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There are certain times in a person's life when he has no job. But, having no source of income doesn't mean that such persons don't have any expense because expenses never take a pause although one's income may take. Thus, in such a situation to satisfy one's expenses, one may need some external financial help. But, getting a loan is a very tough job when one is not employed as most of the lenders deny granting loans to the unemployed persons. Unemployed loans have been introduced in the financial market to help out the unemployed persons in satisfying their needs.
Unemployed loans are basically of two types, namely secured and unsecured. In secured type, the borrower is required to place any of his valuable assets like any real estate, any building or property as collateral against the loan amount which ultimately benefits him with lower rates of interest and larger loan amount. This is because the lender feels risk-free if the borrower fails to repay the entire loan by the time as he can recover his money on the basis of the collateral. The loan amount in this case ranges from £5000 to £75000 with repayment term of about 5-25 years. In the unsecured type, the borrower is not required to pledge any of his valuable assets as collateral against loan. Since the lender in this case is at risk if the borrower fails to repay the entire loan by the time, therefore the rates of interest for such loans are a little higher. The loan amount in this case ranges from £1000 to £25000 with a repayment term of about 1-10 years. This is a good loan option for the tenants, non-homeowners and students as no collateral is required as security against the loan amount. The application process for these loans is simple and quick as the documentation-work is skipped-off. Even the unemployed persons who have bad credit history like arrears, late payments, defaults, missed payments, etc. can also avail these loans.