Loan and Financial Guidance for Everyone

4 Questions To Ask Yourself If You’re Looking For A Loan While Unemployed

It’s difficult, but it’s possible to apply for and receive a loan if you’re unemployed. Unemployment will limit who is willing to give you a loan. Your best bet is through cash advance and quick loan services. However, before you apply for a quick cash loan, you need to ask yourself a few questions.    

1. Why Do You Need a Loan?

Looking for a job costs money. Add to that the fact that bills don’t suddenly stop because you’re unemployed. If you don’t have anything saved for a rainy day, you can find yourself falling deep into debt real fast.

And while you’re spending all of the money you do have on bills and food, you also need money to pursue employment. This situation can definitely lead you to pursuing a loan. But you need to know precisely what you need the loan for.

Many lenders don’t like the “so I can get on my feet” line.

  • Are you trying to pay specific bills?
  • Are you going to use the money to continue your job search?

Once you know exactly why you’re seeking a loan, you can come up with a specific amount. That amount can help you seek a loan that’s not too large, and not too small.

2. Is There Any Income At All?

Have you exhausted all possibilities? Lenders always prefer someone who earns money some kind of way. For example, if you’re collecting unemployment benefits, or working temporary positions, then you can say you have income. Totaling up your assets can help as well.

You should always seek help in these cases. If you can borrow from friends or family then you’re likely better off. This is especially true if you only need a relatively small amount of money.

Did you have a 401k at your previous job? You can see if you can take out a hardship loan against it.

Can you sell any of your assets? If you can do without it, why not turn it into cash?

Always seek ways of making money. This will help you whether you’re approved for a loan or not.

3. Do You Have Good Prospects for Employment?

If you’re not actively seeking a job, and if you don’t have a very recent job history, then finding a loan is next to impossible. In almost all cases, it’s on you to prove that you are actively searching for employment.

One of the keys to obtaining a personal loan when unemployed is to prove that you will find employment soon. Having a solid work history or a skill that’s in demand can go a long way towards proving you’re not just employable, but will likely have a job soon.

4. How is Your Credit?

Even if you’re unemployed, there’s still some chance of receiving a loan if you have good credit. This is especially true if you have any collateral in the form of real property or other assets of worth. Good credit plus collateral can go a long way towards gaining a personal loan. 

However, if you let your payments lapse, or if you cannot pay back your loan on time, that good credit will erode. In addition, you can lose whatever you used as collateral as well. So it’s best to give the loan option some deep consideration before applying for one.

But yes, you can receive a loan if you’re unemployed. Just remember to ask yourself these questions first. Many quick loan services (such as USA Cash Services), especially the direct lenders, will work with you. You just have to show them that you’re actively working on your situation. 

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When Might A Structured Settlement Buyout Be Helpful?

If you’ve been awarded a structured settlement after an accident, injury, or other legal proceeding, you may be wondering how best you can make that settlement work for you. In many cases, a structured settlement is designed to compensate you for injuries that could have a lifelong impact on your earning potential or ability to perform everyday tasks. If this is your situation, you may benefit from a structured settlement buyout that will allow you to clear out old debts, downsize your house, or otherwise change your lifestyle to accommodate your new income and way of living. Read on to learn more about some situations in which a structured settlement buyout could be helpful, as well as some factors you’ll want to consider when evaluating buyout offers.

When should you seek a structured settlement buyout?

If you need immediate cash to help modify your lifestyle (for example, adapting your home to become handicap-accessible), you may want to investigate a structured settlement buyout so that you’ll have enough cash to make these adjustments. In other situations, you may need the settlement to pay off your debts so that you require much less income to maintain your standard of living, and can cover these costs on your disability income, pension, or Social Security.

One situation in which you will want to avoid a structured settlement buyout is if you’re considering bankruptcy and the buyout amount is less than your total amount of debt. Whether you’re being crushed beneath medical bills or have taken a significant hit in income, you may be debating the wisdom of receiving a discharge of your debts. Although the weekly or monthly amount you receive through a structured settlement is taken into account when evaluating your ability to repay this debt, the lump sum amount is excluded from seizure. On the other hand, if you receive a structured settlement buyout before filing for bankruptcy, the court may seize a portion of this amount to help pay off your creditors.

