There are several businesses that loan money to the unemployed, but unless substantial collateral is presented, terms are almost certainly unfavorable, notes Moneysupermarket.com. The borrower pays a high, if not exorbitant, interest rate and administration fee.
Moneysupermarket.com tells people who are unemployed and without an income to not borrow any money at all. There are situations where an individual might own a significant asset that can be sold without incurring any major financial debt. It might be reasonable to consider selling the asset or borrow money against it if borrowing rates are at or near the risk-free rate of return that is generally regarded as the rate at which three-month U.S. Treasury bills trade, according to Investopedia. This is the interest rate at which larger investors consider borrowing money and investing in other, more risky, asset classes in an attempt to leverage stock and other market gains. The goal of any borrower is to borrow as close to the "risk-free rate of return" as possible.Learn More
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 >
ACE Cash Express notes that applicants for a car title loan do not have to be employed, but should be able to prove a consistent income stream. Applicants who apply for a title loan online are required to provide banking account information to facilitate the transfer of funds if approved for the loan. In-store applicants are not required to have a bank account to apply for a title loan.Full 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.Full Answer >
In order to get a loan, an individual must be at least 18. According to CarsDirect, teens under age 18 remain minors, and legal contracts they sign are not binding.Full Answer >