Those who are unemployed obviously
often have trouble getting by on their unemployment benefits. When money is
tight, those who are unemployed often consider getting a bank loan to cover
expenses. However, in most cases banks won't give loans to those who are unemployed
because of the risk. When a person becomes unemployed, they generally aren't
the only ones they know who don't have jobs. Because of this, it can be very
difficult to borrow money from friends as they are often in the same situation.
Luckily there are some cash lending
companies that give loans to those who are unemployed. These are loans,
however, so they have to be repaid. These aren't a way to get free money as
they aren't charity -- they are loans. For the lender these are risky loans,
but in many cases the loan gets repaid. To get a loan, those who are unemployed
and need money need to show identification to prove who they say they are and
prove their age as those who are younger than 18 aren't legally permitted to
obtain a loan from a financial institution unless it is for college. They will
also be required to have a checking or savings account.
This is so that the lender can
deposit the loan into the borrower's account in the case that they don't fund
the loan in cash. Also, when the loan is originated, the borrower will be
required to write a check to the lender for the amount of the loan plus
interest and any fees. The lender will cash the check when the loan is due back
as a way to receive the loan repayment.
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