As a result of the damaged United States economy, unemployment is on the rise. The overall unemployment rate currently stands at 7.2 percent, a 15-year high according to Bureau of Labor Statistics.

Being unemployed is a blight that equates to very difficult financial times for those affected by it. Paying for the basic necessities needed for you and your family to survive including food, rent/mortgage, car loans, utilities, etc. will likely be a daunting task until new employment is achieved. An unforeseen financial crisis while unemployed like car or home repairs, medial bills, etc, can be the straw that break the camels back, forcing one to file for bankruptcy.
Knowing what your options are for dealing with an unexpected financial emergency during your days of unemployment is very important. Hopefully, you will have some money saved specific for these types of crisis. If you do not, try and borrow from a family member. If borrowing from family is not an option, and you are a homeowner, consider getting some cash out of the equity of your home through refinancing. Mortgage rates are at an all time low. Refinancing will not only get you the cash you need now, but will likely help reduce your monthly mortgage payments as a result of the available lower interest rates.

If you are not a homeowner, your options are limited when it comes to borrowing while unemployed. One viable option is utilizing a short-term collateral loan. These types of loans allow you to secure your loan with some sort of personal collateral, like a car, motorcycle, jewelry or pretty much anything of value. Securing your loan gives you borrowing power, even if you have bad credit. Prior to applying for these types of loans, you should analyze your circumstance, particularly with regards to your financial situation and the amount of time that may pass by before you can obtain a worthy, long-term job. Use a personal loan calculator and determine if you can afford the payments of the loan you are considering. It is important to understand that if you do not pay your loan back, that you will lose the collateral that you used to guarantee your loan with.

Another option for a borrowing while unemployed is to apply for a no credit check loan. These types of loans allow borrows to obtain up-to $1500 with no credit check.

In short, unemployment will likely only be a temporary phase of your life. However, you will still need a minimum amount of funds to survive. Being prepared for dealing with an unexpected financial situation is crucial. If you are really in over your head, you may want to consider filing bankruptcy. Read some common questions and answers related to bankruptcy.

Related Reading:
Get Help Finding a Job
Creating Job Stability

Dealing with a Slow Economy
Keeping Your Job
401k Investing When the Market is Bad




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