Do you need an immediate loan and you are currently unemployed? Well, and I understand that bad credit is something that need to be considered,right? Additional options here whether to look for a secured or an unsecured loan. In this article I want to show you the options and the methods to get an unsecured loan for an unemployed person who also has a bad credit history.
Being unemployed is a tough situation by itself. It might reflect on a person self confidence, which is really and strongly needed when you approach various lenders on the market. So - don't let the situation affect you, if you want to succeed in getting a loan and especially on good terms.
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Another question here and one that should be taken care of first is the bad credit history. Obviously, a person who is struggling with serious credit problems related to CCJs, IVA, arrears, defaults etc, the best idea is to raise the credit status as much as possible before trying to get a loan. There are various books that are of great help and one can surely do it in a relatively short period of time using their own computer.
So after the bad credit status is found in a better state, you might consider whether you can and want to take a secured or unsecured loan. Of course, once a person is unemployed, lenders might tend to prefer a secured loan to make sure their money do come back to them at the end. But from your perspective, giving something that is yours as a security, especially during the period of unemployment, might take away from you a possibility of selling that asset to cover some unexpected expenses. But it is really up to you to decide.
By taking a secured loan, you can get a bigger amount in the range of $7,000-$100,000 for a period of 5- 30 years. On the other hand unsecured loans, a limited amount is made available by the lenders, which is usually in the range of $2,000-$30,000. The reimbursement period is shorter for unsecured loan and spans over a period of 3-10 years. Moreover, the interest rate too will be slightly higher than for a secured loan.
Unemployed loans even with bad credit status may surely make it easier for you to receive an immediate financial help to your life needs. Remember to first raise your bad credit status and then to decide whether you want a secured or an unsecured loan and finally compare different lenders out there for a lower interest rate and better loan terms.
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