Unsecured Loans From Surprising Sources

Online, May 20, 2010 (Newswire.com) - With the economy in turmoil and more and more Americans experiencing cutbacks and outright layoffs at work - an ever larger number of people are finding themselves living paycheck-to-paycheck. Savings reserves are shrinking or disappearing entirely for many families. One unexpected or larger-than-usual utility bill can be the undoing of months of careful budgeting!

So what do you do if you are the victim of an unexpected budget crisis? The answer for a large number of people has always been to take out a personal or unsecured loan - especially if their credit was good and even if it was not. A few years ago, loans were easily obtained at reasonable interest rates even if you had less-than-perfect credit. Not true today.

With historic rates of unemployment, uncertainty in the employment market (even in formerly considered "recession-proof" professions), mounting foreclosures and government bailouts of the banking sector, an unsecured loan, mortgage or home equity loan, car loan or even a student loan is harder to qualify for than ever. More than one in five people between the ages of 18 and 34 report having been refused credit within the past year, according to a recent study. Borrowers are even finding credit cards more difficult to qualify for. A significant 15% of those surveyed were turned down when they applied for a credit card in the last year.

In today's difficult economic climate, more people have turned to non-traditional lenders to obtain personal loans. While banks - the traditional source of credit have struggled and sometimes failed altogether - credit unions, small banks, private money lenders and finance companies often still have the ability to make personal loans and small business loans and be more flexible in the approval process.

Pre-qualify for a unsecured loan up to $250,000. Click here to learn more.