What Loan Options Are There for Unemployed People With Low Income?
What Loan Options Are There for Unemployed People With Low Income?Your chances of getting funded when being unemployed are slim. This guide shows you eligibility criteria of lenders offering such loans. Learn about different ways you can get loan without income.
To borrow money without income is actually possible. The most obvious path is to hit the online payday companies. This is because traditional lending options will rarely fund you without proof of income. Nevertheless, there are some criteria followed:
- You need to have some form of income.
- Assets that generate income are also welcomed.
- Being self employed
- Receiving regular deposit to your account
- Disability payments
A lender will need proof you can repay no income loans. This might include producing financial documents such as banking history. If you are self-employed proof of regular deposit into your account would be needed. Read these 15 tips before taking a loan.
It would be better to borrow a small amount with manageable monthly repayments. As such, it would be helpful to compare your monthly income and expenses. This way you can see if you are eligible for a loan for unemployed. Borrowing large amounts is not such a good idea.
Other Requirements for a Loan with No Proof of Income
Lenders offering loans without income will have other requirements to be met. You cannot have other unpaid current short term loans. Many lenders will also reject your application if you are bankrupt.
Check with a lender first to know its eligibility criteria. All of them have differing terms and conditions. Start the online process today. You will be matched with various lenders willing to lend you money.
Other Ways of Obtaining Cash if You Are Unemployed
- Cash advance
- Borrowing against your home
- Loan with co-signers
- Car title loans
- Payday loans
- Debt consolidation loans
Pawnbrokers for the Unemployed
This is another source of funding for unemployed persons. They don’t claim your property during the repayment period. This may be the best option for loans with no proof of income. Pawn shops may give you half of the loan. You will need to pay back the loan plus interest.
If you don’t pay back your credit score won’t be affected. However, whatever item you brought for appraisal will be kept. Pawn shops are found virtually everywhere so
Installment/ Payday Loans
Payday loans are a good option for the unemployed. Disability or alimony can be taken against a loan instead of paychecks. Take note that these loans can be expensive. Since they are unsecured, you might have to face high interest rates. So, the shorter repayment period, the better.
Installment or payday no income loans are a good option when money is needed immediately. Most of the time a lot of documentation is not needed.
