Fortunately that is not the reality and it's possible to obtain finance even if you are unemployed.
Undoubtedly, the options for someone who is unemployed will be limited and the requirements for approval won't be simple either. Yet, if you know where to look for finance and what your alternatives are, you may avoid the hassles of a long search for financing.
There are both secured and unsecured alternatives for unemployed and also career development loans which will aid unemployed people to obtain a job.
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Chances When The Loan Is Secured Or Unsecured
It is easier for those who are unemployed to obtain finance if they resort to secured bad credit loans. The reason is simple, secured bad credit loans are guaranteed with an asset and thus, the lender doesn't fear default that much. Of course, in order to be able to request a secured bad credit loan, you need to possess an asset suitable to be used as collateral whether it is a house with sufficient available equity or a car or other vehicle.
Getting an unsecured bad credit loan if you are unemployed is harder to achieve. This is due to the fact that most bad credit unsecured loans focus on the income in order to decide whether someone qualifies or not and given that you are unemployed, you won't have a source of income. However, there are bad credit unsecured loans for those who are unemployed and especially for students or those who want to develop a career or a particular skill.
Career Development Loans
Career Development Loans are an excellent alternative for those who want to learn a new skill or profession so as to obtain a job within some time. These loans are designed to finance all work linked education and to pay for all needed to complete your learning. The idea is for you to develop a skill or profession and be able to obtain a job in order to repay the loan.
An important characteristic of these loans is that the repayment is not due till well after the courses or learning processes have been completed, thus providing enough time for you to obtain a job and get the income needed to start repaying for the amount you owe on the loan. It works just like student loans that are only payable six months after graduation is completed.
These loans will cover for the fees needed for the courses. Usually they'll not finance 100% of the amount unless you've been unemployed for at least three months when you apply. They will also provide the money needed to purchase all the studying material and whatever is needed in terms of mobility. They can also cover for regular expenses provided that no other assistance covers for them.
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