How to Get Loans For the Unemployed
Why would anybody loan money to someone without a job? It may surprise you, but it turns out lots of people do just that. There are several types of loans for unemployed people that you can acquire with minimal effort. Here are the steps I recommend if you don't have a job and you need to borrow some money to finance college, buy a car, finance a house, or for other reasons.
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Instructions
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The easiest loans for unemployed people to get are student loans. By filling out a FAFSA, you can apply for a federal stafford loan which can be used for tuition, living expenses, housing, books, food, room and board, and just about anything else. The money is distributed in check form, so there are no real restrictions on spending. the only requirement to receive the money is that you are enrolled at least half time in a college or university. This application will also allow you to apply for a pell grant which is money that does not have to be paid back, although there is a limit to the amount of money you can receive in the form of a pell grant.
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Apply for an auto loan at a dealership that offers in-house financing. If you receive unemployment checks, you may be able to qualify for an auto loan. A dealership that works with large lenders will likely not grant approval, but dealerships that offer in-house financing are a little more flexible. If you can prove that you have a consistent income through bank statements even though you are currently unemployed, you may be approved.
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Apply for an emergency loan. Loans for unemployed people may be obtained by visiting a check into cash or payday loan type establishment. Some establishments offer loans in exchange for holding a car title as collateral. This type of loan will need to be repaid quickly however to avoid runaway compounding interest charges.
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If you have own a car or have significant percentage of equity in your home, you can get a personal secured loan or a home equity line of credit if your credit score is high. This is possible even without proof of a steady income. Without a job however, your credit score and collateral become vitally important.
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Ask a friend or relative to give you a small loan until you are no longer unemployed.
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Comments
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True...I had to borrow money on my credit card, instead of a student loan because I reached my limit on loans for the semester! What they say about student loans is ridiculous too! No money is allowed for costs over school- like rent! What is a student teacher to do?
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When it comes down to it, there is not such a thing as loans for the unemployed, total non-sense! Do a search and find out for yourself! The places you go to that give loans for unemployed ask where you work and a work phone number, without it you cannot submit an application! Dumb!
