Our calculator will help you to decide whether an IVA is right for you.
The main problem which is faced by an unemployed person is that of meeting and dealing with the day to day financial requirements. These persons don’t have a regular flow of income every month. There is a loan available for the jobless people which will help them to help them financially. The money help for the jobless people will help them in meeting their necessary requirements like debt consolidation, home improvements, wedding purpose, buying car, educational requirement or holidays. This type of loan will give boost to acquire new skills and will provide them with better chances of getting the employment opportunities of their liking.
The loans provided to the jobless people can be categorised as the secured loan and the unsecured loan. In the secured loan, you have to give your one valuable asset as the collateral. It is given against the amount of the loan taken by you. You may offer any of your assets like property, car or jewellery as security with the lender and can take the higher loan. The secured loans carry a lower rate of interest. Another important feature of the secured loan is that the repayment term is high. You can repay the loan which varies from say 5 to 25 years.
Another category is the unsecured loan provided to the unemployed person. In this you don’t have to provide any of your valuable assets as the collateral with the lender as the security against the loan amount. The rate of interest is higher as compared to the secured loans and the person has to repay the amount taken within 1 to 10 years. A job seeker can start repaying the loan amount as soon as he gets a job. The main advantage of the unsecured loans for the jobless is that the application of it is available online. One can easily apply and get the desired loan urgently without any problems. These types of loan are very good for the short term requirement of a jobless person. The effort, money and time are not wasted as the approval of the loan is done faster. This is because there is no need to check the credit or evaluating the assets. If a person who is having a status of bad credit, he can also get the loan without any hindrance. Online applications are also accepted which can be filled within few minutes and the loan amount will get transferred to the borrower’s account.
There are certain requirements which are to be fulfilled by the borrower for money help. These are that the borrower should be of 18 years or above age. The person should be the holder of an active and valid account and it should be under his own name.