Loan Options for the Unemployed
Millions of unemployed people in the U.S. and around the world are in danger of reaching a point of financial desperation. In this case, taking a loan might be tempting or even impossible to avoid. If the choice is going hungry or incurring a little debt, most people will go with the latter. One thing you should know is that not all loans are created equal.
First of all, the easiest money is also the dumbest. Running up credit card debt should be a last resort. For a lot of folks, credit cards are the first avenue pursued because it's easy to swipe the card and worry about it later. This also happens to be the most expensive money you can get your hands on so avoid credit card debt if at all possible.
Those that have already run up their credit cards, whose households still have some source of income (like unemployment insurance or a working spouse) should look into debt consolidation or some other form of debt management. This is not for everyone, but it can reduce your more expensive debt by about 50-60 percent. It also rolls several bills into one easy monthly payment. In the case of debt consolidation, it is important to remember that this is a loan that will have to be repaid. But it works for some people.
One excellent option might be a business loan. If you have a business idea, definitely consider doing this. It can take some pressure off in the short term and give you an opportunity to transform your life for the better in the longer term. The trick to getting funding for a business is to have a solid business plan. Write one! If you do manage to procure a business loan, prepare to work your butt off to make your business fly. Almost every city and town has a business development office. Find yours and work with them.
Pawn shops offer another way of getting a loan. The advantage of these types of loans is that you don't really have to pay them back. You offer collateral, they give you the money. If you can't pay the loan back, the pawn broker will happily take your collateral. The disadvantage is that you may have to part with a valued possession for pennies on the dollar. It is an option, though, and desperate times call for desperate measures.
Finally, family and friends may be able to lend you some cash. The advantage is that these types of loans are often interest-free or at least very low interest. The disadvantage (and it is huge) is that if you can't pay them back, you could end up permanently damaging a relationship. Be very careful about getting into these situations. Loans between familiars is what Shakespeare's Polonius was talking about when he said, "Neither a borrow nor a lender be." It's generally very good advice.
But if you can't follow Polonius' advice to the letter, you should know that you have options.
Loan Options for the Unemployed
By: Chuck Lin
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