Not everyone has had to deal with the prospect of being unemployed, but there are few who have not. These recessionary times have certainly caused a dent in the household budgets of most everyone. If you suddenly find yourself in the ranks of the unemployed and you are in need of an infusion of cash, there are lenders who are willing to work with you. Not only can you find direct lenders, but also brokers, who are willing to accommodate the unemployed.
Unsecured Loans for the Unemployed
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Most loans tendered to those who are unemployed are called unsecured loans. This means that the lender is relying solely on the honesty of the borrower to repay. Many regular loans require security, or collateral, in the form of property or real estate to back up the loan. Since most unemployed do not wish to offer collateral, lenders take a larger risk and fees and interest rates can be rather high. Also, unsecured loans do not require credit checks. So, if the borrower has less than perfect credit scores, the loan may still be approved.
Online Lenders Are the Best Opportunity
If you are unemployed, the best place to start your search for a loan to get you through your tough times is to browse the internet. You only need to punch Unsecured Personal Loan into your browser and you will be rewarded with pages and pages of lenders willing to work with you. You need to start visiting the various web sites and find lenders who offer the lowest interest rates and the best repayment terms.
Determine Your Needs
Before you start seeking out a loan to alleviate you financial turmoil, you need to determine a few things. How much do you need? Do you REALLY need that much? Why? Where will you get the money to repay it? On what terms? Terms usually means the time and amount of payment. Some loans ask for repayment two weeks later. Some offer monthly payments. Much of this is dependent on you and the amount you need.
Shop for the Best
As you poke around, start making a list of the lenders who seem to be able to best help you out. Write down their terms and conditions. You should come up with at least 10 lenders as you shop. Once you have that many, decide on the top five and start approaching them for quotes. You do not need, at this point, to start divulging secure and sensitive financial information. Give them ball-park information and see how they respond in terms of rates and repayment.
Start Applying
Once you have good quotes from a couple of lenders, make an application with the best. Every online lender has a dynamic interactive application form. At some point you will be required to show proof of identity and residency, of course. This is usually not too difficult, but may require faxing documents or sending scanned images.
Prepaid Bank Cards May Be Available
You may be required to submit direct deposit information for your bank account. Recently, some unsecured loan lenders will offer a prepaid credit card with your funds if you do not have a bank account. These usually incur a small fee added to the loan. Though some promise less time, you could have your funds in your bank account or on a prepaid card within twenty-four hours.
You Can Get the Money You Need
If you are careful about your ability to repay in a realistic manner. If you shop carefully. If you have a realistic financial need (do not ask for a million dollars). You will be able to find a decent, legitimate loan by shopping online - even if you are unemployed.
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