An individual may be unemployed for sometime between changing from one job to another. During this time he may face unexpected financial problems and he may feel suffocated and even helpless. Unemployed small cash loans have been prepared keeping the needs of these people in mind.
This loan is short term in nature and collateral free, hence, making them risk free for both the borrowers as well as the lenders. Borrowers do not fear of loosing their property or valuables as it is collateral free and lenders do not risk their money for a long period of time but gets it back, maximum within 30 – 45 days. This means the borrower has to pay the loan amount back with the next salary. A borrower can get a loan amount within $2,000. However, the rate of interest is high compared to other loans available in the market, but, lenders also cannot charge exorbitant rate of interest due to extreme competition in the market.
Unemployed small cash loan is also provided to bad or poor credit borrowers as credit check is not an important criterion in the approval of this loan. But good credit borrowers have a slight edge in respect to rate of interest, which is lower for them compared to bad credit borrowers. Lenders only require that a borrower is an adult US citizen, with proper proof of residence and citizenship. He must have an active checking account must be approximately 90 days old.
A borrower can easily apply online for small cash loans instead of waiting in the queue in an offline lender’s office. He is required to fill an online application form with few details about himself for instance name, address, contact number, bank account, etc. The remaining formalities are completed by the lenders and after verification of the information provided, the cash is transferred in to the account automatically within few hours on the same day or the next business day.