Unemployment Loan – Can You Get Quick Cash with No Job?
Posted on | October 28, 2009 | 1 Comment
Getting an unemployment loan was almost unheard of a few years ago but now that the unemployment rate is creeping towards 10% that has changed. If you need quick cash and you have no job there are options out there for you. If you do a Google search for “unemployment loan” you will actually find a few companies that have created these types of loans recently to help you get cash if you have no job.
If you plan to sign an unemployment loan please realize that you are going to get a very high interest rate on these loans. The companies that are actually lending you money while you are unemployed are taking on a great risk. Not only are you a risk to miss a payment you are also at a great risk to default before you even get started paying on the loan.
For this reason many of these companies demand that you put down a certain percentage of the loan amount. The higher you are willing to put down the more likely you will to be qualified for the loan. You will also find that the more money you put down the more likely it is that you will get an interest rate that is reasonable and not getting close to 30%.
A good thing about an unemployment loan is that you can get the payments deferred until you actually get a job. You need to make note of the fact that while you are still unemployed the interest on your loan is going to build. If you have a high interest rate on your loan you could end up paying 1/3 to 1/2 of the loans value in interest before you even get a job!
If you are unemployed and need to get cash quickly you are in luck. There are many bad credit lenders out there that are more than willing to help you with this process. As always, make sure to do your research before you sign any document when it comes to your finances. You do not want to make a bad decision today that weighs on you for the next decade.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.
Author: Mike Garner
Comments
One Response to “Unemployment Loan – Can You Get Quick Cash with No Job?”
Leave a Reply
October 28th, 2009 @ 10:26 am
It really stinks when you’re trying hard to get a job and you still have to pay bills and buy food. Thanks for pointing out these unemployment loans. Some online payday loan sites also advertise that they accept any regular income to qualify, even if that isn’t a traditional paycheck.
I wouldn’t want anyone to get stuck with a lot of debt while unemployed. But sometimes you just need a little help to tide you over.