Month: June 2018

Loans for unemployed individuals with bad credit

Through no fault of their own, many individuals find themselves in the stressful and arduous experience of being unemployed. For this reason, loans for unemployed individuals with bad credit are hard to find and getting one proves difficult even if the individual owns assets or regular benefits. In addition to the mental block that unemployed people face to approach monetary institutions for loans, being unemployed puts off lenders and it becomes hard to find loans for unemployed individuals with bad credit.

The good news, however, is that there exists loans for unemployed individuals with bad credit. One of the many options is approaching institutions such as Nation 21 that links the unemployed individual with lenders who might be interested in giving you a loan. The main advantage of this approach is the lack of complicated processes and the swiftness at which cash is availed. All one has to do is apply online and wait for the lender’s response.

To get a loan, lenders make an individual’s proof of income one of the major qualification. However, loans for unemployed individuals with bad credit are a challenge since it is hard to convince these lenders of one’s credibility. In such a case, a co-signer proves handy. This could be a willing friend or family member with good credit. 

Another option usually offered as loans for unemployed individuals with bad credit is collateral loan. The lender gives you a short term loan with your property, which could be a motor vehicle or electronic equipment, as collateral. Cash is given immediately with this kind of loans for unemployed individuals with bad credit. The risks involved are however high as you lose your item if you fail to pay the loan.

For individuals whose the above options do not seem favourable, one might consider getting a loan from family or a friend. Loans for unemployed individuals with bad credit can also come from sale of unused furniture or other assets.