You don’t have a job and you’re actively searching for one but you’re not getting any luck. Your funds are running dangerously low and you don’t know if you’ll have enough to get you by through three more interviews. You need a loan fast but you don’t know if easy personal loans are available to jobless people. There are many of us who can identify with Shane and his story:
“Lining up for unemployment benefits is a pain, and I know 9 of 10 people who do this would rather scrub floors. It’s not good for the soul and it takes away so much of your self-esteem. There should be more to life than this, right? Sometimes even the government support for unemployment is not enough and I’m wondering if there are lenders out there who are willing to extend easy personal loans to jobless people. Do these lenders exist and if they do, are they legit?”
-Shane
Where to find easy personal loans
Fortunately for Shane, these lenders of easy personal loans do exist, mainly in the US, UK and Canada, and most of them can be found online. Most of these lenders have greatly simplified the process so that applications for easy personal loans can now be completed in three minutes or less, the approval is processed within hours and funds are transferred to the borrower’s account in less than one day.
These online lenders aren’t very difficult to find. They proliferate online but you need to be very careful in choosing the lender to borrow easy personal loans from. There have been numerous complaints about unscrupulous lenders who are out to take advantage of your dire need. The bad news about predatory lenders that you hear about in the news is really true. You will need to do your homework so you’ll find lenders who are above board. When you’ve made a shortlist of the lenders that you might want to borrow from, check the Consumer Financial Protection Bureau website. It contains a list of lenders who have recently been reported by consumers. The CFPB is mandated to regulate lenders of easy personal loans.
Alternatives to easy personal loans
Before you make the final decision, consult the checklist below. Have your tried any of these? You might want to try these alternatives (excerpted from “Payday Loans: Debt and Death”) that are less risky and much less expensive:
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Negotiate and ask for extensions. What do you need the extra cash for? Is the money for utilities and other recurring monthly expenses? Some companies providing utilities and telecoms services are willing to work with customers with financial difficulties if they call way before the bills are past due.
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Find a way to earn extra. Do you have special skills that you can earn from? Is there something you’re really good at? This alternative has spawned many successful entrepreneurs who turned hobbies into successful businesses. Also explore online income opportunities. They may not pay much but could make the difference between surviving until the next payday and taking out an easy personal loan. If you can, find a second job.
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Ask help from family and friends. Why not? They’re the people who stand to gain the most from your financial health. You might not or might not think less of you if you do this, but does that really matter?
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Sell what you don’t need, or pawn it. This a perfectly honorable way of getting cash when you need it. In the process you might realize how you’ve been spending on things that you don’t really need.
How to pay off your personal loan early
Getting a personal loan is the easier task. The tougher one is to pay the dues on time. Try to implement these smart tips to pay off your personal loan early, and improve your credit score.
Resources
- Tips and tricks that short term loans online customers should know.
- Things to watch out for with payday loans online no credit check.
- How to get a loan from a reliable creditor?
Why is FinancesOnline free?
The only reason why online lenders are not making credit checks is because they’ve already calculated how much of their borrowers can pay back. They work by volume rather than rely on individual payments. In short, they expect that some borrowers will default, but it’s okay because the high interest rates will cover for this gap. It’s business after all. The trick is to make this business work for you not against you when you need cash.
Find a way to earn. I like that tip. That should dispel poor American’s dependency on payday loans. I’ve used payday loans in the past and I say they have their use. But if you’re not careful they can easily balloon to double even triple the amount of what you’ve taken out. It’s a love-hate thing for me and many Americans who can’t survive entirely on their paycheck. Maybe you should put the alternatives to payday loans at the start of the article. That seems a priority.
Online personal loans are easy to find. Just google it and you’ll end up with tons of search results about it. The hard part is looking for the legitimate ones. Do you have a list of credible lenders? It would be a big help if you can post it in your site. These loans are by nature taken out during emergencies. I’m pretty sure nobody will have enough time to research a lender if he’s agitated or anxious to get the cash soon to cover for an emergency. Maybe a tip should be: research for legitimate lenders now even while you have the luxury of time. But then it may tempt you to borrow even before an emergency happens.
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