How to Get a Loan With Bad Credit & No Job

It is possible to get a loan with no credit or job.

When you need a loan, there are usually a few criteria you must meet to qualify. However, many people don't have good credit yet still need a loan, and may have found themselves without a job, due to a bad economy, layoffs, relocation and more. Luckily, there are ways to get a loan even if you are under these circumstances.

Instructions

1. Use other income to get a loan. While you may not have a job, you may have other means of income, such as Social Security benefits, child support, a structured settlement or disability benefits. If you are getting money on a regular basis, at least once per month, you may be able to qualify for a loan even with bad credit.

2. Apply at your local bank for a loan. You may qualify for a small loan even if you have bad credit and no job, particularly if you have been a member for some time. If you do get a loan, be prepared to settle for the highest interest rate, as you will be considered high risk.

3. Find someone to co-sign a loan for you. They will have to have good credit to do so, as they will be the main party responsible for the loan. With a co-signer, you may be able to get a loan from a bank or for a car.

4. Apply for a payday loan. These loans do not require good credit; in fact, credit is never even checked. You may be eligible for up to $1,500 if you have any income to report. Having a job is a requirement for a payday loan, but if you don't have one, use any other source of income that you have and can verify. You might only get the smallest loan possible, but you may still qualify.

5. Apply for a credit card advance, if you already have a credit card. If you don't, getting one with bad credit will be close to impossible. But for those who do, a credit card advance may still be an option, and is as easy as going to your local ATM. Remember, though, that these types of advances carry much higher finance charges than do purchases made on the card.

6. Look into a car title loan, if you own your car free and clear. These loans do not require a good credit score to be eligible, and many times a job is not a requirement. You will be using the title to your vehicle as collateral to get a loan, and the company can take it if you do not meet your end of the deal. Car title loans are available online through many different companies.

References

• Credit Loan