| Being unemployed can leave you with plenty of | | | | check. Once you get your benefits check, you |
| financial problems - the biggest being the need for | | | | have to pay back the loan. If your benefits |
| cash to pay your bills. That's why more and | | | | check isn't worth much, your unemployed loans |
| more unemployed workers are turning to | | | | won't be worth much, either. |
| unemployed loans. | | | | 3. Are you prepared to use your house as |
| There are plenty of companies that offer loans | | | | collateral? |
| for the unemployed, but are they really worth | | | | If you don't want a payday-type loan, there are |
| it? Before you apply for any unemployment | | | | secured loans for the unemployed. To get one |
| loans, ask yourself these 5 questions: | | | | of these loans, you have to put your home up as |
| 1. Are unemployment loans really necessary? | | | | collateral. You should only consider these types |
| For unemployed workers who are running out of | | | | of unemployment loans if you're positive that you |
| cash, it can be awfully tempting to take | | | | will be able to pay off the loan. Otherwise, you'll |
| advantage of a loan offer, but do you really need | | | | lose your house. It's a scary proposition for |
| it? Remember, you'll have to pay the loan back, | | | | many unemployed workers. |
| and if it takes you a long time to find another job, | | | | 4. Are you willing to pay very high interest |
| repaying your unemployed loans can become | | | | rates? |
| difficult - if not impossible. | | | | If you don't have a home to use as collateral, you |
| Before you take out any loans for the | | | | may still be able to get an unsecured loan. |
| unemployed, make sure it's a last resort. Being | | | | Unsecured loans for the unemployed come with |
| unemployed is tough enough; you don't want to | | | | very high interest rates, because you do not |
| wind up with debt that you can't pay off. | | | | have any income or property to use as |
| 2. Do you know what you're getting with | | | | collateral. Not only will you have to pay back |
| unemployment loans? | | | | your loan, but you'll have to pay off big-time |
| There are several different loans available for | | | | interest. |
| unemployed workers, but the most common are | | | | 5. Do you know someone who's willing to co-sign |
| similar to payday loans. Payday loans are a cash | | | | on your unemployment loans? |
| advance on your next paycheck; once you get | | | | Many loans for the unemployed come with one |
| paid, you repay the loan. | | | | big condition - that you have someone with a |
| With unemployed loans, they're treated as a cash | | | | steady job co-sign. However, even with a |
| advance on your next unemployment benefits | | | | co-signer, it can be difficult to get approved. |