Being unemployed can make it difficult to borrow money as many lenders are unwilling to take a chance with someone who cannot prove their ability to repay them. Unsecured unemployment loans can help you keep your head above the water as you look for work with a new employer, or while you are receiving unemployment compensation benefits from the government or your former employer. Unsecured unemployment loans are relatively easy to get and can be obtained in amounts as great as $20,000.
Borrow The Money You Need Now
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The requirements to get an unsecured unemployment loan are basically that you are a creditworthy individual who just recently became unemployed (within the last six months) and that you have a great deal of potential to find work again. The lender will look at your credit history closely to make certain that you have been a good steward of your available credit in the past, although there are also bad credit options available as well. The lender will want to see that you have a good record of employment, and that you have stayed with your past jobs for an adequate amount of time to show stability. The unsecured unemployment loan is a credit based product, but bad credit borrowers who have adequate employment history can also apply. For these borrowers, applying with a cosigner may be the best way to be approved, especially if they are seeking amounts greater than $5,000.
Be prepared to pay a slightly elevated rate of interest for the unsecured unemployment loan. From the stand point of the lender, this is a risky type of loan product - and the increased risk will also mean an increased amount of interest to compensate for it. Your unemployment loan may feature terms that have a monthly repayment schedule. Oftentimes, unsecured unemployment loans can be set up with payment deferrals for several months (as many as six with some lenders) in order to give you time to get back on your feet and start working again. When applying, be certain to find out upfront what the terms of your unsecured unemployment loan are so that you can budget accordingly.
Avoid Credit Card Use With This Type Of Loan
Many of the recently unemployed are happy to find that the unsecured unemployment loan is a great alternative to using high interest credit cards for everyday living expenses, groceries, and monthly bills during times of unemployment. Credit cards may carry as much as 20% interest - making them the worst idea for someone who is not working. Using credit cards for living expenses may mean that you will be paying on the utility bills for this month well into your golden years, in some cases. The unemployment loan is written to be easy to manage and easy to pay off completely, so that you can put this dark period of your life to rest.
Online Unsecured Unemployment Loans
Applying online for unsecured unemployment loans is the most expedient way to receive the funding you need now. Online lenders have special programs for the unemployed that allow them to enjoy the ability to borrow money, even with damaged or less than perfect credit, and under terms that are easy to understand and fit within their meager unemployment budgets.
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