Different Types Of Loans For The Unemployed
When you don’t have a job and are in need of some fast cash, it’s easy to make bad decisions. There are, however, some loan options out there for you, but they are not easy to get. It’s going to take some persistence on your part to get approved for a loan without a job. Lenders simply don’t want to work with you because the risks for them are very high. Without income, it’s very unlikely that you’re going to be able to pay back an expensive loan. The options are slim, but this post will show you just what they are.
The first thing that many people are going to check out is the payday loan. Generally, getting a loan like this requires that you actually have a ‘payday’. The only way that you are going to get this type of loan is if you’re on unemployment or other federal benefits. If you aren’t, don’t waste your time with this type of loans for unemployed. Also, the odds of getting a loan online are slim, you’re going to want to apply to local lenders, but call around to a few first to see if they’re willing to work with you.
Should the cash advance option not work out for you, try looking at secured loans. The one that you’re most likely to qualify for, unless you’re a homeowner, is a title loan. If you have a car that’s in decent shape and completely paid off, you may be able to qualify. Some lenders are willing to look past the fact that you’re unemployed since they will repossess and sell your car if you don’t make your payments. Understand that these loans are crazy, and there’s a good chance you’re not going to be able to afford it, so use it as an absolute last resort.
The best thing about being unemployed is the fact that you have a ton of time on your hands. Use that to your advantage and see if there is another way that you can make money without getting a loan. You may be able to figure something out that will not require you to go and stress over loan applications!