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Can I ask for unemployment insurance for making monthly loan payments?

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Can unemployment insurance help me to make my monthly loan payments? Do I have to site any reason to opt for the coverage?




Hi Motley!

Yes! You can use the amount for monthly loan payments.

Sub: #1 posted on Mon, 06/08/2020 - 00:26

Ryan Miller Ryan Miller

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I wouldn't suggest you to make monthly loan payments with the unemployment insurance benefits. There are a few reasons behind this. First, most credit card companies are offering debt relief programs. Even lenders are giving a buffer time to borrowers for making loan payments. So, why would you waste your unemployment insurance benefits on your loans. Use it for productive purposes. Let the situation become little normal. Then you can think about making monthly loan payments. Talk to creditors to know if they will give you that buffer time. That's important.

Sub: #2 posted on Mon, 06/08/2020 - 05:55

David Martin David Martin

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