There are banks that provide financing for unemployed people, but they usually have higher rates. You may be asked to use your home or car as security, or to find a guarantor.
Personal financing is useful if you need a quick source of money in order to make a substantial purchase in an event where you might be unable to afford. Note that you have to be able to prove to the lender that you'll be able to meet your repayment responsibilities. If you are not sure you can make your monthly repayments, a personal financing may not be for you.
If you are struggling with your finances and you think you might not be able to make your repayments, you should contact your lender as soon as possible. They might be able to help you work out an easier repayment plan. Not letting your bank know could lead to a penalty for missing any payments. A missed payment could harm your credit score and any assets secured against could eventually be repossessed.
Since people are not tied to any collateral, banks will determine your credit score and history, income and other debt obligations in order to qualify for a personal loan. The rates are also usually quite higher because the lender has more risk.
Most banks set a maximum financing tenure of 10 years. However, it is always better to pay off quickly as the rates for Personal Financing are usually quite high. Always look at the amount of rate you are going to pay.
Yes, but the lower your credit score, the more expensive it will be. However, always remember that the approval of your application will still be determined by the bank.