With lines to unemployment offices worldwide getting longer and longer, consumer finances and credit are taking a serious hit. Financial crisis that shook the society caused massive layoffs and pay cuts, putting millions of people on the verge of survival. Facing the opportunity of barely covering basic life expenses, many individuals found themselves hardly able to meet existing financial obligations, causing increased foreclosures and massive loan defaults. It seems like a vicious circle with no solution in sight. Luckily, lenders, while restricting overall underwriting criteria, have quickly adapted to changing borrowing needs, offering unemployment loans to help consumers to create a financial bridge to a better future.
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Unemployed Loan Types
Unemployment loans, hardly heard of before, are gaining popularity in unstable economy today. They offer a great benefit to borrowers, assisting them financially to make it through tough times. They have a major feature, so appealing to unemployed borrowers, that other types of loans do not have - no requirement to furnish proof of employment. Commonly to other loans, they are divided into two major categories: secured and unsecured loans.
Secured unemployment loans are lending products that require collateral to be pledged by a borrower to guarantee financing. Simply put, a lender puts a lien on your title to a home or a car to ensure funds recovery in case of a default. Such loans feature flexible terms and easier approvals, as they pose less risk to banks and other financial institutions.
Unsecured unemployment loans are solely credit-based, with collateral requirement waived. What it means to the borrower is that his or her good credit history along with the written promise to repay is sufficient to lender. While they feature less technicalities compared to secured loans, they are harder to obtain. In addition, they feature higher interest rates and modest amounts to offset non-payment risks.
Steps to Finding the Right Unemployment Loan
Wide availability of lenders offering unemployment loans today makes it hard for consumers to make the right choice. Every lender has specific requirements and underwriting procedures that may be right for some, but unacceptable to other borrowers. Conducting an online search is the best way to find a loan solution that fits your individual situation and satisfies your borrowing needs. Thousands of offers require some time to do the research and pick the few that may feel just right.
Once the choices are narrowed down, it is important to take a closer look at them. Ensuring that lenders offering unemployment loans are legitimate and trustworthy is the first step to make on your way to getting a loan. Once the credentials are verified by checking with your local BBB office and by reading online testimonials from past clients, it is time to compare lenders side by side. Make a list of the things that are most important to you, and rate each lender based on your preferences. This would help you to pick two or three lenders to submit applications to in order to get unemployment loan quotes. Once you know what your options are, it is easier to decide which lender to go with.
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