subject: Emergency Loans For The Unemployed - Emergency Finance For The Unemployed [print this page] Unemployment is unavoidable and it brings along with it great financial crisis and other problems. The jobless person does not have the potential to earn money to fulfill his needs. But when he is in serious need of cash what will he does? Applying for Emergency Loans for the Unemployed can be ultimate answer.
Introduction
Emergency Loans for the Unemployed are those credits which help unemployed people in the time of crisis. Since unwaged people usually do not have a property or do not wish to risk their property against the loan, these finances are unsecured in nature.
Eligibility conditions
1.The applicant must be 18 years of age.
2.He must have a valid bank account.
3.He must be a permanent citizen of US.
Features
1.These finances can be taken in secured and unsecured modes.
2.Flexibility is offered in the monthly repayments.
3.Late repayment is allowed and no penalty is charged on it.
4.This type of credit caters to people with bad credit history as well.
5.Jobless people can apply online for these loans and the money is received instantly.
6.The repayment schemes are flexible. This puts less pressure on the borrower to repay the loan.
7.The borrowers can increase the chances of their credit being approved by placing their property as collateral against the loan. This is done in order to assure the lender that the money borrowed will be returned.
Drawbacks
1.The main drawback is the higher rate of interest charged as the borrower does not have to pledge any collateral against the credit.
2.The lenders charge higher rates of interest and do not allow them to borrow huge amounts of money.
by: Joshu Aleonie
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