To Get a Personal Loan or Mortgage Loan a Good Job is a Must

Unemployment in today’s world

Photo from Picasa

Photo from Picasa

If you are looking to get a personal loan and are unemployed, you may have some problems finding a lender. In today’s world the unemployment rate is running rampant. Many consumers are finding themselves in difficult positions with cutbacks and layoffs affecting millions of workers. The good news is that the economy seems to be turning around. New studies are showing that though the unemployment rate is still high, it is projected to decline in coming months. If you are one of the millions of Americans without a job, there could be relief in 2010.

Jobs are coming into the market

Studies are showing that in 2010 employers are expected to hire more workers than they did in 2009. That is good news for the market and a sign that the recession is coming to an end. About 20% of employers are in the nascent stages of creating jobs for next year, according to Michael Erwin, senior career advisor at the website, said, “There is definitely an uptick. The number of employers who say they are going to add full-time workers is up from last year. Employers are waiting to see what the economy does and what the new year brings.”

In terms of what types of jobs are going to be entering the market, about 30% are expected to be technology jobs, 28% will be customer service oriented and 23% will be sales positions. Erwin added, “The employer we are talking to are really shifting from cost containment. Not it is really about growth so I think you are going to see what can grow the business and make the money come back.”

Salary projections for 2010

New jobs are set to begin entering the market in 2010, but what about salaries? Studies are showing that most new jobs will come along with tight salaries. Workers can expect employers to remain frugal with negotiations. In terms of existing workers, numbers are showing that 57% of employers expect to see higher salaries for them in the coming year. For anyone looking to buy a home, get a personal loan, or finance a car in 2010, having the right salary is key. Research is showing that workers already employed have the best shot at making big-ticket purchases and extending their credit limits.

Benefits and the new hires

When it comes to benefits, new hires should expect the same frugality to reign supreme. With a “wait and see” attitude, employers are going to cut back on bonuses, medical coverage and matching 401k contributions. In 2009, 32% of employers cut back on benefits and in the coming year that percentage is expected to rise by 5%. Erwin confirmed the research by saying, “It makes sense that employers are still going to be tight-fisted with their employees. Although the economy is on a turnaround heading upward, no one really knows what that is going to mean long-term.”

Stabilizing the economy

For a long time the recession has had an adverse affect on people’s lives. Anyone looking to get a personal loan, request a home equity loan or increase their credit limit, was most likely turned away unless their credit was a 700+ score. Now that employers are promising new jobs, consumers are looking with anticipation to the future. They know that part of the real turnaround of the economy will be a declining unemployment rate. Once people are able to generate income again, they will be more likely to return to their former spending habits. It’s that return to the norm that will do the most for stabilizing the economy.

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