Monday, June 16, 2014

Be Victorious With an Unsecured Unemployment Loan

Do the many stresses and expenses have you down because you have become unemployed? An unemployment loan can help you take control of your financial situation and allow you to meet the needs of yourself and your family until you find work again. There are millions of unemployed Americans right now, and if you are among them, you no doubt have a sense of despair and hopelessness about your finances. But you can borrow money that is needed quickly and easily, with low monthly payments that will keep you on track as you reenter the work force.

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Money Above Unemployment Insurance

So many people are feeling unsecure in their jobs right now or have recently been laid off or terminated from their positions because of the economy. One thing that has remained a constant in the life of the unemployed, however, is the continuation of monthly bills streaming into the mailbox.

An unemployment loan can help you pay these bills until you get back on your feet, including rent or mortgage payments, utilities, loan and credit card payments, car payments, purchasing groceries, and much, much, more. Many of the folks who are unemployed in our country qualify for unemployment benefits under government regulations. However, the amount that is given in benefits is around sixty percent of the usual amount that the unemployed person made while working. This is hardly enough to meet basic expenses and necessities, which is why this type of loan can be a real lifesaver for struggling families.

Types Of Unemployment Loans

Your unemployment loan can be secured or unsecured. The difference between the two is distinct. The secured loan is one that is backed up by the pledge of collateral, usually by allowing the lender to place a lien on your home or residence, or other valuable property. Secured loans are easier to obtain, even for those with damaged credit (as many unemployed are facing, too, as well) because the lender has options with this type of loan to seek repayment if you do not meet your obligations to them. Interest is lower; payments are lower, on the secured loan because of this.

The unsecured loan is a signature only loan that is riskier for the lender because he has no property to hold as security of repayment. This means that the unsecured loan has higher interest, higher payments, and a quicker repayment schedule under most circumstances. If you have property to use as collateral, be cautious when pledging it. Lots of borrowers opt for the unsecured version of the loan in order to avoid risking their assets. Be aware that the unsecured version will be written for lesser amounts than the secured.

Borrow Up To $10,000 Or More

The amount that you qualify to borrow will depend upon your ability to repay the lender, your anticipated income when you are working again, and whether or not you take an unsecured or secured loan out. If your credit is bad, you may need to ask someone to cosign with you for the unsecured loan in order to obtain approval for larger amounts. Most unemployment loans are written for less than $10,000, although your needs may be different and you may qualify for more or less than this amount.

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