Are You Jobless or Unemployed? How to Get a Loan without a Job

family finance

We’ve all seen the terms and conditions stating that you mustn’t be jobless, unemployed, in between jobs or in temporary work. If you want to know how to get a loan without a job, you’re definitely not alone. Most people are so sure that they’ll be rejected for credit that they don’t even bother to apply.

Although you should only borrow what you can afford to repay, you can still get secured and unsecured loans with no job from specialist lenders. Loans for unemployed people are also available with no credit checks, meaning that they are suitable for bad credit customers as well.

Interest-free & Low Rate Family Loans for Unemployed People

If you’re searching for the best loans for people with no job, you may wish to start with your family. Although it can be difficult to ask someone for assistance, those who love and care about you may wish to give you enough money to buy some breathing space.

The main benefits of a family loan are that you’ll be offered a favorable rate of interest and there will be no credit check. This not only means that you can extend the borrowing term, it also means that they’re a suitable same day unemployed loan if you’ve got a low credit score.

Not all members of your family like lending money. If you do go down this route, it’s imperative that you keep up the repayment schedule as non-payment could lead to friction. If you find it difficult to continue paying, don’t ignore the issue, discuss it with them and arrange a repayment holiday.

Doorstep Lender Loans for People with No Job or Bad Credit

A doorstep lender is often confused with a loan shark, but they’re very different. While loan sharks should be avoided, doorstep lenders are legitimate businesses that are strictly regulated by consumer legislation. It literally just means that a local agent collects your repayments once a week.

If you’re looking for an unsecured cash loan without a job, borrowing money from the likes of Provident Personal Credit or Greenwood Personal Credit, can help you out of a financial hole. The unemployed or jobless are welcome to apply, but will need to demonstrate that the repayments are affordable.

How to Get a Loan without a Job from a Pawn Shop

Most of us have items of value, also known as collateral, safely stored away. Pawnbrokers offer loans for unemployed people based on the provision of gold, silver, jewellery, art work and even cars. You’re able to get the item expertly assessed and subsequently borrow up to 50% of its value for a period of 30 days.

Once agreed, you’ll receive your money in cash along with a receipt to redeem your collateral. The pawn shop will hold your collateral until you’ve repaid your debt. If you fail to do so, it will be sold to clear the balance. Unlike other loans, there are no further repercussions of default.

Are Bad Credit Cash Loans for the Unemployed Advisable?

You now know how to get a loan without a job, but should you take one out? You’re probably on benefits and struggling to pay your bills. Will the usury rate of interest now make it even more difficult to get by in future months or do you have a means of bridging the income gap?

If you’re likely to find life difficult, you should seek advice from a free credit counseling service. They can help you to prioritize your debts and discuss the various debt free solutions that are available to you. An unemployed tenant loan doesn’t provide a long-term solution to financial difficulties.