Personal Loans For The Unemployed – Is It Possible?

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Using Existing Assets and Savings

Personal Loans For The Unemployed - Is It Possible?

This is certainly not the best option, but you can use it when there is no other way to borrow money.

If you own a house, you can take out a home equity line of credit. This is a revolving loan secured against the property.

You can take as much money out as necessary during the month as long as you do not exceed the set limit. The interest rate is not particularly high since the credit is secured. At the same time, if you do not repay the loan on time, you will risk losing your house.

Another option is to withdraw cash from your retirement savings account. This will have an adverse impact on your savings, but if you have no other choice, you should go for it.

Similarly, if you have whole life insurance, you should be able to withdraw money from the savings component or borrow against the accumulated cash.

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