Laid off! Downsized! Long unemployment lines! Probably some of the most disheartened people nowadays are those folks who have found themselves jobless. You may want to consider a short-term unsecured loan.
Cash flow problems, mounting bills, and similar problems can become a distraction from the most important job - finding a job. Job interviews and pre-employment tests can suffer and things just start to get worse.
Good news! A growing number of private lenders are willing to underwrite short-term unsecured loans for the unemployed to lend a hand during these financially tough times. That way you can concentrate on your all-important job search.
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The Good and the Bad of Unsecured Unemployment Loans
While taking advantage of these loans could be beneficial to the short-term unemployed, you should be aware that the interest rates and fees, while probably tolerable for the situation, they can be rather high. Of course, lending cash to the unemployed is obviously a risky business and the risk is offset to the lender by the higher charges. Unemployment loans are usually not for large sums, but more to address immediate needs, and the payoff time is a quick turnaround.
These loans are based solely on credit histories. No valuable property or collateral is required. Folks with better credit do have a better chance of landing the loan. Loans do exist for the temporarily unemployed with poor credit, but then rates and fees are even higher. Realize that lenders face the prospect of the borrower not being able to find employment and then consider the added risk of lending a short-term unemployment loan to a poor credit customer.
Should You or Should You Not?
Much thought and consideration must be taken before applying for an unemployment loan. After all, interest rates are high, and the repayment terms may not be the most favorable. So many thousands of consumers are coping with unemployment. They should make all possible inroads to halt accumulating debt by cutting out trivial costs, and maybe even expensive habits, that can seem so harmless when a paycheck is coming in regularly.
No more meals out. No more morning five-dollar lattes. No more road trips. Maybe even no more cable TV. Every unemployed person should prepare a new budget to reflect their new circumstance. And never should a loan be considered just to help you continue frivolous spending habits. You need to find ways to weather the unemployment period without sinking, not dragging yourself further into debt.
Unemployment Budget Check-Up
Really scrutinize how much short you are coming up each month. After you have chopped expenses severely and you just cannot think of anything else to chop, you might be in for a surprise. Maybe your resourcefulness has negated your need for a loan. Or at least one that is not so large. Should you go ahead and get the cash, use it wisely for things that matter. As noted earlier, this is a sure way to drag yourself in deeper unless you have a solid plan.
Rates Are Always Better
Fees, fine-print charges, interest rates will add a lot to the cost of your unemployment loan. No matter how good an offer may seem, shop farther and you will probably find a better deal. Most of the lenders willing to lend an unsecured loan to the short-term unemployed can be found online. Shop hard but shop from the convenience of your own home.
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