If you are someone who is unemployed and also happens to have a bad credit history, there can be far-reaching implications when unexpected financial emergencies arise and you find yourself in a dire situation where no one seems willing to grant you guaranteed bad credit loans for the unemployed.
As profits-oriented businesses, banks, financial firms or credit card companies are careful to avoid the risk represented by bad credit borrowers; people who have shown themselves to credit-unworthy as reflected by their low credit scores. This group of people will often find that getting an unsecured personal loan below 2500 dollars with the banks is almost impossible, never mind if you need to borrow 50000 dollars today with bad credit.
The exception being - using collateral for signature bank loans with bad credit, such as a home equity line of credit, or HELOC. There is a difference between a home equity line of credit vs a home equity loan. The former is a line of revolving credit with an adjustable interest rate while the latter is usually a lump sum that is drawn down by the applicant upon the loan approval.
A home equity loan for the unemployed can be made available to people with low FICO scores and is useful for, say, getting a large personal loan above 30000 dollars or to borrow a large sum of money to start your own business. It can also be used to consolidate your credit card bills and pay off other debts and loans with high interest so that you are just left with a single repayment plan which can be serviced by paying in monthly installments.
If you are an unemployed tenant and need money fast, you may want to consider this type of guaranteed personal loans with bad credit for solving your immediate financial worries. As always, do remember to weigh your options carefully and do due diligence.
Written By adi mulias on Saturday, March 5, 2011 | 9:22 PM