The financial strain of unemployment is enough to deal with. There are options available to obtain funds even when there is little or no income coming into the home. The information below will help to understand how to get quick cash for unemployed people. In some cases, these options are the best opportunity available to keep a roof over your head.
Visit a Pawn Shop
Visiting a pawn shop may just be the easiest option for unemployed persons to obtain cash quickly. Consumers can take items of value to a pawn shop and obtain cash on a loan, or pawn, for a period of 90 – 120 days. It is important to understand that the amount paid for items is not what the value will be when the items are pawned. A pawn shop can only loan for the amount the item is actually worth. This means that a 14k diamond ring purchased for $2,000 may only be able to obtain a loan for $300, as an example. If the loan goes unpaid, the items are lost.
Use a Co-Signer
In some cases, a personal loan may be able to be obtained with the use of a co-signer. This will help you to get the funds needed but makes the co-signer responsible for repayment if you default on the loan terms. Of course, this can turn ugly quickly so it is important to ensure that you can repay the amount being borrowed. The loan amount is based upon credit and the ability to repay the loan.
Borrow Against Life Insurance
Most life insurance policies offer policy holders the ability to borrow against the coverage. This does have to be repaid but the terms are much more lenient. This does temporarily reduce the value of the insurance policy until the borrowed amount is paid back in full. This is an interest bearing type of loan which means that you will repay more than what was borrowed.
Even unemployed persons have the ability to obtain loans to take care of household expenses and personal needs. In some cases, a few hoops may have to be jumped through but if you have good credit, collateral and a strong co-signer, obtaining a loan should not be a problem. Pawn shops are a good option if you have items that you can go without for a period of time or can stand to lose should you be unable to repay the loan given.