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How to Get a Personal Loan Without a Job

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Part of the video series: Personal Loans

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How to Get a Personal Loan Without a Job
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Summary: If a person gets a personal loan, they have to be able to prove that they can repay the loan. Find out how to use a car title as collateral when getting a personal loan with help from a financial specialist in this free video on personal loans and money management.

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Presenter

By Matt McKillen
eHow Presenter

Contact: www.innovativefg.com

Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. He has worked in financial services and senior management positions in mortgage...read more

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"Hi, this is Matt McKillen with Innovative Financial Group. I had an interesting question posed today. How do you get a personal loan if you don't even have a job? There are a couple ways to take a loan without actually working currently when you're applying for the loan. Normally, they do require a ability to repay. They want to verify some type of employment. Couple examples would be, if you were to go get a loan from a financial institution and maybe do a secured personal loan, that being you give them the title to your vehicle. If you have, let's say, a car that's valued at eight thousand dollars and you want to take a four thousand dollar loan, they're going to secure that loan so they know that, okay, you may not be working right now, but if for any reason you ever defaulted on the loan, they have collateral that would insure that their money is recovered. That's a real good example. Another example would be to take a loan against an investment account. If you have a CD with your bank that has ten thousand dollars in it, the bank is really not at risk by lending you, let's say, three, four, or five thousand dollars against that. And they're not necessarily going to care that you have a job, because they know that if you don't pay the loan they can liquidate your CD and pay themselves off. Those are just a couple examples of ways to take a personal loan without even having a job. My name is Matt McKillen. I'm with Innovative Financial Group."

eHow Article: How to Get a Personal Loan Without a Job