subject: Unemployed Loans: A Bright Ray Of Hope For The Jobless [print this page] Unemployment is one of the worst phases of life one goes through whose basic reason is the loss of job. But, even then everyone needs basic necessities of life. Unemployed people may need money for paying pending bills, consolidation of debts, higher education, medical expenses, and emergency repairs of the home or any other requirement. Getting a loan for an employed person is very easy. But, for unemployed people its one of the toughest jobs. In such a situation, one feels like as if all the doors of hope have been closed for them. But, for unemployed people unemployed loans act as a bright ray of hope. These loans are specially meant for the unemployed people.
Unemployed loans are of two kinds, namely secured and unsecured. In secured loans, one has to place any of his valuable assets as security against the loan and this in turn benefits the borrower with a lower rate of interest. Since the lender feels safer as he can get his loan amount back in case the borrower fails to repay the entire loan amount. Thus, he comes up with better terms and conditions. The loan amount ranges from 5000 to 75000 with repayment duration of 5 - 25 years. The repayment period of such loans is longer with flexible and easily payable monthly installments. In unsecured loans, one need not place any collateral against loan. Thus, he need not worry about the possession of his collateral by the lender in case he fails to repay the entire loan amount. But, the rate of interest for such loans may be a little higher and repayment duration may be shorter than the secured loans. But, shorter repayment duration is good on the part of borrower because if it would have been longer, then it would have been difficult for him to pay monthly installments which carried a higher rate of interest. The loan amount ranges from 1000 to 25000 with a repayment period of about 1 - 10 years. Even tenants, non- homeowners and students can avail these loans as there is no collateral required.
The application process for unemployed loans is very simple and quick as the paper-work is skipped off. Even the unemployed persons who have bad credit records such as arrears, late payments, defaults, missed payments and insolvency can also avail these loans. A borrower must ensure he repays the loan on time. Online application saves ones precious time and efforts and also provides quick outcomes of ones procedure.
by: Britany Scarlett
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