Even if you are unemployed, finding low interest installment loans of up to $5,000 is possible in the current financial climate. Consumer credit has been slowly rising for the past few months and as a result many banks and other lenders are changing their lending guidelines to make extending credit easier for all borrowers.
Basically, APR and down payment requirements are changing so that these institutions can compete for customers, which is excellent news for any one without a job or who has a bad credit score. Therefore, now is a great time to look for these types of loans and there are several important tips to help you do this.
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You No Longer Need a Job
In times past, even minimum wage jobs were essential for securing loans since they showed financial institutions that there was a source of income that would support repayment. If a borrower did not have a job, finding any kind of loan--even one that would help him get a job--was nearly impossible.
The advent of low interest loans designed for the unemployed changed all that. These loans offer installment plans for paying back the money owed and have helped many unemployed people find work and make their lives much better. With these types of loans, some banks will allow a delay for the first payment which can help you find employment and work out a plan that will fit your new job.
This way, you can make ends meet while you look for a job and pay for essentials like a home and food without worrying. This is by no means a permanent solution, but it can be just the jump start that you need to get back into working. Of course you will need to pay these loans back, but by using them to find a job, this is now possible.
Make Sure You Have Exhausted Other Options
Looking for an unemployment loan should not be a first solution, however. There are other things that you can do to raise funds and make ends meet such as selling possessions and downgrading your home to a smaller one. Remember that there is a psychological aspect to having debt, even small debt, which is much greater than losing possessions since it follows you around as you repay the debt. In the event that you cannot sell your assets, consider offering them as collateral for the loan that you do take. Oftentimes, this method can reduce your interest rate and help you pay the loan back faster. Pawn brokers are also an option for items worth less than $1,000.
Take Time to Compare
Once you decide that taking an unemployment loan is the only option left to you, it is important to compare the different lenders, their terms and interest rates. You can do this in a very short amount of time through the internet and ultimately save hundreds on interest. Remember even a 1% difference in APR adds up big over time. Use unemployment loans wisely and make sure that you have a plan in place for payback that is reasonable. This way you will make sure to pay the money back and preserve your credit score for the future.
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