Qualifying for Unemployed Personal Loans

Getting an unemployed personal loans is definitely no easy feat. If you don’t have a job, you’re not going to find very many reputable lenders willing to offer you some cash. A $2000 loan, which is considered small amongst most lenders, might not even be possible to get if you can’t prove you have some income. It is possible to get a loan if you’re in a predicament such as this, but you’ll have to accept that there could be some consequences. Loans for the unemployed usually have very high rates of interest.

Consider All Sources of Income

Some lenders will approve borrowers based on any income proof at all. This means that if you’re drawing unemployment or you receive any type of check monthly from the government, you might be able to use this to secure yourself a loan. Income like this doesn’t usually count for as much as income from an actual job in the eyes of most lenders, but for many it will do just fine. Keep in mind that the amount you are approved to borrow has to be realistic. For example, if you only bring in $700 each month from an outside source of income, you can’t really expect to get approval for a $15000 personal loan.

Provide Potential Lenders With Security

You may be able to get approval for unemployed personal loans if you offer up collateral or get someone you know to cosign with you. This lets your lender know that if you don’t pay, they can either take some of your valuable personal property as payment or demand that your cosigner pay the loan off for you. Obviously, those are two things you don’t want to happen, but you’ll have to accept them both as possibilities if you definitely can’t pay back your loan.

Be On the Lookout For Shady Lenders

Some unemployed personal loans are actually scams. Make sure all the lenders you consider are Better Business Bureau accredited and that they don’t ask you for a large sum of money upfront just to loan you money. Be especially wary of applying for loans online. Sometimes these untrustworthy lenders operate over the Internet, offering online signature loans to unemployed people who are desperate. Identity theft is a big concern with online loans, so do your research to make sure you’re not ripped off.