Cash Loan If You Are Unemployed
In today’s chaotic economic times many who never thought they would be without work are finding themselves caught up in corporate downsizing layoffs or working for a business that can no longer afford to pay their employees. Even those who have lived responsibly find themselves in the embarrassing position of being unable to meet their financial commitments after a few months of unemployment.
If you are unemployed, have exhausted your personal savings and are worried about making payments on existing loans, making mortgage or rental payments on your home or covering medical bills do not despair there are lenders who will make cash loans for unemployed persons.For many in financial distress because of unemployment a small cash loan can make a big difference in your qualityof life allowing you to pay bills in a timely manner avoiding debt collectors and late fees and penalties.
Cash loans for unemployed allow you to meet your financial obligations without embarrassment, excessive paperwork or a source of income. Cash loans for unemployed persons can provide the short term help you need to make it through the bad financial times until you find another job.
Secured Cash Loans for Unemployed
Home Equity Loans and Home Equity Line of Credit
Some lenders offer the unemployed who own their homes a home equity loan or line of credit using the equity they have in their home as collateral for a home equity loan. A home equity loan is a lump sum paid back over a specified time at so much a month and the home equity line of credit or HELOC is a revolving line of credit for a specified amount from which you can borrow funds as you need them, repay the funds to replenish the balance and barrow the funds again as needed. You only pay interest on the amount you have borrowed from the line of credit for the time you have borrowed it.
Home equity loans and HELOC’s are considered secured loans and will generally have a lower interest rate and longer repayment terms than unsecured loans. These loans will also take longer to complete and will require more paperwork since the lender will want to file all the appropriate paper work to secure their loan with a lien on your home. In return for the additional paperwork and time involved you will benefit from better terms than lenders will provide if you opt for an unsecured cash loan.
Personal Collateral Loan
If do not own a home, another option is a short-term personal collateral loan. A personal collateral loan allows you to secure a loan with personal property, for example a car, motorcycle, or jewelry. If you have collateral to secure a loan you will be able to obtain lower interest rates and longer repayment terms than you will be able to obtain with an unsecured loan. When considering using personal property to secure a loan make sure you can afford the payments. If you do not pay your loan back you will lose the collateralused to guarantee your loan.
Like the home equity loans these secured loans will require a little more time and more paperwork to secure than an unsecured loan but in exchange for your effort the lender will offer borrowers providing collateral to secure their loans lower interest rates and better repayment terms.
Unsecured Cash Loans for Unemployed
Even if you do not own a home or do not have personal property to secure a loan there are lenders who will make small unsecured cash loans for unemployed. Unsecured cash loans for unemployed persons can be applied for online. You may file an application directly with one of the many online lenders or complete an application on one of the online sites that shops your loan request to various lenders and provides you with their responses. These sites allow you to compare the lenders’ terms and select the lender which offers the terms that best meet your specific situation.
You may also want to look into debt consolidation cash loans for unemployed. Debt consolidation loans can help the unemployed organize their debts into one payment often with a lower interest rate then they are currently paying. You may want to consult with a financial management firm to help you negotiate with creditors to lower interest rates and eliminate late fees. You can find these types of consultants online. Choose your debt management consultant carefully checking out references online to make sure you are dealing with a reputable organization.
Unsecured cash loans for the unemployed are a hassle free solution to the financial woes that often come with unemployment. A bad credit history is not a problem. Late payments, past defaults, foreclosures or bankruptcy will not prevent a loan from being approved. Your credit score is not taken into consideration in approving the loan. The applications are generally simple requiring your name, address, bank account information, proof of identity and age. There may be a follow up telephone call from the lending company’s representative to finalize your loan.
Typically the instant short term unsecured cash loans for unemployed persons require no security or collateral and no credit checks. These loans are approved quickly with the approved funds deposited within 24 hours into the barrowers’ bank account. The interest rates are higher than those rates available for secured loans – in the neighborhood of 20 -30 percent and the repayment terms are generally for short periods not longer than 30 days however there are lenders who will approve longer repayment terms.The repayment is automatically electronically transferred from your bank account with no requirement to mail a payment or initiate a payment transfer.
A note of caution, if you do not have sufficient funds in your account to cover the repayment of the loan when it is due late fees and penalties will apply and quickly build up. So do not consider one of these loans unless you are relatively confident you can meet the repayment terms.