As we all know, unemployment has risen in the last few years. It is difficult whenever anyone loses their job and the stress and hardship of job loss is compounded by the increased pressure of your financial responsibilities.
How will I pay my mortgage?
How will I pay my credit cards?
How will I pay my car loan?
How will I pay for food?
The last point may seem a bit dramatic but let's face reality here. Losing your job means losing your income which in turn means you are going to struggle to meet your financial responsibilities. Even with some Government intervention in the form of grants and benefits is never usually enough to cover your responsibilities.
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However, all is not lost. there are a number of lenders that can provide unsecured loans to the unemployed. The thing to remember about this type of loan is that it is not secured against your property or other collateral such as a car. It is simply a loan at 'face value' ie. there will be nothing for the lender to take back from you should you default on it. Now you may ask, 'how can I get a loan if I have no income coming in to repay it?' Well, there is a product specifically designed for this purpose and it is called a guarantor loan. These types of loans allow for an unemployed individual to obtain a loan but only with the co-operation and agreement of someone else who can 'vouch' for you. Basically, they are guaranteeing that you will repay the debt and if you don't, then they will be responsible for it instead.
Obtaining an unemployment loan is fairly straightforward and just by placing the keywords in the various search engines, you should come up with a multitude of lenders who can help. In terms usage, as long as the purpose is legal, then there are no restrictions on what you can use it for.
In summary, all is not lost if you are unemployed and require a loan, the difficulty is searching through the sheer number of deals available out there.
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