No Income Unsecured Unemployment Loans – Money You Need Now

If you are unemployed, chances are you are running low on money or have exhausted your unemployment benefits. Given the state of the current economy, you may need even more cash now than you did when you first become unemployed. You may have even tried to obtain a loan from a traditional bank, only to be rejected because you do not currently have steady income. If you have been relying on unemployment benefits, this is a temporary fix to your financial problems.Not only are the benefits you receive weekly a small percentage of your take-home pay when you were employed, but they only last for a relatively short period of time, whether you have found a new job or not. Fortunately, there is help available for unemployed Americans in the form of unsecured or signature loans. Even if you have poor credit, a discharged bankruptcy or other credit problems, you can qualify for an unsecured loan or a secured one. You can even get a loan if you have good credit but are currently unemployed.Secured and Unsecured Unemployment LoansUnemployment loans come in two forms: secured or unsecured. If you need a large amount of cash, your best bet is a secured loan. However, the main condition of a secured loan is that you put up something of value for collateral, usually the deed to your home or title to your vehicle. By doing this, you could qualify for a low interest loan ranging from $25,000 to $75,000, with repayment terms from ten to twenty-five years. The catch is that should you default on the loan, you stand to lose your home or vehicle to the lender. Perhaps you do not wish to risk your home or means of transportation or you have no assets. You can still apply for an unsecured loan which would not require you to put up any collateral.You could qualify for an unsecured loan ranging from $500 to $25,000 with repayment terms from six months to ten years. Because of the nature of this loan, you do face higher associated fees and interest. You can solidify your likelihood of being approved by applying with a co-signer. A co-signer, typically a relative or spouse has good credit and can possibly take over the loan payments if for any reason you are unable to make them. Lenders tend to see a co-signer as an added layer of financial security for the risk they would be taking in granting a loan to someone without steady income.Qualifying For an Unemployment LoanIn order to qualify for either loan product, you must be at least eighteen years old, a US citizen and have an active checking or savings account. You will save quite a bit of time by applying online for either a secured or unsecured loan. Once you have completed the application, you only have to wait a short period of time to find out if you have been approved, unlike traditional banks that take weeks to give you an answer. Upon approval, the funds will be transferred into your checking or savings account within the week. Breathe easier knowing that this kind of help is available at your fingertips.