How to Get a Loan While Unemployed – No Income Required
If you're unemployed, your mind is likely racing all the time. Whether you're wondering when you'll be able to work again or pondering how to pay the bills, it's a pretty stressful situation to be in.
You don't have to struggle alone. You can get a loan while unemployed. There is a plethora of financial aids available. You just need to know where to look.
How to Get a Loan While Unemployed
Even though it seems virtually impossible to get a loan while unemployed, because your ability to pay it off fully depends on your employment status, alternative loan lenders see it differently. The money you use to pay off the loan doesn't need to come from an employer.
1. To Get a Loan While Unemployed, Consider Alternatives
Short-term types of loans require neither a perfect credit score nor income from the job. Some of them require collateral, such as a car title, others don’t need even that. But you can be rest assured to get these types of loan if you don’t have a job. Let’s talk about each of them in detail.
Payday loans are a type of loan that will help you survive till the next time you’ll receive your money, be it social security benefits or alimony. This loan type is quite popular among the younger generation who are yet to build a credit history thanks to the few qualifying requirements.
Credit Card Cash Advance
This is a short-term loan offered by your credit card provider, which is super easy to acquire, and you won't need to verify your income.
All you need to do is visit an ATM and use your PIN to receive the advance. If you don't have a PIN for your credit card, you might have to take a trip to the bank instead.
When looking into this loan, always check the fees. Sometimes, credit card providers like to charge you upwards of $20 every time you take out a credit card cash advance.
Home Equity Line of Credit
A HELOC or home equity line of credit uses the equity you've built in your home to lend you money for a certain period. Lenders calculate your equity using the following equation:
amount home is worth - balance of mortgage = equity in home
Usually, HELOCs come with a draw period. This is the duration that you can use the money. Once this timeframe ends, you have to start paying the loan back.
This loan type is very flexible and incredibly accessible. However, it's worth remembering that your home is up for collateral. Plus, you typically need a substantial credit score to gain approval.
Generally used by students and people who are yet to build credit, guarantor loans can be helpful when you want to get a loan while unemployed. It allows you to gain money even though you can't acquire credit in your name only.
It's quite a simple one to apply for. All you need is a relative or a close friend who is willing to be your guarantor. This means that they promise to repay the loan if you cannot cover the repayments.
In this situation, lenders see very little risk and are far more willing to let you borrow money.
Instant Online Title Loan
An instant online title loan uses your vehicle as collateral. In other words, the total amount you can borrow is based on the value of your car, motorcycle, or truck. They are designed to be short-term solutions to fund emergencies such as medical bills, urgent travel, and repairing your home.
With Wisconsin Auto Title Loans Inc, you can borrow up to $15,000 in as little as half an hour. You don't even need a good credit score to qualify! We work with poor and even non-existent credit ratings.
2. To Get a Loan While Unemployed, You Should Have One of the Following:
- Disability payments
- Rental income
- Settlement payments
- Child support
- Unemployment benefits
- Social Security
3. To Get a Loan While Unemployed, Come to Wisconsin Auto Title Loans, Inc.
- Go to the Main Page of Wisconsin Auto Title Loans, Inc. website to fill out the form located on the top left and click “Next”.
- Pick up the phone when one of our friendly loan experts calls you. They'll tell you about the documents you need to present and answer any questions you have.
- Head to your closest Wisconsin Auto Title Loans Inc location with your driver's license, lien-free vehicle title, and your vehicle.
- When you arrive, one of our loan representatives will appraise your vehicle, review your documents, and determine the mount you qualify for. (Remember, with car title loans you can get up to $15,000, and with installment loans – up to $1,500.)
- After that, you'll sign the agreement and leave with the cash you need on the same day!
Get a Loan While Unemployed Today!
Obtaining a loan while you're unemployed has never been easier. Just try our title loan or online installment loan options, and you could have your cash in as little as 30 minutes. So, what are you waiting for? Fill out your application now to get your money today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.