When you are unemployed and have no collateral to use for a secured loan, that does not mean you don't want to borrow money. But what are your options when you are unemployed? The unemployed tenant loan is specially designed to fill these needs. It has a special structure plan that makes it possible for people to loan money although they have no income at the moment. So what is the catch?
An unemployed tenant loan is not intended for all jobless people. If you did not had a job in the last few years than it will be impossible to fill up with the requirements. But if you have had a bad year and you lost your job a couple of months ago and when you are looking for a new job, than this plan is ideal for you. It shares both best interest that you are able to find a new job rather sooner than later to repay the loan.
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An unemployed tenant loan is ideal when you are in need for money to pay your mortgage, rent or some other financial need. There are different repay structures involved with this type of loan. Because you have no income at the moment, the monthly repayments begin until you have a new job. This may sound very attractive, but most of the time the longer you don't have a job, the higher the interest rate will be. Therefore it is wise to only go for a loan when you think you will have a new job quite soon.
You should also look at some other aspects when you are considering a loan. You do not want to have a variable rate that goes way up when you can not pay up for it. You also want to refinance your loan as soon as you are capable to because of the high interest. Therefore you want to arrange these terms that will be suitable for your personal financial situation.
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