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.


Is this answer helpful?

Similar Questions

  • Q:

    Are you able to get a title loan with no job and no bank account?

    A:

    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 >
    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:
  • Q:

    How do you get a bank loan?

    A:

    A borrower can obtain a bank loan when he meets the bank’s lending criteria. This is determined during an application process where the borrower provides information related to his credit history, credit score, current employment and potential assets that could secure the loan.

    Full Answer >
    Filed Under:
  • Q:

    Where can I get a loan if I don't have a job?

    A:

    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.

    Full Answer >
    Filed Under:

Explore