Get Through Short-Term Unemployment With an Unsecured Loan


About the most desperate people nowadays are those folks who have just been laid-off or down-sized. Trying to cope with the temporary difficulties while looking for another job can become a vicious circle. The more you worry about cash flow the more you are distracted from looking for a job. The more distracted you are the poorer you do in interviews or on pre-employment tests. The downward spiral begins.

Heads up! There are a growing number of lenders who are willing to undertake the high risk of lending to the unemployed, willing to lend a financial hand during tough times. Lenders are offering a number of strategies to assist you with cash problems so you can concentrate on what is really important - finding a job.

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Unsecured Unemployment Loans Have Upsides and Downsides

While those temporarily unemployed folks should take advantage of the many benefits of unemployment loans if necessary, they should be aware that interest rates and fees, while tolerable given the circumstances, are pretty hefty. The logic behind this is that lending money to the unemployed is pretty risky and the risk is offset with high interest rates. Also, unemployment loans are not available in very large sums and usually require a pretty quick payoff.

Loans to the unemployed are purely credit based, no collateral or valuable property is required. Of course, folks with good credit have a better chance at approval. Sure, loans to the unemployed who have poor credit histories are available, but these loans are even more expensive. Lenders face the prospect of a borrower never regaining equal or better employment, they also face the prospect of lending to a poor credit risk.

Consider All the Pros and Cons Before Applying

Since unsecured loans for the unemployed have high interest rates and not the most favorable repayment terms, taking such a loan requires a lot of thought and consideration. Millions of Americans are unemployed in this recessionary time. Each should take all possible measures to cut back on expensive habits or trivial expenses that seemed so innocuous while a regular paycheck was coming in.

Under no circumstance should an unemployed person take out such a loan to feel better or to continue the lighthearted spending of better times. Prepare a new budget that reflects your resolve to weather the spate of unemployment without completely sinking. No more restaurant dinners, no more five-dollar lattes, no more cable TV.

You May Not Need a Loan After All

Once you have cut expenses to the tender quick and cannot think of anything else to cut that would make any difference, figure out how much short you are at the end of the month. You may be pleasantly surprised at your resourcefulness and decide you really do not need a loan, or maybe one not so large. If you do get that extra cash, spend it wisely. Many unemployed folks who fail to follow the logic of this often find themselves in worse shape than before taking the loan.

Shop, Shop, Shop

Check it out. All those percentages, all those fees, and all those fine-print charges contribute a lot to your monthly repayment. Before you sign on with any lender, check out the competition in a search for better terms, rates, and conditions. The most facile way to shop, to find the best deal, and to get quick turnaround, is to go online and shop in the comfort of your own home.


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