Discuss kevin's answer to: Cash Loans for the Unemployed?

Cash loans for the unemployed don't make sense to me. How would they pay the loan back? I bet the interest rates are murderous too.

kevin
kevin Answered:


In the USA, loans are fairly common for the unemployed. People seem to have the idea that all they need to do is ask for money and they can have it. Well unfortunately this is true in some instances. People want something so they take it, even if they can't afford it. This is causing many people to go into huge debt. This ruins both their own lives and the lives of people around them. Credit companies charge huge interest rates so it's really hard to get back out of debt. So let this be a warning to you if you're thinking about taking out a loan. Unless it's for an emergency, I would counsel you not to get it.

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josh
josh Thinks this answer is Helpful:

If amount is borrowed from any financial institution without any specific purpose or for fulfilling general needs by unemployed person, this will enhance the debt factor as well will lead to many problems regarding financial crisis.
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