Need Financial Assistance Now
When someone is recently retrenched and loses his or her job, unfortunately it can be the start of an extended period of hardship where good jobs are hard to come by and the savings slowly being depleted. For those who are unemployed and need financial help fast, it can be very difficult to borrow money without a job as most banks or commercial loan companies are not willing to extend immediate financial help for the jobless. With no stable income, traditional lenders perceive that as high risk, a big possibility that the person will end up defaulting on the unemployment loan. So, if you need to borrow money with no job, where can you get an easy to approve advance of $1500?
You have good credit and think it shouldn’t be too difficult to find a low rate unemployed cash advance? Not quite.
For the most part, being unemployed does not mean you have no ways to get cash and financial assistance quickly. In this article, we try to cover a few areas where even if you are bankrupt and have no job, you can get fast loans for the unemployed with bad credit.
Get A Loan But Have No Job And Income
Firstly, do you need a large loan of 10,000 dollars and above? If you require a start-up business loan as first-time small business owner, you can go to a bank with a business proposal and request for a no-income proof line of credit for business financing. These are primarily secured loans with collateral: asset-backed business line of credit with fixed or floating rate. You can apply even if you have no job and no income as what is needed from you to secure the loan is by pledging some form of collateral as security against the loan.
These assets need to have an equity value comparable or higher than the size of your loan so for most folks, they will have to pledge their homes or automobiles to the bank in exchange for a $20000 dollars business loan without personal guarantee.
But what if you want to get a no-job personal loan with no collateral as you are a low income single mom with little savings and no house or no car to speak of? And you are not exactly looking for a small business loan for single working mothers but just want a quick short term loan of $2000 for child support until you find a new employment.
If you want to know how to get an unemployed loan without a job, you should take a look at an unsecured unemployment loan with no job verification.
Loans To Pay Back In Installments
An installment unemployed loan with no credit check and no job verification is available from private high risk lenders who typically charge a very high interest fee to these jobless loan with no income proof. Private financial assistance for the unemployed do not come cheap. There is usually a credit limit of $5000 for such unsecured lending and for first-time borrowers, you may only be able to get a small $500 cash advance. Only when you have made good the first loan payment will the lenders be more willing to let you borrow $1000 or more with them as a repeat customer.
There is no credit check on you and although they usually ask if you have a steady income, you do not need to worry unnecessarily as they do provide fast financial help to people who are unemployed and on benefits. Many unemployment loan lenders will give you a line of credit if you have no job but still have some form of income coming in regularly. As an example, if you receive elderly or disability benefits, or if you receive a monthly alimony from your ex-spouse or from a settlement, then you may apply for a no-job loan with bad credit.
Unemployed, Need Financial Help
Personal loans with no job requirements can thus be a good way to borrow fast cash when people are out of work. With this type of easy guaranteed lending that you can apply online, with no need to fax docs and can also apply by phone, applicants can get a quick cash up to $1000 – $2000 to get through a time of unemployment. If you have bad credit, you can also improve on your own credit score by making timely payment as online unemployment lenders do assist to report them to the credit bureaus every time you service the repayment on time.
Be honest to yourself about your repayment ability and whenever possible, try to look for a cheap loans for the unemployed with flexible repayment options. Ideally, it should be one which can let you pay back in monthly installments instead of a short 30-day payday loan, as this will grant you more time in-between paying for the loan and finding new work. The purpose of a fast unemployed loan is a quick fix to let you borrow money with no job and solve your temporary financial short-fall and not for long-term borrowing, so at the same time you should actively try to look for another job and not rely on others for expensive private loans.