To secure a loan while unemployed, search online for lenders that specialize in high-risk loans and have programs that do not require employment information on their applications. These applications can be completed in minutes. Be prepared to provide your address, Social Security number and bank account information.Know More
Search online for multiple high-risk lenders. Before applying, compare each lender's rates. There are many loan interest rate comparison websites available to help you judge what a fair rate would be for you based on your credit profile.
Verify that employment is not a requirement before applying for a loan. The lender pulls your credit report during the application process, which lowers your credit score. Since qualification and interest rates for unemployed people relies heavily on credit scores, be certain not to harm your score with unnecessary credit pulls.
Be sure to calculate your income from all sources, including unemployment, investments, Social Security income or disability income. Before accepting the loan, determine if the payments are affordable for you.
Making your payments on time helps you to build a positive credit profile and makes borrowing easier in the future.
To get a loan while on SSI, apply through a bank or loan company as any other consumer would. There is no special process that allows SSI recipients to qualify for loans specifically.Full Answer >
According to About.com, the easiest way to get a loan while unemployed is to apply for a Home Equity Line of Credit through a bank. Other options include applying through a traditional lender with a co-signer, going through a payday loan service or borrowing from friends or family.Full Answer >
Getting a loan without a bank account is not impossible, but the lack of a savings or checking account rules out loans from most traditional lending institutions like credit unions and banks. HowStuffWorks explains that lenders view a consumer's lack of a bank account as a liability since those who do not have bank accounts are often unable to obtain one due to financial hardship or a bad banking history.Full Answer >
To obtain a loan, investigate what type of loan is required, where to get it and apply for it. A potential borrower needs to research any requirements necessary to obtain the loan from the lender, such as a specific credit score required for approval. Before signing loan documents, the borrower should ensure he understands the stipulations contained in the documents.Full Answer >