Most of the schemes with the moneylenders are designed for people who are salaried or self-employed. But this does not mean that there are no options for the unemployed people. After all, the unemployed too have their own expenses and problems. They too need cash to solve their problems. To help the unemployed tackle the problem of cash, the online moneylenders have introduced a scheme wherein they offer loans for the unemployed.
These loans can be secured or unsecured. For secured loans, there is not much problem. The moneylender has some guarantee that he can regain his money in case you default. But if you do not have any asset to place as collateral, you can still go for the unsecured loans for the unemployed. These loans are high-risk loans but still the moneylenders offer these loans, as they know how to manage such loans.
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The amount you can avail under the unsecured type is based on a number of factors. They count your income from various sources: your parents; any government grants such as unemployed incentives; and, your temporary job if any. You can apply even if you hold a bad credit. It does not create any obstacle in approval of the loan. However, if your credit record is very bad you have to pay more interest on the loan.
The interest on these loans depends on a number of factors: the location of the moneylender as each area has its own rules; the amount availed as loan; the repayment tenure; and, the credit ranking you hold. The repayment period for the loans is between 12 and 36 months in case of unsecured loans. In case of secured loans, the repayment tenure can go up to 60 months.
You can use the loans for the unemployed towards any purpose. You can consolidate your other loans, you can start your own small venture, or you can use it towards repair of your house or car. The moneylenders will not ask you the purpose before approving the loan. All they care is about the payment of installment on time.
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