In today’s era financial insecurity is a constant cause for concern throughout our entire society. Many people have found themselves in the predicament of being in a difficult financial position at one time or another. In these times, the need for quick available cash, often to just pay the bills, is a real worry for many people. Securing access to various forms of cash, however, can represent a problem if you are unemployed. So how exactly does one obtain a loan for the unemployed? The good news is that there are various options still available to you. One such option is a Home Equity Line of Credit (HELOC).Simply put, a home equity line of credit (HELOC) is a loan provided by a lender using your home as collateral to back the loan. This is similar to a traditional secured loan, where a loan is backed by collateral; however, using the equity in your home as backing allows you to draw from a larger pool of stored funding. In a HELOC, the lender will establish a line of credit for you to draw upon, rather than providing you with a one time, up front, lump sum. This works much the same way a traditional credit card would, providing you with a maximum amount of money to be borrowed. Each month the borrower will pay a monthly interest balance on the money actually borrowed (not the entire line). Interest rates can fluctuate with the standard markets; however, much like a traditional mortgage, the interest paid on a HELOC is tax deductible. The tax deductible allowance on interest for a HELOC currently has a cap at the first $100,000 borrowed. An important point to remember is that drawing upon a home equity line of credit increases the amount of mortgage principle owed on your home. Correspondingly, this will reduce the amount of equity accrued in the home, so should the home be sold prior to the loan being repaid the owner will have less money to take away as profit.Home equity lines of credit are a great way for one to be able to access stored funding that might have not been previously available. These loans for the unemployed offer a secure, simple and reliable way for one to be able to garner the cash needed in sticky financial situations. With a little time, effort, and home work you can be able to access this funding and hopefully alleviate some of your short-term financial concerns.