There was a time when having a good college education was enough to ensure a path to financial security, but the economic realities of the past few years has changed all of that. No one is untouched by the credit crisis and subsequent downturn, and people at all levels have lost their jobs. As a consequence, there has been a rise in applications for unsecured personal loans taken out by the unemployed.It may sound like a desperate act on the part of these applicants, but there is little wrong with the idea of lenders granting loans to the unemployed. While nothing is guaranteed, unemployed loans without security are available, and provided the set criteria is satisfied, the loan can be approved.Of course, these criteria are essential. After all, lenders never offer loans for nothing, and they will want some kind of assurance that they can get their money back. And yet, the fact that it is possible to get loan approval for the unemployed, individuals with no source of income, seem counter-productive. But there is method in this madness.How the Unemployed Loans WorkDespite the name, there is little special about a loan for the unemployed. It is, essentially, an unsecured personal loan with the only difference to any other being the fact that they are tailored for those who have recently lost their jobs. The option works for a number of reasons, but principally because unemployment is usually temporary.It may depend on factors such as age and qualifications, but a return to employment is usually just a few months away. Of course, while a new job is never guaranteed, unemployed loans without security are attainable because the odds are in the favor of the individual. Even if the new job is not as well paid, restored financial security means the loan can be repaid.What is more, many who lose their jobs receive some redundancy payment, while others also begin small independent operations. So there is some income, making loan approval for the unemployed more acceptable.What Terms to ExpectStill, the terms of any such unsecured personal loan are not going to be ideal. First and foremost, the degree of risk that the lender faces is significantly higher than if they were granting a loan to a fully-employed applicant. Little surprise then that the interest rate is higher too.However, much depends on the employment prospects of the applicants, with those figured set to find work relatively easiest more likely to get approval. Of course, there is no way to find a guaranteed unemployed loan without security, but the odds are in favor of those who are young and qualified in growing sectors.The duration and size of the loan is also a key factor, with large sums likely to be rejected. It is important, to get loan approval, for the unemployed to be realistic in their application. Seeking a $100,000 loan is not wise, but seeking $30,000 to repay over perhaps 10 years is since repayments will be low, and the lender will make a tidy profit over the term.Finding the Best Unsecured Personal LoanIt is difficult to find a traditional lender, like a bank, that offers a good deal on unsecured loans, never mind loans to the unemployed. So the best place to find a deal is online. In fact, online lenders provide the closest thing to a guaranteed unemployed loan without security with a good interest rate.But even before seeking loan approval for the unemployed loans on offer, it is important to check out the lender with the Better Business Bureau. Unsecured personal loans can be a much needed rescue package, but from less trustworthy lenders, they can be a disaster.