If you are currently employed, you know that financial resources are going to be a bit low for a period of time. You will have to live economically. But what if you face some big-budget project that you have to carry out? Then you will have no choice but to borrow. Do not worry- even the unemployed have loan schemes that are offered especially to them. These loan schemes are called unemployed loans. Unemployed loans are loans that provide financial aid to those who are currently out of a job. Any kind of personal undertaking can be funded- home improvement, medical treatment, education, wedding, consolidation of debts, auto financing, etc. Unemployed loans can be availed more easily if you happen to have unemployment benefits. Such benefits may be disability allowance, redundancy pay or one-income allowance provided by your previous employers. Unemployed loans are available under both secured and unsecured options. By providing collateral, you can borrow an amount up to £100000 for a long repayment term which might stretch up to 30 years. If you do not want to pledge a personal asset or are not in a position to, then you can avail an unsecured unemployed loan. The loan amount is allowed only up to £25000 and the interest rate is a bit higher. But a shorter repayment term set at a maximum of 10 years make it a more feasible choice for smaller requirements. Unemployed loans are generally charged low interest rates in consideration of your financial status. Therefore, you will be able to repay your loan in easy installments that suit your budget. Sometimes, flexible repayment options like overdraft, standby facility and payment holidays are also allowed. Unemployed loans are the financial funds that help make your life normal during the hard transitory phase between two jobs. While you are searching for a good job, you can rest assured that your unemployed loan is looking after your monetary needs.

Image taken on 2005-08-25 11:27:27. Image Source. (Used with permission)