Unemployment Loans: Ease financial stress while looking for a new job. (Up to $12,500/month for six month; max. $24,500 total) As one of the few federal programs designed specifically for job seekers, unemployed loans offer Money Trumpet to people who have lost their jobs. Unlike some financial services companies who give money to jobless people who have already found a new job, unemployed loans are designed to help people like you who have fallen on hard times get back on their feet. While qualifying for this program may be easier than you think, you will be paying interest for the money you borrow until you get your new job; which could take anywhere from six months to two years.
How To Learn Qualify For Unemployed Loans
Once you have determined that you qualify, unemployment loans can be an excellent way to avoid having to default on any part of your loan payments or face serious consequences from your credit score if you fall behind. Unlike some other types of government benefits, qualifying for unemployment insurance does not require that you prove a specific need for financial assistance. You simply demonstrate that you meet strict requirements about being self-employed or owning a small business and that you have lost or stopped making previous loan payments. If you do not qualify for certain benefits (i.e., you own a business and do not use it to generate income), some unemployed loans lenders will offer you loan protection so that you do not have to worry about losing your loan protection should you decide to refinance your existing mortgage or sign up for a new loan.
Although most lenders will require some sort of collateral for your loan, they are usually lenient about the type of collateral you can use. It is typically best to secure your loan with an auto-debit card or store card, but some lenders may also accept check or cash deposits into a bank account. If you have a checking or savings account with a large balance, you may qualify for zero down payment unemployment loans. If you have a savings account and are looking to finance a home, you may want to look into mortgage refinancing as well as a line of credit options from several reputable lenders.