Christmas is around the corner and you don’t have the money to buy gifts for your near and dear ones; leave alone gifts, you don’t have the money for the basic necessities. What will you do? Can it get worse than this? The situation ahead appears bleak and desperate and you know not what to do. Is there any life-altering solution for your predicament; an epiphany that will turn your life around and provide succor to your splintered soul? Have you heard of “ loans for the unemployed ? ”
Loans as saviors
Desperate times require desperate measures and applying for a loan to tide tough times is one such measure; very sane and prudent. When you are surrounded by financial problems and have no recourse to any sort of income, it is not end of the world; there are several companies, institutes and banks that offer loans.
What are loans?
A loan is a certain sum of money which any institution, individual or bank lends you for a period of time at a certain rate of interest or fee. You can repay the amount slowly over the time period stipulated. This way your financial needs are met and it frees you to scour for other income generating opportunities.
Loans for the Unemployed
Obtaining loans for tough financial times is ideal but if you are unemployed and have no job, no income and no bank account then things are different and difficult. Are you still eligible to apply for a loan? Who will be willing to lend loan to an individual who has no known source of income.
According to the U.S. Bureau of Labor Statistics as of October 2016 the unemployment rate in US is 4.9 % which amounts to 7,787,000 people being jobless. If you belong to this number then you most certainly should read on for there is light at the end of the tunnel.
Problems associated with loans for the unemployed
Obtaining a loan under normal circumstances is a fairly straightforward and simple procedure, but unfortunately it is an altogether different ball game when you are unemployed and are looking for a loan.
A loan for unemployed with no income is a typical catch-22 situation because you need a loan to overcome all your financial troubles but to get that loan you need an income. The situation is grim and the future uncertain but when you associate with us, we will ensure that you can turn the tables around.
Ultimately obtaining a loan for the unemployed depends on individual situation, collateral, credit history and the available resources at hand. Hence the unemployed should look for opportunities and lenders and schemes where the legalese is easy to understand, the terms and conditions easy to deal with and repayment terms that are unparalleled. Unnecessary red tape and too much importance on credit checks and income can hinder the loan process.
We understand your mental state and offer loans so that you don’t ever have to see your world crumbling and tumbling around you anymore. We have loans for all situations like:
- Loans without a job
- Loans for the unemployed with no income
- Loans for the unemployed with bad credit
- Loans for the unemployed with no bank account.
Different types of loans for the unemployed
There are several kinds of loans that will help you get back on track. A few of them are:
1. Loans when you are still receiving unemployment insurance benefits
If you have lost your job because of an unforeseen circumstance that was not in your control, then you are eligible for unemployment insurance payment from the State. This amount invariably will be sufficient to cover your immediate expenses.
You can use this insurance as a source of income and apply for unemployed loans. The loan may not be very large but in most cases will be enough to sail over your current financial dilemma.
2. Loans backed by property or house
Nowadays it has become easier to seek loans for the unemployed with no income if they have any property or house in the form of collateral. The amount of the loan is dependent on the value of the real estate.
Here a word of caution is a must; in case you use your property as collateral than you should make every attempt to repay and not default because you might end up losing your property too if you don’t take care.
3. Role of Co-Signers
Loans for the unemployed with bad credit can be dicey and hard to get. It is in such situations that a co-signor can bail you out. Family or friends who have good credit scores and are willing to stick their neck out for you will convince a lender or the institution that you are worthy of receiving a loan even if unemployed.
They have to co-sign the loan application along with you. In case you default then they are liable to make the repayment and clear all outstanding dues.
4. Credit Cards as a friend in need
No income, no job, and bad credit can all act against you when you try to avail a loan for the unemployed. But if you have a credit card then you need not despair; you can obtain emergency loans by using your credit cards.
For an emergency they are a notable source of cash loan; but beware of the fine print. Be sure of the penalties of late payment, the interest rate and the minimum payment to preserve whatever is left of your credit scores and to prevent future troubles and debts.
5. Retraining Loans
In case you are receiving unemployment benefits than you can also apply for retraining loans offered by several state and federal governments to improve your eligibility in the work force and create more job opportunities for you.
6. Micro Lending
When nothing seems to work you can look at these nonprofit organizations which provide small interest free loans for the unemployed.
Being unemployed can be demoralizing and takes a toll on the physical, mental and emotional health of an individual and his/her family. It is not easy to get loans for the unemployed if you don’t have a sound credit history. A crucial point to remember is that you should always be aware of your credit scores if you want to obtain a loan without a job.
Some of the common ways to obtain loans without a job are by pawning your jewellery and other expensive curios or personal belongings that you have. Or you can approach several reliable companies online that offer loans for the unemployed.
They have the balm for every one of your woes. You needn’t be at the mercy of ruthless money lenders and family and friends who shy away at the mention of your name. Here is a dignified way to resolve all your financial problems and begin afresh.
There is no time to waste; for solutions for all your hardships and monetary troubles the future is bright and you can avail loans for the unemployed like never before.