How to Get Financial Relief During the Time of Redundancy

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Posted By Sabine Finkel

Nothing can be more heartbreaking than losing your job. This is the phase when you are emotionally at your lowest and not having enough savings in your pocket makes the situation worse. From the next month, you will not be getting any regular income that makes handling all your expenses a herculean task. From paying your bills to managing the basic purchases like the staples and major needs, you will definitely need money to manage them all.

Unfortunately, the moment when you will need financial assistance will be the time when you will find it most hard to get help. The traditional lending procedure makes it challenging to get a loan when you don’t have a regular job. However, this doesn’t mean that you are totally deprived of getting a loan. There are few lenders in the market who offers credit without the proof of income.

Credit for the Unemployed: How it can benefit you

Now, getting a loan during the time when you are jobless will be nothing less than a blessing. Not only, it gives you the option of getting rid of your financial constraints, but it also allows you to sustain yourself until you get a new job.

You might think of ignoring your bills for a moment, but doing so will affect your credit score drastically. Having a poor credit rating will make it even more challenging for you to acquire bigger loans in the future such as a mortgage, auto loan and others. So, with such as loans for unemployed, you can take a relief of breath that you have a financial backing that you can use your bad phase of life.

Type of unemployed loans that you should know

There are basically two types of unemployed loans- secured unemployed loans and unsecured unemployed loans. Now, let us understand about these loans on brief:

  • Secured unemployed Loans: – In this category of unemployed loans, the borrower will have to provide a security or collateral in order to get the approval of the loan. The security could be any of your expensive assets. One benefit of the secured unemployed loan is that it comes with lower interest rates and longer-term flexibility.
  • Unsecured Unemployed loans: This is the type of unemployed loan where the borrower doesn’t have to provide any security to get the loan. This type of funding can be extremely useful if you don’t have any collateral and you need money urgently. However, you might not be able to apply for a larger amount or get a longer term.

Where to get unemployed loans

Now, getting loans during unemployment might not be possible from traditional sources, given their rigorous lending procedures into mind. The best way will be to search for an online lender or any private lender who specialises in unemployed loans.

If you are applying online, then you will have not to worry much or roam around the market to find a source. You will have just to fill the online application form where you need to fill the basic details and submit the scan copy of your documents. The time required to fill the form will barely take 5 minutes, and if approved, the amount will be disbursed within the same day or even a few hours.

What will be the term of payment in unemployed loans?

Well, this depends on the type of loan that you are applying (unsecured or secured). You can choose the maximum repayment term up to 12 months depending on your affordability. If you are choosing the longer term, then you will have the leverage of lower instalments, but overall you will be paying a bit higher interest. On the other hand, if you are going for the shorter term, then you will have to make a big payment of instalments, but your overall interest will be lower.

So, these were the options of funding that you can get if you are unemployed. Most importantly, make sure that you knock the door of the right lender.

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