For people who are out of work and at the same time, they are having poor credit, is it impossible for them to get personal loan? If you are facing the same financial situation, what can you do?
There is good news and bad news you need to accept. The good news is it is still possible for you to get the financial assistance when you have poor credit and are unemployed. On the other hand, the bad news is that you are required to pay more for your loan.
In general, those lenders and financial institutions usually charge borrowers with bad credit higher interest rates in order to protect themselves financially in the case of defaults. Since your past history is unsatisfied and you need cash urgently, you have to get yourself prepared to bear heavier financial burden. The interest rates offered for bad credit loans are usually 2 times higher than the interest rates offered for regular loans.
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No doubt it is trickier for you to obtain a loan when you are jobless. Many lenders are concern whether the applicants have enough income to pay back their loans or not. When you are having financial hardships, I am sure that you can hardly save some money in your bank accounts. In order to convince your lender to offer you the loan, it will be good if you can prove that you have some valuable assets that you can sell off during emergency. You can even negotiate with your lender for a lower interest rate if you have a fixed asset to serve as collateral.
Seriously speaking, if you want to obtain the loan successfully, you need to prove to the lender that you have the ability to get a new job easily. Nowadays, in United States, being out of work is not unusual. The national unemployment rate is still high. Hence, the lenders usually assess the applicants by looking at their employment history before they approve the loan. If you are able to prove that you could hold onto a job easily in the past, you stand a higher chance to obtain the loan.
Last but not the least; if you are unwilling to bear high interest rate and you have nothing to prove to your lender at the moment, I would suggest you to wait for a year or two before you apply for the loan. Get a steady job and regain your financial strength first so that you can get yourself qualified for a lower interest loan in the near future.
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