Experts in Statista stated that the rate of unemployment in Nigeria rose to 33.28% in 2020. Hence, it is unsurprising that most people think of how to get money to sort their bills. This leads to the statement, “I’m Unemployed but I Need Money Now”, which is normal for people to worry about. In case you are wondering how to get money instantly if you are unemployed, read further to learn how to do this.
Can I Take a Loan if I’m Unemployed?
The simple answer to this is “yes”. There is a legit way you can get a loan if you are unemployed. Also, the loan application process is easy, quick, and seamless. You will learn more about how to apply for this type of loan subsequently.
What Should I Consider Before Taking Out a Loan While Unemployed?
Before you try obtaining a loan, it’s important to be completely honest with yourself about your capacity to fully pay back the loan as initially agreed. It doesn’t matter if you’re unemployed or employed. Basically, missing only one payment can cause substantial damage to your credit.
This makes it harder for you to borrow in the future. Also, defaulting on repayment altogether puts a considerable dent in your credit history.
Be logical about your capacity to take care of the monthly payments for the agreed duration of the loan repayment. If you have any doubt, try borrowing a lower amount you can pay back without any hassle. Also, you can consider skipping the loan if you are still unsure. Instead of this, try borrowing from your family or friend.
Due to your employment status, some lenders may decide to change their loan offers in different ways, including:
1. Lowering the amount of money you are eligible to borrow.
2. Charging a higher interest rate and origination fees. This compensates for the costs of seeking payment if you do not pay back the loan.
3. Requiring complete repayment of your loan in a shorter period.
Lastly, lenders may expect repayment through automatic deductions from your active bank account. Basically, doing this decreases the chances of you missing a payment.
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Where can I get a loan if I’m unemployed?
A personal loan is the kind of loan suitable for getting cash quickly even if you are unemployed. Basically, this is because it does not need you to secure it with any property like a car or real estate (collateral). There are various Instant Online Loans in Nigeria that provide you with instant loans without collateral.
How Can I Apply for a Loan Online in Nigeria?
As stated earlier, the easiest and fastest way to get an instant loan online in Nigeria is to get it through online loan platforms/apps. There are various loan apps to get fast loans. Here’s how to apply:
1. First, download the loan app from Google Play Store or the App Store.
2. Next, apply for your loan on the app by providing your details.
Lastly, wait for a while for the platform to process your loan and send it to your bank account.
What Are The Benefits of Online Loans?
Here are some benefits of getting online loans in Nigeria:
1. You have access to loans 24/7
2. It is very quick.
3. You do not need any collateral to take the loan
You receive money directly into your bank account.
Basically, these are some of the advantages of using loan apps to obtain instant loans in Nigeria for personal use.
The statement “I’m Unemployed but I Need Money Now” should not be something to get worried about. This is because there are legit ways you can get a loan quickly and settle your bills. However, you must ensure that you are capable of repaying the loan so that it will damage your credit. If your credit gets damaged, it ruins your chances of getting a loan in the future.
Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.