Unemployed Loans – Do They Exist? tagged: , , , ,

Unemployed Loans – Do They Exist?

Posted by in Personal Finances


Do personal loans for the unemployed exist? Yes. Are the very tough to find? You bet!

It’s important that you know why loans like this are so hard to get. If you don’t have a job, you don’t have an income, and if a lender were to float you a loan, you would have a very hard time paying it back. When the lender comes after you for their money, you aren’t going to have anything for them to garnish so it doesn’t make much sense for them to help you out. You do have a few options out there though, and the rest of this post will help you figure out what you can do.

Payday loans normally require that you have an actual payday for the lender to approve you, but in some cases these can be used as loans for unemployed people. The key is that you are on some sort of government benefits, like unemployment. You have to be able to prove that you’re on the benefits by showing your claim form or check stub. Your odds of approval are increased when you receive the check via direct deposit. Getting a loan like this online is tough, you’re much better off trying your luck with the lenders that are in your area.

Another choice is title loans. These are secured loans that use your car as collateral. That collateral makes the fact that you don’t have a job less important. The lender knows that if you miss your payments, they’re going to repossess and sell your car, so they get their money back one way or another. You make your payments biweekly on these loans, so please don’t apply for one unless you know that you aren’t going to struggle making the payments.

One good thing about being in your current position is that you have the time to check out all of your options. Use the fact that you don’t have to go to work today to see if there is any other way for you to make money right now. I’m sure that if you dig deep enough, you’ll find something that will help you out before applying for loans.