Have you ever wondered why finding a lender for unemployed loans is a tough call despite a host of websites claiming to offer the same online? There are 3 certain common mistakes which borrowers commit while applying for unemployed loans.
1. Failing to establish a credit worth
When you apply as an unemployed person without a fixed income source, your loan application is bound to be rejected. A lender needs to have a security for the credit. You need to submit proof of all side incomes with your loan application. Whether it is a small ad sense income on your personal blog, a monthly cheque from a relative you should attach with the application.
2. Not applying for unemployed benefits
As you receive the pink slip, you should apply for unemployed benefits. Approximately after 2 weeks you would start receiving a benefits’ cheque and it would greatly improve your worth.
3. Too many loan queries
By applying to too many lenders and receiving the subsequent rejections you would further ruin your credit score. It is better to contact a loan broker and avail various deals on short term loans for unemployed.