What should you look for when determining which buyout offer to accept?

A number of companies offer structured settlement buyouts, and often the offers are similar. However, you’ll want to consider things like ease of accessing the money (cash versus check versus online transfer) and the total amount you’ll be receiving. You may also want to see if any vendors are willing to waive the fees associated with a structured settlement buyout if the value of your settlement is above a certain amount.

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Having Trouble Making Payments On A Pay Day Loan? Try These 3 Tips!

Taking out a payday loan is a wonderful short-term option for those who need quick cash and don’t have the time to go through the lengthy application process required of most other loan types. However, as with any loan, responsible borrowing is key to being able to pay back the loan in a timely manner and avoid fees.

Still, emergencies arise, and if you find that you’re having trouble paying back your pay day loan for any reason, the good news is that there are a few steps you can take.

Ask About an Extended Payment Plan

First and foremost, always let your pay day lender know as soon as you’re aware that you won’t be able to make a payment. When you contact your lender, ask if they offer an Extended Payment Plan (EPP) option; pay day lenders who are also members of the Community Financial Services Association (CFSA) automatically offer their borrowers the option to enroll in an EPP, which will allow them to amend the original loan agreement and take additional time to pay back the loan with no extra fees or interest accrued.

Cancel Automatic Payments

Of course, not all pay day lenders are members of the CFSA, and as such, many of them don’t offer EPP enrollment as an option. If this is the case, the best next step you can take is to cancel any automatic payments that your lender may be authorized to take out of your bank account. This can be done by calling your bank and asking them to cancel the Continuous Payment Authority for your lender. This will at least allow you to keep the money you have in your bank account so you can use it for necessities such as groceries and utility bills.

Work With a Professional Debt Adviser

Of course, stopping automatic payments on a pay day loan isn’t going to make the interest and fees go away, which is why it’s also imperative that you work with your lender as much as possible and consult with a professional debt adviser. Depending on your income and financial circumstances, there’s a good chance you can find a debt adviser to assist you free of charge. Specifically, such an expert may be able to negotiate with your lender and, at the very least, act as a helpful point of communication between you and the lender for the time being

To learn more, contact a company like The Money Place with any questions you have.

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5 Reasons You May Be Turned Down For A Home Loan Without Realizing It

It is no secret that your credit score is one of the biggest factors considered when you are applying for a home loan. However, even people with less-than-perfect credit get loans to buy a home. Therefore, it is obvious that your credit score is not the only deciding factor. What you may not know is there are many things you can do when you apply that can get you a rejected application. Here are five reasons you could be turned down for a home loan.

1. Erratic Employment History – Your ability to maintain a steady form of income will be held in high regard any time you are seeking a loan, especially a loan for a new home. Making transitions or climbing the corporate ladder to a preferred position is one thing, but leaving gaps in your work history will be seen as a risk factor when you apply.

2. Failure to Provide Proof of Employment – If you are employed and asked for proof, make sure you bring in just what is needed. Whether you need a statement from your employer, pay stubs, or last years tax return, willingly bring in whatever you are asked and make sure the appropriate information is reflected.

3. Poor Rental History – In some cases, moving around a lot is due to employment or family concerns. However, rental history that shows you have moved around a lot in the last several years can be frowned upon when you apply for a home loan. This may give the impression that you do not lead a stable life or you have a difficult time holding commitments on lease agreements.

4. Irrelevant References On Application – When the average home loan hits a whopping $280,000 or more, you better believe every little detail on your application should be relevant. This is especially true when it comes to any references that you jot down. From employment references to people who can attest you are an accountable person, make sure you pick the right individuals.

5. Asking for Too Much Funding – If you find a house that needs a bit of work, it is only logical that you will ask for more money to make repairs as this is what most prospective buyers will do. However, overshooting your estimates for repairs can look bad on a home loan application. The application will be carefully considered by people who are familiar with the associated costs of home repairs and will likely deny the loan.

For more information, contact MCS Bank or a similar location.

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