Sunday, May 4, 2014

Unemployment and Unsecured Loans - Partners?

Who among us is most desperate for money? Probably those who have been laid off, down-sized, or fired. And there are plenty of folks who fit that description nowadays. Having no job does not mean the rent or mortgage will not be due, or the pantry not need restocking, or the car not need gas.

The notion that there are lenders who see a market and are willing to make loans to the unemployed may seem crazy, but there they are. Some lending institutions are willing to extend a helping hand during hard times and there are a number of plans in place to assist unemployed borrowers. These often require no collateral and have relaxed underwriting standards.

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Helping Hands Have Harsh Terms!

If an unemployed person has a definite need for cash - the car breaks down or employment requires some new equipment - there are some attractive features that the cash-strapped should use. But the interest rates are significantly higher than unsecured loans for individuals with jobs. The logic cannot be faulted - people who do not have a job pose considerable risk to lenders since the repayment by the borrowers is hard to foretell. But, there is a market and lenders are offsetting that risk with higher interest rates. Also, loans tend to be much smaller than those to the employed and repayment terms are often shorter as well.

Loans of this nature are offered based purely on credit, no collateral is required on the part of the borrower. Naturally, folks with decent credit ratings are more apt to be approved for the unsecured loans. Folks with spotty credit reports may still be able to land a loan, but their loans will be more expensive. The risk is considerably higher with an unemployed person who also carries the baggage of a poor credit history.

Heavy Thought for Heavy Hearts!

Without any thought needed, it is plainly true that unsecured loans for unemployed people have high interest rates and unfavorable terms. So, ponder deeply the prospect of going into debt without seeing any clear way to pay if off. Also, no thought is needed to any of the millions without jobs that all possible measures are taken to cut expenses before using any lender, particularly those specializing in unemployment loans. An unemployment loan should not be taken to afford the life to which you were accustomed while employed. Eating out, Starbucks, cable, shopping malls, and all that other stuff has got to go.

Prepare a detailed budget and cut it several times before you even start to consider taking out an unsecured unemployment loan. How much you are short each month? You may be pleasantly surprised to find you do not need a loan after all. Or maybe just a little injection. Once you land the loan, spend it wisely. An unsecured unemployment loan may turn your already uncomfortable situation into a living hell that you could spend months digging out of.

Go Shopping?

You got it. You cannot afford shopping for a pair of shoes so put your shopping skills to good use by hunting for a lender who will offer you terms and interest rates you can stomach. These items can vary widely from lender to lender, so, the less you shop the more you are apt to miss the best deal. But you know that.

Since you are probably on the internet a lot while job hunting, make use of the medium to shop around for unsecured unemployment lenders. You will spend a lot less time to approval and with many lenders it is possible to do most of, if not all, the transaction online.

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