Emergency Loans for Unemployed People

Finding yourself suddenly jobless with a desperate need for quick cash is no doubt a pretty unpleasant situation. You may believe that getting a loan while you have no income to prove is impossible, but it’s not. Before you panic about your current situation, understand that emergency loans for unemployed people like yourself do exist. Here are a few things you can do to get money when you’re out of a job:

Take Your Valuables to a Pawn Shop

If you have anything valuable, a pawn shop will give you a short-term loan for something at least close to what your valuables are worth. You will have to pay back what you are loaned plus interest over a time period specified by the pawn shop owner. Once the terms of the agreement have been met and you have successfully paid back what you owe, your valuables will be returned to you. If you are unable to pay back your loan, you can expect the pawn shop owner to sell your valuables to someone else to recoup his losses. But don’t worry — you will probably be warned before this happens, which should give you a chance to quickly get some money together if you don’t want to lose your stuff. Check with the Better Business Bureau before using a pawn shop you’re not familiar with so you can feel confident that the people you are dealing with are trustworthy.

What if I Need $10,000 fast and I’m Unemployed?

A HELOC, which stands for home equity line of credit, is one of the emergency loans for unemployed people you may qualify for that could potentially secure you this much money. Obviously, a HELOC won’t do you any good unless you do own your own home. If you own a home, you can borrow money against your home, and your home is considered the collateral. You should be able to get a HELOC whether you have a job or not as long as you are a homeowner. This kind of loan is particularly helpful if you need larger sums of money until you can find another job. Once you are employed again, you should immediately start paying back your HELOC because otherwise you could lose your home.

Ask Someone For Help

Asking someone you know for an emergency loan may seem like an unattractive prospect, but personal loans $5000 and under simply may not be an option for you, particularly if you don’t own any valuables to take to a pawn shop and aren’t a homeowner. Keep in mind that if you frequently find yourself in the position you are currently in — unemployed and desperately needing cash — the people you know might be reluctant to loan you money because they may fear that you will be unable to reimburse them. However, if you just happen to be in a tight spot at the moment and the people you know understand that you’re actually looking to better your situation and that you’ve never let them down before, they might be willing to give you a loan. Make sure that you get everything in writing regarding payments, loan duration, and any interest you might pay back before accepting any money. Do your best to make good on your promise to pay because you don’t want any hard feelings to result between yourself and the person who has agreed to help you out.