11 February 2013
When you are out of a job, you face a number of financial challenges. Bills keep pouring in and cash resources declining. Friends to help you but to a limit. Things have reached to such a limit that even you feel shy to request your friends for help. Big lenders don’t want to deal with you because they doubt your repaying capability.
What will you do in such a case when you need money?
You should think of payday loans for unemployed, a customized loan for the needs of those who do not have any regular source of income.
The loan can offer you small amount credits for short periods. You can apply with a few of your personal details. You have to mention there how you will repay the loan. If the lender is convinced of your repaying capability, he will give you money.
You can repay the loan when you get your benefit check from the government. The loan is offered on competitive rate along with a flexible repayment plan. You can serve your needs and repay the loan as per your convenience.
Lenders don’t offer this loan directly. They have tie ups with various loan matching service providers. You have to apply to a service provider who will evaluate your application and connect you with a potential lender. If the lender finds that you have the repaying capability, he will grant your loan.
Since payday loans for unemployed are offered on the basis of personal information only and no security or guarantor takes from the borrower. Lenders’ risk runs high in offering the loan solution. For this reason, they charge higher interest. The loan comes with a considerable cost to you.
To protect yourself from getting rated bad credit, you should apply for an amount which serves your immediate needs and allows you repay with ease. You can also bargain with the lender to lower the interest.
In most of the cases, the lender agrees. Once you take the loan and repay on time, you come into a good book of the lender which makes you eligible for a higher loan amount in the future.
Before applying for the loan, you can search the Internet to find out good lender who can give you a loan at lower interest with a comfortable repayment plan. You can ask the service provider to negotiate on your behalf.
Like any salaried individual, even a person without a job has some fixed expenses which become difficult to manage in the absence of regular income. However you can meet your basic and urgent needs for short term through payday loans for unemployed.