Loans For The Unemployed: Serving Unemployed People
Unemployment has become very common today and results in personal stress and frustration
. But you need not worry much as the financial industry is providing a way out for that by offering a new kind of loan accessible, i.e., loans for the unemployed.These are intended for people who no longer have a permanent source of income. Some allowances given by previous employer make it easier to avail these loans. These include redundancy pay or one-income allowance or disability allowance. Your necessities a s well as other luxuries can be met with the help of these loans.
You can opt for either of the two ways,
Secured loans (providing collateral)
Unsecured loans (no collateral provided)
If you possess some property you may choose the secured type, otherwise unsecured loans will be the best option for you. Secured loans for the unemployed aids you with a bigger amount of money and a lower interest rate. But the repayment period will be long. An unsecured loan for the unemployed helps you with shorter repayment period. But the rate of interest is high and the loan amount is also limited here. Whatever you choose depends on your needs and repayment capability.
Loans for the unemployed prove beneficial since you are given flexible repayment options like standby period, overdraft and holiday period. Moreover the monthly installments can be fixed according to your budget.
by: Mary Jones