If you’ve been hunting for the best loans for bad credit and unemployed, borrowers, you’ve come to the right place. At Viva Payday Loans, we work with a panel of lenders renowned for approving bad credit and unemployed loans. Credit history and traditional jobs are no longer the main determining factors in the loan application approval process. To see what type of loan you’re eligible for, complete our simple online application form and wait just 2 minutes for an outcome!
The type of unemployed loan you choose, as well as the lender you borrow it from, will determine the finer details of your loan. However, many unemployed loans share similar features these are listed below.
Loan Amount
The concept of unemployed loans is low-amount loans in Minnesota, relatively short-term loans made available over a short period. Most lenders on our panel offer loans ranging from $100 to $5,000. You can find lenders that will offer more than this but do be careful you don’t want to end up with a loan on your hands that you can’t repay. Also, bear in mind that higher loan amounts mean higher monthly installments and a longer repayment period. It’s really important that you only borrow what you need.
Loan Terms
Most lenders that offer unemployment loans allow you to select a term (how long you’ll be repaying your loan) ranging from 60 days to 12 months. At Viva Payday Loans, you can repay your loan over 2 to 24 months. A smaller loan amount generally equates to a shorter term.
It’s advisable to choose the shortest loan term that you’ll be able to pay off comfortably this means there’s less likelihood of unexpected financial burdens down the line and that you’ll get a lower overall interest charged on the loan. Interest is charged monthly, which usually means the longer your loan term, the more interest you’ll end up paying.
Repayment Schedule
Be sure to only agree to a loan term and repayment schedule that suits your finances. The majority of lenders will automatically deduct your installment from your bank account on the day your income makes its way into your account. This is a plus for you since you don’t need to worry about missing a payment or manually paying it, and because the payment is taken on your payday, you know exactly how much money you have to last you for the remainder of the month.
You can also set customized repayment dates if these better suit you by contacting the lender. You can choose a weekly, semi-monthly, or monthly repayment schedule depending on the agreed loan term and amount.
Fees & Possible Hidden Charges
- An early settlement penalty
- A late payment penalty
- Collection fees if the lender hires a debt collector to recover funds
You will, of course, always need to pay interest on your loan. Interest rates for unemployed loans are higher than secured loans, for example. This is because unemployed loans have higher interest rates since the lender is taking on more risk and because these types of loans are designed to be repaid fairly quickly.
Certain factors can help you get a lower interest rate on your unemployed loans, such as a higher loan amount and longer term. You should also consider putting up collateral such as your vehicle, improving your credit score, or co-signing the loan with a guarantor.
Lender Reputation
A lender’s reputation is one of the most important factors to consider before taking out an unemployment loan. Viva Payday Loan’s panel of lenders ticks all the right boxes when it comes to reputation, good service, and transparency. With this said, it’s best practice to perform due diligence as a borrower to be absolutely sure you’re borrowing from a credible lender.
