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Taking out a loan is not always easy. Lenders have eligibility criteria that they expect their customers to meet. It is common for them to require their borrowers to not only meet the required credit score but for them to have a stable job as well. As a housewife, this may not be something that you’ll be able to meet. But this doesn’t mean that you should be excluded from even taking out a loan.

How To Apply For Loans for Unemployed

Even if you are unemployed, there are loans available for you. You’ll find that there are lenders that will consider lending money to unemployed borrowers. All you have to do is to prove to them that despite your unemployment, you will have the means to pay the loan back.

Before applying for any loan, make sure that you meet the lender criteria first. This could vary from one provider to another, but among the basic ones are the following:

Regular income source

Despite being a housewife, you will need to show that you are getting a regular income in order for you to make the repayments. If you can show some proof to the lenders of your capacity to pay them back, they wouldn’t have any problem approving your loan request. 

Credit score

Lenders will also need you to have maintained a good credit score. Your credit score can be an indication of your creditworthiness as a buyer and lenders are often more flexible to unemployed borrowers as long as they can show a good credit score.

Credit history

It would help to if you can show to lenders that you can be trusted to manage your debt well. They’d likely want to see your past payment history. This will let them have a glimpse of how well can you be trusted to pay off your debt. Before you do take out a loan, make sure that you have met the eligibility criteria that your lender of choice has set. See to it that you only borrow what you need. At the same time, make sure that you really can afford to pay it back. 

Defaulting on a Loan

If you’ve been having a hard time paying off a loan that it reached the point that you have defaulted on the payments, it is important to know what the implications are. When you took out a loan, you signed an agreement with the lender to pay it back along with the involved costs.  But if you have been missing several payments, lenders will usually have no choice but to report the non payment to the concerned agencies and to give a default tag on the loan. 

Understanding defaults

A default notice can be quite a stressful thing to see. You’re already in such an extreme financial pressure and it doesn’t help when you have to deal with something like this, default notices are generally sent to you if you have missed three to six payments. This is a notice that can only be issued to borrowers whose debt is regulated under the CCA or Consumer Credit Act. 

What to expect

When you get a default notice, it will include all the loan terms that you may not have complied with. It will also include a request for you to provide them a hug amount of money which you may not be able to comply with. The account is then cancelled if you’re unable to fulfil the request and some creditors may no longer take action while some may proceed to seek legal remedies. Creditors can demand for the balance to be paid in full or pass it on to a collection agency. They may take corrupt action too or repossess any security that is part of the agreement to recoup their losses. 

How defaults affect you

Be aware that default notices are going to stay on your credit file for a long time. For six years it would stay there which can affect your chances of getting approved for credit in the future. If you can make the payment within a certain period though, it can be removed from your file. Otherwise, it will stay.