#1 Source Loans for the Unemployed

Most lenders especially those who offer personal loans gauge the ability of the borrower to repay their money by checking whether they are employed with a regular monthly income. This makes it very hard for the unemployed to access credit financing to handle their financial needs but there are some lenders who are now offering loans for the unemployed. You can easily find these lenders by carrying out some simple online search and they offer a number of loan packages whether secure or insecure. Many lenders offer the service online to make it easier and convenient for the applicant.

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Obtaining loans for the unemployed

Shopping for the lenders-

carry out some online search and this will give you a list of lenders who offer these loans. Request for their quotes and then compare them to find the lender who offers you the loan that you want, with lower interest rates and the best terms & conditions. Although these loans have high interest rates, comparison shopping will lead to reduced cost of borrowing and a smooth process when borrowing or repaying the loans for the unemployed.

Pledge collateral-

some lenders may not require this but its advisable to pledge collateral as this will make the lender feel safe since he can recover his money in case you fail to fully settle his debt. This also come as an advantage to the borrower since you can receive bigger loan amounts with relatively lower interest rates, longer repayments periods and flexible terms & conditions. Make sure you repay your loan in time to avoid losing you pledged asset.

High credit scores-

a clean credit history will ensure that you easily qualify for the loans and you can maintain high scores by:

  • Repaying your loans in time and avoiding defaulting
  • Keeping a long, clean credit history
  • Observing the agreed terms and conditions on loans
  • Maintaining your debts low compared to your credit limit

    Its important to maintain high credit scores since this is the only way that the lender can gauge your ability to repay his loan. Its even advisable to check your credit history first before applying for loans for the unemployed and you can obtain your credit report for free from credit bureaus or from some lenders at a small fee.

    Online scams alert

    There are some people who understand how hard it is for the unemployed to get credit financing and they take advantage of this by pretending that they can offer loans for the unemployed but they just want to lay hands on your cash. You can recognize these hoax lenders because they have unclear websites and most of them will request for application or processing fees.

    The lender you choose should have a secure website with high encryption to ensure that you personal information cannot be accessed by a third party. Ensure that the lender also has a good reputation to have a smooth borrowing process and you can confirm this by visiting some online comparison sites that display a number of lenders together with their reviews.