Financial problems are extremely horrifying to people who are without a regular job. Doing odd jobs now and then is not enough to fulfill these monetary emergencies. Unemployed small cash loans have been designed in such as way so that it helps these people to avoid their fiscal deficiencies without making a hole in their pocket. This loan can be utilized for making any small or big payments or for consolidation of previous debts.
The foremost requirement of this loan is that the borrower should have a job for at least the last 6 months, earning at least $1000 per month. They should be adult US citizens and must have an active checking account where the loan amount can be deposited directly. People who are socially tarnished with conditions such as default, arrears, IVA, bankruptcy or late payments and are known as bad credit history holders can also apply for this loan.
An unemployed small cash loan is available in both secured and unsecured forms. Secured form demands collateral against the loan amount which can be the borrower's property or car or bank documents or jewelleries. It supports a large amount of loan at lower rate of interest and also the repayment tenure is comfortable for the borrower.
The main disadvantage of this form is the borrower may risk losing the security in case of repayment defaults and also the processing of the loan is slower as it involve some time for value assessment of the concerned property. To counter these disadvantages the unsecured form is the best option for those people who do not have any valuables to pledge as collateral. However it is a short term loan option and the interest rate is higher compared to the secured one.
A borrower can easily apply online for unemployed small cash loan where he is required to fill an online application form with few details about himself for instance name, address, contact number, bank account, etc. After proper verification of the information provided, the cash is transferred to the account automatically within few hours on the same day or the next business day.