For the unemployed, finding a job is the first job. Having to worry about finances on top of the stress of unemployment can be pretty tough. You could be a candidate for a bad credit unsecured personal loan. The question becomes one of finding a lender willing to take the risk.
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Some unemployed folks may look to using their homes as collateral for a loan to see them through the tough times of unemployment. Getting a job is rough nowadays. If you do not gain employment and default on the loan, you stand to lose your home. You should opt for an unsecured bad credit unsecured personal loan.
Unsecured Bad Credit Personal Loans for the Unemployed
As stated earlier, your primary responsibility at this time is to find gainful employment. You should not have to worry about paying the bills, keeping food in the pantry, nor worry about the mortgage. If finances start to stress you out, you could start doing poorly in job interviews or pre-employment job tests.
Even if your employment turns into months rather than days, as it often does nowadays, there are lenders who will work with you. Of course, the main issue the lender will have is repayment.
The lender will consider many sources of income: Unemployment benefits, severance pay, other government benefits, disability payments to partner or spouse, and many other sources can be used as income. Having a friend or family member, a partner or a spouse, as a cosigner, will make landing the loan easier.
Lenders Willing to Work
Once you have a lender willing to work with you, many provisions can be written into the contract. Perhaps you have a guaranteed job sometime in the near future so payments can be delayed. Perhaps you have a low-paying job in the interim so payments can be reduced for that time.
Perhaps when things get really tough payments can be put off for a time. All these can happen even if regular payments have already begun. Many ways exist to ease the burden of finding a job and juggling finances and most lenders are willing to work with you given the right circumstances.
Interest Rates for Unsecured Personal Loans
Understand that lenders are taking a big risk lending money to an unemployed person. Especially since the loan is unsecured and repayment relying on your word and your integrity. To offset this risk, you will find that the interest rates on unsecured personal loans for the unemployed will run rather high.
Finding a Lender
Shopping for a bad credit unsecured personal loan is going to be the most demanding part of your way out of financial stress. Your best bet will be to go online and point your browser to: Personal Loans. You will find scores of lenders willing to underwrite personal unsecured loans. You will have the opportunity to pick and choose. Find the ones offering the lowest interest rates and the most comfortable repayment terms.
Check any prospective lender with the ratings and customer feedback sections of the online Better Business Bureau files. Or check online financial forums to learn of lenders and how they do business. You will even find forums geared toward the unemployed. Do not be put off that the term – Bad Credit – is attached to your loan. You are unemployed and thus a risky client.
Breathe a Sigh of Relief, Find That Job
With some persistence and care, you will be able to find a lender to work with you to get you through this tough time. Shop diligently, be careful, and please read the fine print. Once you have your bills caught up and food in the pantry, you will be able to concentrate on the most important matter, finding a job – just by getting a bad credit unsecured personal loan.