In this bad time of global recession, the most difficult thing is to obtain cash from borrowers. Those who are salaried or financially stable are not as affected as those who are unemployed or out of their jobs. Unemployed people find it really difficult to get a loan from the banks. They usually have no mortgage to offer and hence an approval becomes a hard nut to crack for them but nowadays even such people can take a loan without much hassle. Here are a few guidelines.
First of all, you need to understand that whatsoever any financial institution claims to offer, it will always consider your repayment capacity before granting any sort of loan. And this is true in case of every unsecured loan. So, make sure that you have at least some documents ready so that you can prove your repayment capacity.
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Maintaining a good credit history is always been an advantage. If you have maintained a good credit history, the bank is most likely to give you an unsecured loan easily. You need not prepare a huge set of documents for loan processing. The bank will not usually ask for a long list of documents. All you need to present is a proof of your repayment capacity.
Such loans do not need a co-signer also. The typical amount that can be granted in such a loan can vary from $1,000 to $20,000 as per your requirement and how good your credit history is. Processing time for such loans is very less. Usually a bank will grant you such a loan in a day. You should carefully go through the document and check various terms and conditions mentioned in it.
As the rate of interest in such a loan is very high, people like to take it for a short period of time; however, such a loan can be taken for any duration ranging from 1 year to 10 years.
This loan is ideal for those also who could not maintain a good credit history or proved defaulter. The bank may even consider bankrupts for such a loan. So, this loan can be thought of as an opportunity to maintain a good credit history for future.
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