Loans for Unemployed

Ways to Obtain Low Interest Personal Loans

Two of the most common criteria for granting personal loans are the borrower’s capacity to pay and credit history. Today, however, many lending companies offer bad credit personal loans, which are basically loans intended for people with bad credit. One thing that most lenders consider in such personal loans is whether the borrower has the capacity to pay despite his poor credit rating. Thus, most lending companies require borrowers to submit a proof of income. But what if the borrower is not employed? If this is your problem, there is good news for you! Just because you are unemployed does not mean that you are automatically disqualified to obtain personal loans.

Best Personal Loans for the Unemployed

The fact is that you can obtain personal loans even if you are currently unemployed. And while it is true that the interest rates charged to the unemployed are usually higher, there are circumstances that may allow you to obtain low interest personal loans. Most lending companies may see an unemployed person as high risk, therefore the associated interest rate. However, there are some circumstances that may bring these rates down. These include the type of personal loan you are applying for, collateral, and employment prospects.

Secured Personal Loans for the Unemployed

If you want to get low interest rate, one of the best ways to do so is to apply for secured personal loans. They require you to show a collateral, which can be real estate, jewelry, car, stocks or bonds. Depending on your collateral, the amount you can borrow range from $5,000 to as much as $25,000 or more. If you are looking to borrow a huge amount of money, the best collateral to present would have to be valuable properties such as a house or stocks or bonds.

Best Way to Obtain Low Interest Unsecured Personal Loans

However, if you do not have collateral, you can go for unsecured personal loans. While the interest rates are usually higher, there are circumstances that may boost the borrower’s chances of getting loan approval that charge low interest rates. An example would be if there is already a job waiting for the borrower within a certain amount of time or a job has been promised to the borrower.

The best way to obtain sure approval is to secure the loan with a valuable collateral and at the same time present a proof there is already a job waiting. With these, you are sure to get the best deals with reputable lenders.

Online Lenders and Best Application Methods

The best way to obtain personal loans is of course through online lending companies. The application method is fast, easy and more efficient. All you need to do is to find a reputable online company and the best loan package that can provide the best solution to your needs, and send your application online. Then, expect a response to your application within 24 hours. Most online lenders approve personal loans in as fast as 24 hours as well.