What Are The Other Types of Loans Aside From the Instant Decision Loans?


Being unemployed is one of the most depressing things to experience in an economy like this, most especially if you are a graduate of a bachelor's degree or even a masters degree. Unfortunately, security in jobs is becoming blurred recently. This is not a surprise in a fluctuating economy we are currently living in. The rate of unemployment is as if already incorporated to our norm, since it is too evident and prevalent nowadays.

The situation can be aggravated to the worst when your bills come knocking on your door and you do not have any penny to pay for them. Furthermore, it would be a good thing if you own your house because you no longer need to think about paying the rent. On the other hand, unfortunately, most people do not own their home and just rent. With that, be prepared for the scene when your landlord goes knocking in front of your door and demanding you to pay the rent as soon as possible.

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However, do not lose hope yet. There are still several ways to get away from the situation you are currently experiencing. One option you can check out is to apply for loans for the unemployed. There are several variations of this kind of special loan. Loans like these can be grouped into two (2) main categories, which are the secured and unsecured category. Under these categories are different types of loans that we will discuss later on.

For the categorization of these loans for the unemployed, the secured category refers to the loans that require background checking from the applicant, collateral and good credit history or standing. The process of background checking involves checking the employment history of the applicant and even history of credit transactions and records. The process will also involve checking on the possible collateral for the loan. There are even some cases when banks require for a guarantor upon loan application. This guarantor is a third party or person who normally has stable employment and can assure that you will be able to pay the loan you are applying in. If the applicant will not be able to pay the loan, the guarantor can do so.

On the other hand, the second category, which is unsecured one, refers to the kind that is looser or more flexible and applicant-friendly. This is because loans like this do not usually require that applicants to undergo the conventional thorough of loan application and approval. Unlike the secured type, this one will not require the applicant with collateral. Some banks will even approve the application even of the borrower has bad credit records in the past. Moreover, online application is being utilized in most banks recently. With this, any member of the bank can apply for a loan through the convenience of their own home. The amazing part of this is that they also offer instant decision loans where you can get your loan as fast as couple of hours only from the time of application.


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