subject: Unemployed Loans - For A Smooth Sailing [print this page] Due to the recent global melt down, a large number of people have lost their jobs. Unemployed individuals are often faced with financial difficulty as they do not have any income proof. Almost every unemployed person faces a situation similar to the above until they are exposed to unemployed loans. Stable financial income is a requirement for all other loans. Going by this reason, an unemployed person would have never qualified for a normal loan because of the absence of any source of income. Thus, unemployed people would be left to help themselves. Loan providers have designed a few plans that will make them eligible for financial assistance.
Just like any other loan, this financial help can either be secured or unsecured. An unemployed person is concerned with the repayment of the loan. Equally concerned is the lender. In such cases, in order to lower the risk, the lender seeks for some asset as security, and such loans are known as secured unemployed loans. Secured mode can be used for any purpose including education, home improvement, starting up a business, deposit for house, wedding cash, holidays etc. The loan provider knows that in the event of the borrower not repaying the loan in full, he can sell the asset and recover the loan amount. These loans usually carry low rate of interest.
The financial options for unemployed people without sufficient security are not limited. A perfect credit report will play an important role in inspiring confidence about the borrower's ability to repay loan. Unsecured unemployed loans do not require security. These credits are an easy and manageable way to generate extra cash and offer you the gift of normal living in spite of unemployment.
An unemployed person can opt for either fixed or flexible monthly payments. Fixed payments will suit those who expect a fixed income every month. A flexible monthly repayment will benefit those who have suddenly faced unemployment. A flexible monthly payment will offer advantages like stand-by facility, overdraft and holiday period.
by: Mary Jones
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