Q:

How can I get a loan if I am unemployed?

A:

Quick Answer

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
How can I get a loan if I am unemployed?
Credit: Peter Dazeley Photographer's Choice Getty Images

Full Answer

  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 in Personal Loans

Related Questions

  • Q:

    Should you get a personal financial loan?

    A:

    A personal financial loan can be wise when a consumer has a credit score of at least 640 and wants an alternative to credit cards, states Daily Finance. People who have lower credit scores risk loans with higher interest rates than credit cards and generally should not get such loans.

    Full Answer >
    Filed Under:
  • Q:

    How do you get a post-bankruptcy loan?

    A:

    Getting a loan after filing for bankruptcy is dependent upon the type of loan and the type of bankruptcy filed. Individuals are generally able to get a car loan right away, however, there are high interest rates attached, according to Nolo. There are minimum wait periods for home loans.

    Full Answer >
    Filed Under:
  • Q:

    How do you get a loan with bad credit?

    A:

    People with bad credit can get loans by exploring alternative options to banks, such as credit unions or friends and family; bringing a cosigner on board; and using a home equity loan or a home equity line of credit, according to America’s Debt Help Organization. Bankrate recommends checking credit reports and fixing any errors and applying for loans at places where the requester already does business.

    Full Answer >
    Filed Under:
  • Q:

    Can I get a loan without a bank account?

    A:

    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 >
    Filed Under:

Explore