International Labor Organization had defined unemployment as a condition when person who is capable of working is looking for job from past four weeks but unable to find one. And nowadays, when prices of all the essential utilities are touching the sky, he or she may need to face the financial problems and situation may turn worse when person is the only one who earns for entire family. Major disadvantage lies in that unemployment comes with some additional problems such as poverty, indebtedness, mental and physical disorders such as stress which highly affect the lives of unemployed people.
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What is the solution? The main question which arises in our mind is that how one can meet his expenses if he or she is unemployed as no lender will be ready to give them normal loan. Therefore, solution for such people is defined in the form of unemployed loans for which few criteria have been clearly defined by loan providers. Unemployed loans are best option for unemployed people as they got special benefits and even the interest rate which is needed during payback time is low.
Types of Unemployed loan: Unemployed loans come in two forms, secured and unsecured. It is true that in unemployed loans both the borrower and lender are concerned about the repayment of the loan therefore for curing this tension, concept of secured unemployed loans is designed. In this loan lender seeks for some collateral in the form of any property or vehicle as security and if borrower is unable to pay the loan, lender can utilize the collateral and can recover the amount of money. As the lender is secure in case of this loan therefore, loan is provided on low interest. On the other hand unsecured unemployed loans are provided on high interest in comparison. Borrower can borrow $500 to $25000 for the time period of 1 to 10 years, in these loans lenders are at high risk as there may be case that borrower may not pay back the loan amount.
Things to remember:
If someone wants to apply for unemployed loan, he or she needs to keep some important things in mind which are enlisted as follows:
? Firstly, borrower needs to fill up the simple form which is available online having some basic information such as name, address, contact number, current account number etc.
? He or she then needs to have an active checking account approximately three months old where loan lending companies transfer the loan amount.
? Borrower would only get the loan if he would have crossed the defined age limit which is set as 18 years by most of the lending companies.
? It really doesn't matter on credit rate of borrower; rules of unemployed loans are same for all people.
? Borrower needs to pay fine if he or she doesn't pay the loan amount back on time; companies have also kept the facility of repayment on the basis of installments.
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