Unemployment is a problem describable beyond words. You really cannot make more progress when you are unemployed. With rising living costs and more values depreciating every day, it is tough to live even for a few days in unemployment. Even if you want to take a break from work and spend a few days in peace, you won’t be paid. As a result of this, many start disliking their jobs.
Here is where an unemployed loan comes in. Okay, we can say that it is not the problem solver in the comprehensive sense. But it can be a saviour against unemployment and can seriously help you with money at the time when you need it the most. One of the benefits of an unemployed loan is that it can save you from debt. Come, let us learn about that in this post and find out why loans for the unemployed from a direct lender might be your saviour.
The Product in Brief
Unemployed loans are created for people with zero or very low income. You may say that the loan is for those who are not earning presently. At the same time, we can call the loan one of those products that helps those who have gone bankrupt. In that regard, a loan for the unemployed is not for the employees only. It is for the business person too.
What else do we know about the unemployed loans? Well, technically, they are unsecured loans. Yes, this means they are online personal loans just like other unsecured loans. There is no collateral or guarantor requirement for this loan as well.
You can use a clear policy for repaying the loan as details to validate your application. If we find you are making a sound statement, we do not have a problem giving you the approval of the loan. This takes about a few minutes. You get the money disbursed into your account within one business day.
Isn’t that easy to get a loan? As a matter of fact, it is. Now, we might want to reflect on a few problems unemployment may cause you and how that can lead you to debt.
Unemployment and Debt Are Closely Related: Here’s Why
By saying this, we do not want to say that unemployment will result in debt. If you have taken care of your savings account or managed to take out an unemployment loan from us, then there might not be worries regarding whether or not unemployment can get translated into debt.
However, being careful in these circumstances is significantly important. By making the wrong moves and not employing the right strategies, an unemployed person may easily fall into debt. That can get a little difficult to manage.
Before we begin to understand how unemployment is linked to debt, we want to ask you not to panic or feel bad about debt. As a matter of fact, debt is a highly common thing. It also teaches you money lessons that you can share with people later, helping them to manage or prevent debt. That said, we will now look at a few of the links to understand why debt is connected to unemployment.
- Poor or No Income
We really did not have to say this because you already know about it. Poor income or zero income for a few days, weeks, or months can get your utility bills unpaid. You might get the service. However, unpaid bills stack up, and debt is created. If you cannot manage to get a job soon and resume your income, the small debt can become serious.
- Rising Living Costs
We all know that living anywhere in the world is not going to be a frugal journey because of a variety of factors closely interconnected to each other. The rising living costs can make a person choose a cost-effective solution. That’s a saviour. But what if your standard of living cannot be managed that way? What if there are no such frugal ways that apply to you? In that regard, you have to continue taking expensive services till you get your job again. It can result in debt.
- Stress Cannot Be Ignored
Rising stress factor is a leading cause of two of the deadliest diseases in the world: Cardiac disease and diabetes. Although you can manage these ailments with medication, chances are unemployment can stress you more. This creates the probability of making you sick. As an outcome, you may need immediate medical attention, which can be costly. If you cannot pay it now, then you risk the chances of debt.
- Emergencies
What if there is an emergency while you are unemployed? This can lead to serious drainage of money if your savings account does not have enough firepower. Emergencies are probably the leading cause of unemployed people falling into temporary debt. In these circumstances, you must keep in mind that falling into debt is a normal process. It’s okay. You just need to find the right financial strategies to help yourself.
- Unemployment and Budget Disruption
If you are unemployed, you are likely to live below your means and spend very less amount of money. However, your budget gets disrupted for the time being. You may suffer confusion in purchasing decisions. If, in unemployment, you make the wrong investment, then it may lead you to debt.
How Unemployed Loan Helps
We, at the team of 1onefinance, can help you with unemployed loans and more. As mentioned earlier, you can take out with flexible repayment policies a loan. You can choose to repay us with the salary of your next job. Or you may use alternative income such as part-time or freelance earnings to repay us. In fact, we approve loans to start-ups if they share their business plans as an alternative to income statements.
An unemployed loan immediately buys you time to pay your bills and immediate expenses at the time you are not earning. When you resume earning, though you can choose to repay the loan in comfortable instalments. The loan then serves a filler between unemployment and being employed again. Don’t you think that helps in preventing debt?
To Conclude
Apart from unemployment loans, we do offer other types of loans, such as Christmas money loans with bad credit. We hope you understand that a bad credit score is not a problem with us, too, if you are clear with repayment. For more information, please get in touch with us via message or call. We will connect with you as soon as you do that.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.