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Which Is A Reliable Source Of Credit for Unemployed with Bad Credit?

Loan store provides instant solutions to financial troubles for the unemployed with bad credit and no guarantor.


All of us need money at some point or the other to fulfil our needs and wants. Money cannot buy happiness. Thoroughly agreed, but it sure can make our lives more comfortable and smooth. We all need money to afford the basic amenities required for a living. Not all of us are fortunate to be born in a wealthy family or to have a job that pays well. Some of us do not even have job security. Unemployment also prevails, the main reasons being competition and inadequacy of jobs. Even for starting up a business, a minimum investment fund is required. Not everybody can procure satiable resources for these tasks. An answer to these problems is - loans.

For people who are unemployed with bad credit and no guarantor, even getting a loan is also difficult. People used to borrow money from times immemorial. Earlier, there were no rules, regulations, terms of credit, types of loans, etc. It was simple. A borrower would borrow an amount for a fixed period and then return it to the lender along with interest within the stipulated time duration. Nowadays, there are institutions that have made an industry out of borrowing and lending. These are nothing but banks.

But, banks do not give loans to every person who requires them. Before handing out the money, a tedious process is undertaken to ensure risk minimisation and guaranteed repayment. For this, they consider and review the applicant’s credit history, documents, bill payments, salary slips, and income, etc. Only after all of this is done, they determine whether to lend money or not and if to lend money, then how much and for what time.

Not everybody can fulfil all the provisions in the eligibility criteria. Hence, most of them are denied loans and their application is rejected. There are many reasons for this. The applicant can be rejected on the grounds of poor credit record, the absence of a guarantor, no proper documents, etc.

Unemployed people, poor people, and uneducated people are the ones who face drawbacks of the traditional loan systems. But, a few of the direct lenders provide unsecured loans to such people with no collateral, credit check or guarantor. This is helpful in uplifting and supporting the weaker sections of the society.

A bad credit score reflects the financial reputation and the nature of financial activities undertaken in the past. It can have a huge impact on a person’s financial deals and loan activities. Hence, building a good credit score is of utmost importance. A person’s credit score can worsen if he or she has failed to repay a loan or bills due to bankruptcy, sudden losses, or negligence. So, to rebuild a credit score also these unsecured loans by direct lenders can be helpful.

Unemployed people are not eligible to apply for formal credit in high standard, government-run financial institutions as they purely focus on risk minimisation and therefore have a lengthy verification process. Personal assets also have to be submitted to receive a loan. But, direct lenders provide loans otherwise too. Hence, for unemployed people, especially students and senior citizens, it is helpful. They do not have to undergo the sultry bank processes. They can avail easy loans with an online application process staking no personal assets or producing a guarantor.

Apart from this, getting such loans is easier and faster. We can apply for instant loans in case of emergency situations in which case, traditional and formal sources of credit prove to be inefficient. Doorstep loans are also available to make the entire process more client-friendly. Payday loans are loans for a short period and the borrower can choose the time duration. Unsecured loans give credit with no verification, credit history, submission of salary slips, etc. There are many nuances when such loans have helped people overcome difficult situations.

Some demerits of unsecured loans are that they charge a comparatively higher rate of interest. We must do repayment on time, otherwise, the borrower might fall into a vicious debt-trap. Hence, one must consider affordability, need and terms and conditions before taking a loan.

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There are many professional courses in this period, and one of the most talked and mostly opted courses in management studies. This course had originated in the early 20th century after the effects of industrialization. Came into light soon after companies and the industries tried to set up their management in a scientific manner. It helps an individual to learn and practice the ways to manage, lead, command, in a variety of business sectors and internal business portfolios.

A postgraduate programme in enterprise management also known as PGPEM is done with a specialization in a particular field. There are various specializations like Human Resources, Finance, Marketing, Information Technology, etc. This has to be chosen while keeping in mind where and in which field one has the ambition to work in the future. There is no bar of streams chosen in graduation for in case of joining a management study, anyone with a recognized degree can appear for an entrance exam and move forward with a PGPEM.

One has to qualify the entrance exam conducted by various universities for taking admission in PGPEM. There are various exams that are conducted on the National level for admissions in National Universities (IIMs) and various B-Schools. There are competitive exams namely CAT, MAT, CMAT, etc. for IIMs and GMAT which is internationally accepted. Your rank in the exam also plays an important role in choosing the right PGPEM school and specialization.

Specialization is the most important factor while choosing a college for management studies. This factor should always be kept in mind. The college you are willing to join should offer the specialization you are willing to opt for. Like, if a person who is more inclined towards marketing should go into it without any doubt, but it also requires some skills and polish from the professors and trainers. The specialization itself is the main part and the foundation of one’s career. As being given earlier, there are mainly four specializations and there may be more industry-specific specializations in many Institutes and B-Schools like Pharma, Entrepreneurship, Fashion, Digital Marketing, etc. which are more into light these days.

The campus is another important thing that must be taken into consideration while choosing colleges in Andheri or in any other city like Mumbai. Every other college now claims to provide you the best infrastructure and lecture rooms. But one should ensure how good the college is actually is because the campus plays an important role in your psychological and personal development. The campus must have good and comfortable rooms for lectures, soothing sound systems, well-configured computer systems, good internet facility. For people who are planning to go to some other place for studies should also enquire about hostel, food, stores and other basic needs. There should also be good exposure, regular conduct of events, seminars and industry visits, etc.

Student-to-Teacher ratio is one of the basic things which has to be kept in mind while choosing an institution from schooling to post-graduation. Because the concentration of the teacher matters. We always walk on the path which our teachers show us. The role of a teacher/professor doesn’t change even in the higher studies though many may be thinking so. If there is no concentration and attention from the teacher then the student fails to concentrate and cope-up with the subject. If there are few students and a teacher for them then it is easy to interact and know more.

Nothing in this world comes for free and nor is education. Before choosing a college and finalizing it for studies, one should enquire about Fee and allied expenses. Most of the B-Schools charge fees which more than 5-6 Lakhs, which may be unaffordable for some people. And some people may go for education loan and they should plan everything with accord to the fees charged by the institution in which they are planning to study. One should understand the fee structure and loan conditions (if applicable) before proceeding further. The return on investment should also be pondered upon. The fees paid are, in other words, an investment which should be recovered in the near future. The inquiry of the job placements must be done because most of the students of B-schools are ending unemployable or ending up earning 10k-12k per month which is not fair enough.

The clarity in Degree or Diploma certification must be there. There are not many institutions offering PGDEM programs.

The ideal institute should be like the Fazlani academy of business sciences. approved by AICTE & Ministry of HRD (GOI).

It has a good track record of delivering quality education to its students, has expert faculty who can train students to cope-up with the current industry needs. It also has a 100% placement record which is really impressive.

It offers modern computer labs, a spacious library with knowledgeable books on Management studies, various journals, and magazines. It grooms students personally for the future challenges which are to be faced, by improving their soft skills, interaction by various competitions and events. It helps in the improvement of working as a team, doing supervision, enhancing leadership skills and critical thinking. It is India’s only institute which provides placements before admission. Offers four different PGDEM courses such as in marketing, human resource, operations management, and investment banking and securities operations.

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