Loans for unemployed

Being without a job is one of the toughest moments you have to endure in your life when you feel helpless and vulnerable. There may be several reasons why you are in this situations. You may be in time between jobs when you lost the one you had and for some reason have difficulty with finding a new one. Or you are a freelancer and didn’t get a job to do for some time now. I’m sure you have some savings for a rainy day, and hopefully, you can manage with your everyday expenses but what if there’s an emergency and you need to spend a significant sum of money immediately? There are also other kinds of circumstances. You may get paid under the table and still be in need of some extra cash. Anyway, if you can’t produce any official proof of income, you won’t get credit from a bank. And unfortunately, as the old saying goes: “it never rains, but it pours” so you should really have an emergency plan at hand. So, what are your options?

The good news is, you might not be so helpless after all and can stand back on your feet again. Taking a fast loan for unemployed may be a solution you are looking for.

What are fast loans anyway?

It’s a market-based financed loan that you can get from one of many providers. You can apply for it online, by just filling out the form you find on provider’s website. The formalities are minimal, and the companies do what they can to speed up the verification process. If your application is accepted, the amount of money you asked for is transferred almost immediately to your bank account. So, if you are unemployed and in need of cash flow, that may be the answer you are looking for. Of course, there’s a catch – some providers set their interest rates really high or make you pay some additional fees, for example for the insurance. But on the other hand, if it is your first loan, you can find some really reasonable offers, including those without any additional costs. In most cases, the amount of money you can borrow on such preferable conditions is not very high, and you can loan the money for about a month or so.

Problem with proof of income

That’s the biggest problem here, isn’t it? It’s understandable that when you don’t have a steady job and – in consequence – no steady income you can’t take a loan from a bank which usually requires a proof of income confirmed by your workplace. That is why you can turn to other providers, who tend to minimize the formalities. Of course, you will be asked about your income. But instead of having to submit any official document, in many cases, all you have to do is declare your average monthly income by yourself. Some companies may ask you for your account statement, so that’s the option for those who had an income in previous months or have one now, but for some reasons can’t get a confirmation from their workplace. And there’s a rule here – the higher the amount, the more complicated may be the process of getting a loan. Thus, it would be best to choose a modest sum for your first loan for unemployed.

How you can get a loan for unemployed

What you need if you are applying for a fast loan, is your ID number, as well as your social security and bank account number. In the form you will be asked to fill out, you have to state your name and address, marital status, assess your monthly income and tell whether you have previously taken any credit or not. After you’ve submitted the filled out form, the company should start the process of data verification. It’s not an overcomplicated matter as it mostly consists of you paying some insignificant amount of money to the provider’s bank account. If everything is in order, the provider will transfer you the money you’ve asked for. Sounds good? I surely hope so, but there are still some things you should be aware of.

Things to remember

Even if you take a loan with zero interest rates and no additional fees included, you have to be careful about any delay in repaying the money. It may turn out, that if you are late with your repayment you will be charged with a significant amount of money and the company will start the process of debt recovery. The same goes when you ask for an extension of the repayment date – you will be asked to pay an additional fee for that. This may be inconvenient for you, and you may end up in a court and have difficulty with getting a loan in the future. That is why you should take the loan only if you are sure to pay it all back. Remember also that the higher the amount of money you borrow and the longer the period you are borrowing it for, the more you are bound to pay. So you should assess your financial situations very carefully and try to be as realistic as you can.

Another thing is finding a trustworthy provider. There are many companies that offer loans for unemployed, so you really need to do thorough research. Spend some time on dedicated websites, read comments from providers’ clients.

And last but not least. Read the terms of your contract carefully, be sure you understand how much money exactly you have to pay back and when is the right time to do it.