Unsecured Unemployment Loans Available – To $20,000 for Quick Relief
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It would be nice if the bills quit coming in when the paychecks quit rolling in. Alas, that is not to be and that is the travail of unemployment. State and federal unemployment benefits, or even unemployment insurance will hardly cover the costs you easily met while employed.
Luckily, there are unemployment loans that can help stanch the flow of everyday debt. Another thing about unsecured unemployment loans is the speed with which you can avail yourself of the much-needed cash. Bill collectors do not like to wait.
Put the Money Where You Need It
As we teeter on the abyss of another recession, things look pretty bleak. Joblessness is approaching 10% nationally and some individual states are looking at unemployment rates as high as 12-13%. It can be used to cover vitally important bills such as the mortgage or rent, car payments and utilities.
Of course, credit card payments, student loan payments or tuition bills, or other loan payments need to be met as well. Plus, there are the groceries, gas and other things to keep the household running. Now may be the perfect time to take out an unsecured unemployment loan to consolidate your debt and make it more manageable.
Alternatives to Unsecured Unemployment Loans
If you want to make your interest rates more affordable and your repayment terms more comfortable, you may want to consider the alternatives — secured or co-signed unemployment loans. Offering collateral or having a cosigner will greatly smooth the way for approval.
A cosigner can be any trusted individual who has a steady income and a better credit rating than you do. They would have to understand that should you default on the cosigner unemployment loan, they would be legally liable for the remainder of the loan.
Collateral can consist of anything of value, such as property, stocks and bonds, sometimes even a late-model car. Should you default on the unemployment loan, the lender will have the right to seize the property and sell it to cover the cost of the loan.
Amounts up to $20,000
Unsecured unemployment loans can be had for up to $20,000. Although you may borrow more or less depending on a few realities. You must borrow only according to your need. And you should have an action plan for paying off the debt. One thing that can really help land an unsecured unemployment loan is if you have a job promised in the near future and can present paperwork to validate that claim.
No matter what the loan amount, the repayment terms should be comfortable enough considering your unemployment budget. Even though you may think you need a lot of cash now, try to get by with borrowing as little as possible when you take out your unsecured unemployment loan. You do not want yourself overburdened after you have landed a job. Terms for these types of loans typically range from as long as five years or as little as twelve months.
Shop for Unsecured Unemployment Loans Online
Traditional lenders are not likely to be of much help unless you have collateral or a cosigner. The easiest place to find a lender is to go online. You can often sign up with a broker, provide the broker with your financial information, and the broker will come up with a list of lenders most likely to offer you an unsecured unemployment loan based on the information provided. These lenders have jumped in where traditional lenders fear to tread and approval rates are very high. Applying online is quick and can be done from the comfort of your own home or office.
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Source by Sarah Dinkins
