I'm Unemployed - Are Personal Loans a Good Idea?

Unemployed personal loans are offered by some lenders. They can be a good idea if you have exhausted all other options.

Unemployed personal loans can help you through some tough times when you find yourself unemployed.  Because of the excessively high interest rates associated with unemployed personal loans, however, these specialized loan options should be best kept for emergency purposes only.

Although the loans are easier to find now, unemployed personal loans are not easily acquired.  Many lenders will only option this loan if you own a home and will place a lien against the home.  Almost all unemployed personal loans require some form of collateral for approval.   Many times, long term business relationship with your bank will provide you special exemption provisions, but these circumstances are very rare and you will still need to provide some form of collateral.

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