Quick Loans for Unemployed People

When you’re unemployed and you need a loan, the situation looks pretty hopeless. After all, who is going to give you money when you don’t have a job? It might really seem like no one in their right mind would want to take a chance on you paying back a loan when you’re out of work. Before you totally give up on the idea of finding quick loans for unemployed people, explore all your options. You might be surprised to learn that there are actually a few things you can do.

20 Minute Payday Loans

Payday loans are normally approved for most people in 20 minutes or less, but it probably seems like something you can’t get since you don’t have a job. However, if you get an unemployment check most payday loan companies will consider that your payday. Getting a payday loan is probably the best way to get fast cash, but you should keep in mind that you might not be able to get more at one time than what your unemployment check is for. You will also have to pay back a large amount of interest in addition to the amount you borrow, but if you’re desperate enough for cash, you are probably content to do this.

Offer Up Your Valuables

If you don’t get an unemployment check and cannot get a 20 minute payday loan, think for a minute about all the things you own outright. Any item that you own of value can be used as collateral for a loan. You can borrow money against the title on your car or take things like musical instruments, jewelry, and electronics to pawn shops for short term loans. Keep in mind that pawn shops are not always trustworthy places. Protect yourself from being ripped off by asking lots of questions about the interest rate you’ll be charged, the duration of your loan, and exactly how much you’ll have to pay total in order to get your items back.

I Need $5000 Now! What Do I Do?

When a small loan won’t cut it and you seriously need a large amount of money in a hurry, your options suddenly become much more limited. At this point, your best chance of getting a lot of money fast is through a home equity line of credit. You can’t get a home equity line of credit unless you are a homeowner. According to the Federal Reserve, the amount you can get through a home equity loan will depend on how much your house appraises for as well as how much you still owe on your mortgage. The more your home is worth and the less you owe on the mortgage, the more money you can potentially borrow against it. If you decide to do this, be absolutely sure that you make your payments. Not doing so means you might lose your house.

If there are absolutely no quick loans for unemployed people that you qualify for, you should try to rethink your situation. When financial emergencies involve angry creditors breathing down your neck wanting money, you might actually be able to put them off until you can find a job. Many people make the mistake of dodging phone calls from their creditors, but sometimes just talking to them and explaining what is going on is enough to get them off your back, at least for a while. You should immediately start looking for a job to take care of your financial emergency and try to find a way to put everything on hold until you do have some form of regular income.