Carrying a Will Work For Food sign might be the nightmare of every unemployed person. The regular flow of cash has been staunched, personal finances become harder to manage, an accustomed lifestyle slips away, all of these outline the plight of the unemployed. Credit card payments, mortgages, other loans requiring monthly outlay go in the lurch. The unemployed, while looking for a job and trying to hang on to the last vestiges of their lives, may consider seeking a loan to cover their needs. However, being steadily employed is a prerequisite for most loan applications.
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Lenders Exist to Counter Temporary Unemployment
Some lenders, during these recessionary times, have formulated plans to address the needs of those faced with temporary unemployment. Government unemployment benefits only cover about fifty percent of an individuals previous earnings. Unemployment loans provide more of a safety net until an acceptable job is landed. Of course, people with good credit have the best chance of landing such a loan. But, there are credit safety nets available to just about every jobless person.
Lenders Offer Options for the Unemployed
Unemployment loans are really no different than most other loans. Loans requiring security as well as non-secured loans are available according to the needs and abilities of the borrower. Should an unemployed person need a large loan over an extended period of time, a secured loan may be the only option. But, an assortment of unsecured loan options exist for other borrowers.
Secured Unemployment Loans
The unemployed who can put up collateral are often able to secure loans of up to $75,000 with repayment terms of up to twenty-five years. Secured loans are rather like home equity loans. They require ownership of property. Not only do secured unemployment loans offer larger amounts with longer terms, the also have very low interest rates as they pose less of a risk to the lender.
Unsecured Unemployment Loans
Unemployed folks who do not have property to post as collateral, can often arrange loans that vary from $1,000 to $25,000. These depend on the needs, duration, and ability to pay of the borrower. These loans commonly have shorter repayment terms that range from several months to five years. Some lenders may even extend payments to a decade. Unsecured loans are indeed riskier for the lender than secured loans, so higher interests are often assigned. This can result in higher monthly payments or even lower loan amounts. Landing an unsecured loan may present little problem to those with good credit. However, borrowers with bad marks on their loan histories may implore the assistance of friends or family members as good-credit co-signers. This will improve the odds on approval as well as keep interest rates lower.
Applying for Unemployment Loans
Online hunts are the best way to find unemployment lenders. These resources feature basic qualification standards and offer fast processing turnarounds. Borrowers mus be of legal age and status, of course. A bank account held for at least a four month duration is usually required. Having a past positive payment track record helps a lot, but it is not the most stringent qualification demanded. Another good thing about online applications is that they can be done at the borrowers time and place, no trip to the brick and mortar. Once the pre-approval is processed, other documentation to establish identity and residence will be required. After signatures and terms are exchanged, the hapless unemployed person will have the life-saving proceeds transferred to their bank account.
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