Installment Loans For The Unemployed
It’s true, lenders are typically not likely to approve loans from people with no income. Why would you lend money to someone if you know they will not be able to pay back? That said, how can installment loans for the unemployed be possible at all?
Approving loans to people without any income is not as big a risk as it appears to be. The structure of this kind of installment loans is to make affordable repayments, even to people on social welfare. Thus, modest sums lent over longer periods are much cheaper than normal loans of the same sum.
Come to think of it, how can some repay a loan if they don’t have any source of income? It depends on the conditions of how they lost employment, but in the event of redundancy there is a lump sum granted to the one who applies for the loan. As a matter of fact, an installment loan for the unemployed can be borrowed against savings.
That being said, what terms must the unemployed expect when looking for cheap installment loans? The interest rate and the term of the repayment are things to be taken into consideration. The interest is going to be higher than what is typical, displaying the degree of risk that the lender is accepting, but with a longer term the monthly repayments are kept low.
Special features must also be taken into account. For instance, there are online lenders who are open to giving a certain interest-only period on bigger sums, taking off the pressure in repaying for a little while. When you have collateral to offer, it is also easier to get loan approval. A valuable item is put at risk, though.
Categories: Loan Articles Tags: income, Installment Loans, loan, loans, term, unemployed installment loan
Student Loan Forgiveness & Repayment Programs
A loan forgiveness programs has the Federal Government to back them up. With this program, if a student is able to fulfill specific criteria, a certain part of the loan amount or the entire amount payable, could actually be waived.
A student loan repayment program is set apart from a loan forgiveness program. Such program could be used to lessen any kind of loan. It allows the provision of additional funds, through which a student is able to pay back his loan. In some cases, the payment is directly made to the lender on behalf of the borrower.
Both programs are very helpful in student loan debt management. Nevertheless, the total amount deducted under such programs is deemed a taxable income. This could actually be discouraging, such programs are immensely advantageous, and carry more value than the tax incurred through them.
If you don’t want the repayments to be taxable, you better go for student loans that give forgiveness. However, you can only avail of this provision when you work with certain professions and for certain employers for a certain time period.
For instance, loan repayments under National Health Service Corps (NHSC) program are tax-free. Also, state programs that qualify for funding from the Public Health Services Act are considered tax-free.
Below are the institutions that give the option of reducing/eliminating student loans:
The American Federation of Teachers
The Association of Medical Colleges
The American Bar Association
AmeriCorps
Peace Corps
A student loan debt management program is a resourceful tool to cut back on debts. See to it that you avail of these benefits. Decide wisely. If you need additional provisions, go for the programs that offer them. There could be other expenses in the form of taxable income. Nevertheless, when you take a bigger view, the program will be far more profitable and will outweigh the costs incurred.
Categories: Loan Articles Tags: forgiveness, income, loan, Student Loan, student loan forgiveness, student loan repayment, taxable
One More Payday Version 2: Make Everyday Payday
One More Payday Version 2: Make Everyday Payday
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How can I get a loan when I only get a small social security income?
Question by Maryam: How can I get a loan when I only get a small social security income?
I have been online for almost a week trying to get a small loan based on my income to no avail. Now all I get is spam mail. Is there help for me? I am a caregiver for an elderly uncle, before him, my mother until she passed. I am really strained and I need to catch up on my bill. Is there help for a person like myself who can only repay in small amounts and only once a month?
Best answer:
Answer by Judy
Sorry, but probably not. Personal unsecured loans are hard to get in the best of situations. A legit lender will want to be sure you can pay it back, and you can’t show that – if you had extra money, you wouldn’t be behind on your bills in the first place. There are plenty of scammers out there who will claim they’ll give you a loan, but then just scam you out of an “application fee” – you sound too smart to fall for that.
If you have a decent credit score, you could try a peer to peer lending site like prosper.com – they’re legit, but don’t get your hopes up for getting a loan there.
Is there any chance this uncle could help you, since you’re helping him?
Good luck.
Know better? Leave your own answer in the comments!