Some lenders are willing to give bad credit loans but require you to have a stable income for the past 3 months. On the other hand, there are moneylenders that specialize in giving unsecured loans for the unemployed, whether you have recently lost your job or is in long term unemployment due to the poor performing job market.
You can use such 1 hour loans to try and get your career back on track, or use it for daily expenses. Sometimes, you need some financial aid when you are sick and cannot find a job, or there is an urgent home repair to pay for such as a burst water pipe. Note that fast approval loans for people with no income can be processed within 1 day, but do not expect to keep taking such loans from different lenders. You need a proper plan to start earning a living as soon as possible.
Many people who needed emergency cash loans do not compare quotes and simply take the first loan offer available. This is entirely based on luck and chances are, it will not be the best offer. Therefore, when you lost your job, it is important to start looking into online moneylenders that give 1 hour approval loans with no faxing or employment check. Bookmark the website of these lenders when you have compared their rates and fees for the cheapest deal. The next time you need a hassle free loan that will not check your credit or employment information for the past 3 months, you will know the best place to borrow money in an hour.
If you have been comparing these high risk personal loan quotes, you will realize that different lenders are targeting the various needs of borrowers in the market. For example, if you need to borrow a large amount of money with no job, the lenders will be charging a higher interest rate. On the other hand, if you are looking for the cheapest cash loan for unemployed, you need to accept a smaller maximum loan amount. That is why you should compare at least 3 quotes to get the most suitable offer.
How To Get $10,000 Unemployment Loan
The maximum unemployment loan amount you can apply is up to $10,000 which depends on your education, working history, last pay check, age, potential to get a new job soon. As you can imagine, these are very different compared to credit check and evaluation of collateral used in bank loans.
Ask for a full disclosure on the lender fees to make sure there are no hidden fees in fine print. Examples include monthly handling fees, which can quietly add to your holding cost for the loan. Try to pay off the loan once you have the money because the monthly interest rollover can accumulate debts fast.
If you are looking for long term loans for unemployed, make sure there are no prepayment penalty fees that make it difficult for you to pay off the loan faster than the original schedule. Interest rates on unemployed loans are very high and if you unexpectedly get a good paying job, you will want to use your additional income to pay off your lender and save money on interest fees. If you are not familiar with loan contracts, ask for help to examine these legal documents.
The payment schedule for instant cash loans for the unemployed is slightly different compared to the conventional payday loan because the lenders do not know when you will be receiving a paycheck! That is why you will be given a longer time frame to raise money or get a temporary job. Usually, lenders give 3 month unsecured loans for unemployed although it can be as long as 5 years if you borrow against collateral.
You can negotiate with your lender for a suitable loan pay back schedule that is comfortable. Do note that you need to avoid taking too long to pay off the loan which will accumulate a lot of interest fees. Make sure there is no prepayment penalty clause in your loan contract in case you have a sudden windfall and have money to pay off the lender sooner than agreed upon.
Remember that the longer you are out of work, the stakes are against you. The interest on your loans and debts will continue to grow bigger, your credit history may get tainted and you find it getting harder to get any job compared to the first month you became unemployed. This is speaking from real experience and many people who are jobless for the first time are not aware of this fact. The longer you remain in unemployment, the more difficult it is for an employer to hire you.
Try not to rely on unemployment loans by having sufficient savings in your bank and good financial planning. Avoid borrowing a lot of money through short term unsecured loans for the unemployed because you are adding too much consumer debt and at risk of financial ruin. Good luck and get a great job soon!