Q:

Where can you get a loan when you have no job?

A:

Quick 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.

Know More
Where can you get a loan when you have no job?
Credit: Rob Daly OJO Images Getty Images

Full Answer

The Los Angeles Times reports that payday lenders around the country offer loans with unemployment checks as collateral. While the article warns that such loans are often predatory, they can be the only potential source for a loan for a person who is unemployed and dealing with a damaged credit history.

About.com notes that pawnbrokers are another common source of short-term loans for a person who isn't traditionally employed and who is unable to pass a credit check required by a traditional bank. About.com also explains that most traditional banks don't grant a loan to someone who is unemployed because they require proof that the borrower has the ability to repay the loan. Credit unions and a local bank with which a person has been associated for a significant amount of time are more likely to approve loans for a non-traditional borrower than larger banks. An unemployed borrower is more likely to pay high interest rates and even place a significant down payment before receiving a loan.

Learn more about Personal Loans

Related Questions

  • Q:

    How do you get a loan with no job?

    A:

    People without jobs can go to pawn stores for loans, get home equity lines of credit or ask someone to co-sign on the loan. However, it helps if they have other income sources, such as unemployment or alimony payments. There are also no-documentation home mortgage loans.

    Full Answer >
    Filed Under:
  • Q:

    How do you get a payday loan without a bank account?

    A:

    Getting a payday loan without a bank account typically requires an application, proof of income and additional fees, according to HowStuffWorks. Not all payday lenders lend to customers without a bank account, so customers without one are advised to contact lenders in the area to ask about the policy.

    Full Answer >
    Filed Under:
  • Q:

    How do you get a loan from the Fifth Third Bank?

    A:

    Those seeking a loan with Fifth Third Bank can apply online at the financial institution's official website, by visiting a local branch office or by calling 1-866-535-6267. Consumer loan products offered by Fifth Third Bank include mortgages, mortgage refinancing, auto loans, personal loans and personal lines of credit.

    Full Answer >
    Filed Under:
  • Q:

    Where can I get a bank loan for a 17-year-old?

    A:

    A 17-year old is consider a minor, and minors cannot obtain loans on their own, according to CarsDirect. Many banks don't allow a minor to obtain a loan even with a co-signer. This is because a loan is a legally binding contract, and minors cannot enter into contracts.

    Full Answer >
    Filed Under:

Explore