The global financial crisis has left many individuals unemployed across the nation. There are many families struggling to make ends meet or just scraping by on meager unemployment compensation benefits (which are only a fraction of your usual take home pay) and what savings they might have had. If you are like many people, unemployed, you can qualify for an unemployment loan that will help meet your needs until you find a new job or a better position.

Money To Stay Afloat

Many companies have turned to downsizing their companies in order to stay afloat in the financial crisis. Other companies have been forced to close their doors completely, file for bankruptcy protection, and dismiss all of their employees. You might have been among those affected by the hard financial situation that our country is going through. These desperate times are made a bit more bearable with the help of an unemployment loan.

Unemployment loans are unique loans that are tailor made to fit the needs of unemployed individuals. Your unemployment loan is much like a personal loan and can be used for any purpose that you might have. Whether you need to play catch-up with your monthly bills, make mortgage payments and utility payments, or purchase things that you would or ordinarily pay for with your regular paycheck – the unemployment loan can help.

Borrow Up To $10,000 Or More

Unemployment loans can be obtained in amounts varying from $1000 up to $10,000 or more, depending on your needs and your anticipated ability to repay your lender. Although unemployment loans are readily available and fairly easy to obtain, use conservative caution to borrow only the amount you need and can comfortably afford to repay your lender.

Two Types Of Unemployment Loans

Your unemployment loan can be either unsecured or secured. The unsecured unemployment loan will be written at higher interest rates due to the fact that you will not be required to pledge collateral security to obtain this type of unemployment loan. You may be asked, however, to provide a cosigner for the loan if you have less than ideal credit or previous delinquencies noted on your credit report.

The secured version is the cheapest of the two unemployment loan options, but will require that you pledge collateral to obtain it. Collateral is usually in the form of your home or a newer model automobile. The lender will place a lien against the collateral that you pledge for your secured unemployment loan, and the lien will remain in place until you have completely repaid your lender for the money extended on your behalf.

Many lenders offer unemployment loans on the Internet, where competition between lenders can actually garner you a better interest rate, and thus make your loan cost you less in the long run. Online lenders also have a better approval rate on these types of loan products, so you have a better chance of getting the unemployment loan you need online.

Author Bio: Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Unsecured Loans. Hilary publishes informative articles about loans for bad credit, no credit check loans and other financial topics at http://www.fastguaranteedloans.com

Category: Finances
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