Holidays come and go. So does unemployment. But when holidays and unemployment coincide, the result can be pretty dismal. If you find yourself in this situation, there are online lenders who are willing to help you with a holiday loan.
A Loan to Fit Unemployed Needs
Loans for the unemployed can take two forms: Secured or Unsecured. Of course, the secured loan require collateral such as a car, real estate, or some other item of measurable worth. The grandma tea pot collection will not necessarily fill the bill. Secured loans tend to be in large amounts, more than 00. They also take longer for the application and approval process. The pay-off time is usually longer, too. Of course, fees and interest rates are always lower for secured loans.
The unsecured unemployed loan will exact smaller loan amounts, usually from 0 to 00, and quicker pay off times, from 15 to 90 days. Unsecured loans also tend to impose higher interest rates and fees than a secured loan. Since there is no security or collateral, higher fees and rates are charged to offset risk. Many unemployed consumers take that in stride because the loans are so easy to get and the turnaround time is fast. Approvals can occur within minutes, and holiday cash can be in your bank account within 24 hours, sometimes even sooner. Online short-term lenders who offer loans to the unemployed do not check credit scores.
What to Expect When Seeking an Unemployed Holiday Loan
Requirements for secured loans vary widely from traditional lender to traditional lender. Online loans for the unemployed are pretty similar in their requirements: Age of maturity, usually 18, sometimes 21. Residency, usually 90 days. Bank account with direct deposit. Social security number. Lending regulations are ruled by the various states, so interest rates, fees, and requirements can vary widely depending in which state you reside.
Many lenders boast that applications require no faxing. However, if they cannot verify your credentials from resources available online, they may ask you to fax or scan certain documentation. These could include your photo ID, a utility bill to prove 90 days at your present address. A bank statement to prove your banking bona fides. If you do not have a fax or scanner at home,approach the local library or visit a print shop such as Kinkos.
Loans for the Unemployed Should be Shopped - A Lot
Many times, the whole process for an online loan for the unemployed can be done within minutes without ever leaving your home. The most important aspect of the procedure is the shopping around. Because of these recessionary times, many consumers, even the unemployed, are using short-term loans as a stop-gap measure. Thus, the market is crowded and very competitive. Punch unemployment loan or short-term loan into your browser and you will be surprised at the number of lenders willing to help your unemployed self for the holiday season. Picking and choosing wisely can save you lots of money in the long run. Especially watch your repayment terms. You do not want to be saddled with a debt you cannot meet. That will only add to your already financially wobbly situation.
So, just because your unemployed, does not mean a lender will give you a sorrowful "No!" They are out there to help you through what could otherwise be a pretty dismal holiday season.
| Price : | Post Date : May 10, 2012 11:57:09
