Q:

How can I get a loan if I am unemployed?

A:

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.

  1. Find high-risk lenders

    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.

  2. Apply only if you qualify

    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.

  3. Make sure the payments are affordable

    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.

  4. Make all payments on time

    Making your payments on time helps you to build a positive credit profile and makes borrowing easier in the future.

Learn More

Related Questions

  • Q:

    What are MOHELA student loans?

    A:

    MOHELA student loans are student loans serviced by the Higher Education Loan Authority of the State of Missouri, also known as the Missouri Higher Education Loan Authority. MOHELA does not give loans to students directly, but rather administers loans such as Federal Perkins Loans, Federal PLUS Loans, Federal GradPLUS Loans, Federal Stafford Loans, federal student loan consolidation and private alternative loans.

    Full Answer >
    Filed Under:
  • Q:

    What is the meaning of ex-factory price?

    A:

    Ex-factory price refers to the cost a manufacturer charges for a distributor or other buyer to purchase products directly from the source. This is a quote for the goods alone. It does not include shipping, handling or taxes. This practice is common when working with raw materials for secondary manufacturing.

    Full Answer >
    Filed Under:
  • Q:

    What are some methods for paying back student loans?

    A:

    Methods for paying back student loans include making a payment plan, making payments before graduating, loan consolidation and enrolling in auto-debit. There are also established programs that can help a student pay back debt and employers who include student loan repayment as part of a benefits package.

    Full Answer >
    Filed Under:
  • Q:

    Can someone assume your VA loan?

    A:

    A VA loan can be assumed by any individual who meets the lender's requirements as if he were applying for a new loan, according to Bankrate. Therefore, the buyer must use the original lender when assuming the loan.

    Full Answer >
    Filed Under:

Explore