsecured (with just your promise to repay). The secured version of the unemployment loan will cost less interest and be more easily approved. The unsecured version will cost more over the long term and may require you to obtain a cosigner to secure it.
Amounts Up To $25,000
The amount you borrow in an unemployment loan should be enough to cover the needs that you have but also not cause you strain when you go to repay your lender. Most unemployment loans start out at around $1,000 and go up to $25,000, and are dependent upon your credit score and anticipated ability to repay the lender. You can take up to ten years to repay an unemployment loan, and payments can be deferred upon initial receipt of your unemployment loan for a certain period of time, usually from three to six months. Keep in mind that payment deferral may cause your unemployment loan to accrue more interest than if you start paying right away.
There are many fine online lenders who specialize in unemployment loans. Most of these lenders have greater approval rates than a traditional bank could offer, and charge less interest due to increased levels of competition online for your unemployment loan business.
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