Can I Get A Loan If I’m Unemployed?

I Need Money Today but I’m Unemployed

If you’re unemployed and need money, there really aren’t many places to turn. Loans for the unemployed are rare, and hard to get. This is simply due to the fact that if you don’t have any income, you don’t have anything to pay a loan back with. Most lenders are willing to take that kind of risk, since they probably aren’t going to get repaid. I’m not trying to say that you aren’t going to repay your loan, but lenders have been burned in the past in this situation.

Don’t give up hope, however, there are some situations where you can get a loan without a job, and the rest of this post will show you those.

Some Solutions to Your Money Problems

Cash advances are an option for some people who are unemployed. The only way you’re going to get this type of unemployed loan is if you are on unemployment or other benefits. You’ll have to prove that you are on it with your claim form. Not all lenders are going to help you out, and very few online will. You are best off grabbing your local phone book and calling around to all of the lenders that are in your area before heading out the door.

unemployedTalking to someone and explaining your situation is going to help you out a lot.

Secured loans are another option. Since a loan is secured, there is collateral behind it, and the lender may be more inclined to look past the fact that you’re unemployed to approve your loan. The most common type of loan like this is the title loan, which uses your car as collateral. Your car has to be completely paid off to qualify for a loan like this.

Remember that if you don’t pay it back, your car is repossessed, and it’s hard to go and find a job without a car!

One Big Advantage You Have

One of the biggest benefits of being unemployed or on benefits is the fact that you don’t have to go to work today. I know that sounds pretty obvious, but take this extra time to see if there is anything that you can do right now to make some money before going out and applying for loans.

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