Personal loans for the unemployed

It is difficult to survive without a job. The cost of food and petrol has risen so dramatically, that those two necessities alone represent a serious financial struggle, and many of the rest of life's luxuries only add to the pressure to find a source of income.

When you are unemployed but own your home, one option is to find yourself a secured personal loan that can help you afford your monthly expenses until you find yourself back on your feet.

 

Unemployed with a Loan?
Lending agencies do care if you have a job. But they understand that you may need some sort of income and the loans that they offer for the equity of your home are one way of receiving that income. Since your house is up for collateral, lenders are far more likely to offer you a loan in exchange for your equity despite you not having a job to pay it back.

Unsecured loans, on the other hand, are rarely provided to those with no means of supporting themselves because the risk is simply too great for the credit agency. Secured loans may be your only option if you find yourself in dire need of cash.

Unemployment loans also have certain provisions that allow you to take out the loan until you get on your feet. Many of these loans offer you a short grace period of a few months before you are required to start paying the loan back. That way, you can use the loan to pay for what you need - food, gas, etc., - but you will also have a few months to find a job before you need to start paying it back, making it easier for you not to default on the loan due to any financial pressure.

Unemployment loans due tend to be lower than the standard personal loans , simply because even when you do find a job there is no knowledge of how much money it will pay, what type of hours you will work, and other pieces of information that tell lenders how much they can provide you. However, these loans are usually enough to cover all of your important expenses until you find yourself a new contract or occupation, and their interest rates are competitive enough that they should not severely impact your new income once you do find a new occupation.

When you are unemployed, money can be tight. Getting a secured unemployment loan is one way to ensure you can pay for everything you need while you look for a new place of employment, but, there are ways of getting other loans and sometimes lenders can be surprisingly sympathetic.




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