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Can I borrow money if I am unemployed?

Times are tough globally. Currently, the global recession has massively affected economies, and as the local businesses close due to lack of sales, and millions of Americans have filed for unemployment.

Applying does NOT affect

your FICO® credit score!

Now, you can be unemployed due to the massive closure of small businesses or layoffs. Or you might have possibly retired after a long career spanning many years. Some people are not currently working because of an ailment or due to a disability.

If you don’t have a job right now, it is quite possible to qualify for emergency loans. But you have to fulfill the following requirements:

1. Have another income source

If you’re searching for personal loans for unemployed also called benefits loans, it might come as a surprise to discover that you at least require some form of regular income. The lender is running a lending business, which is pegged on the ability of borrowers to pay back the amount owed on time. That’s why you have to prove that despite not having a 9 to 5, you have other sources of funds.

Which alternative income sources are acceptable to qualify for emergency loans for unemployed?

• Social security payments: Looking for loans with benefits? SSI recipients can use their checks to secure online loans. • SSI disability income. • Child support or alimony payments: Most lenders will require that you produce a court order that mandates these payments. They might look at your bank account statements to see that you have been receiving payouts for a couple of months so that they can qualify as regular income. • Retirement benefits: For instance, income received by government retirees over 65 years. • Cash assistance: You might have income from government assistance programs, e.g., general assistance, which provides a safety net for you and your family. • VA benefits for service members: These are programs directed at veterans and dependents. • Cash dividends payments: For instance, if you own company stock. • Income from spouse: You might be married and currently out of a job, but the lender might allow you to use the income you receive from your spouse to secure the loan.

2. Credit History

If you need money but don’t have a 9-5 job, the lender will want to see how you handled loans or credit cards in the past. They will order a soft credit pull of your report to see if you have ever filed for bankruptcies or had accounts that entered into collections. Some lenders will require that you have good credit scores to qualify for instant loans for unemployed.

Can you find loans for the unemployed with bad credit?

Unlikely as it may sound, you can obtain a loan amount of up to $1000 if you don’t have a regular 9-5 job with a stable paycheck, and are struggling with bad credit. All you need to do is apply for a cash loan online through Realistic Loans.

Applying does NOT affect

your FICO® credit score!

Now, if you don’t have the best credit score, the lender will want to see that you have something to supplement for the bad credit. For instance, showing that your regular income from other sources is fairly reliable and dependable.

In most cases, they will ask for a copy of your bank statements. All they want to verify is if you receive this income through direct deposits and on consistent dates of the month.

How can I get an emergency loan with no job?

You can get loans online chiefly because you need the money and don’t have any other good source to turn to. Getting a loan is also pegged on your ability to repay it, and once you show the lender that, they grant your loan request with no issues.

But as you plan to borrow emergency loans for unemployed, remember to borrow responsibly. Ensure that you have the capacity to repay the loan so that you don’t worsen your bad credit even further. For instance, failure to repay the loan on time means that the account might be handed over to a collections agency.

While bad credit lenders might not report late payments to credit bureaus, the collection agency reports defaults, which will worsen your credit score.

Personal vs. Payday loans for unemployed

When it comes to online loans, you have two clear cut choices. They include borrowing payday (also called cash loans) or personal loans (also known as installment loans).

What options do I have for unemployed loans?

Taking out a cash loan/payday loan or personal loan are not the only options you have on your table. If you need money within a short time, there are other options to try:

a. Opt for a cosigned loan from a traditional lender: Getting a cosigned loan means that the cosigner will bear the responsibility for paying back the loan in case you can’t keep up with the repayments. They can be your trusted friend or close family member.

Applying does NOT affect

your FICO® credit score!

b. Vehicle title loan: Is your name on the title of any car? Then, you’re in luck because you can borrow against the value of the car. But in this case, there is a chance for you to lose the vehicle in case you can’t keep up with the repayments.

c. Credit card cash advance: You might be using your card for purchases, but it is quite possible to withdraw a portion of your credit in the form of cash.

d. Pawnshop loans: For this kind of credit, you actually need to pawn your valuables. It’s not the best option when you need money without much hassle since you have to drive or walk into a pawnshop. Borrowers have to contend with steep interest rates, and they risk losing their valuables if they can’t pay back the loan amount advanced.

e. HELOC: In full, this term stands for a home equity line of credit. You need to have equity in your current dwelling to qualify for this credit option. In essence, the loan is secured against your home, so there is a risk that you may lose it.

How to stay safe when borrowing payday loans online

When borrowing with bad credit, one thing to expect is high-interest rates, particularly when it comes to borrowing a payday loan. But they should not be too exploitative, for instance, getting charged an APR of 1000% on a payday loan.

Another thing to watch out for is scammy websites. Here are the top ways to spot such sites:

• Check the age of the site. You can perform a quick domain age check if they don’t supply information about when the company was founded. It is preferable to choose companies that have many years of industry experience.

• The loan company should have relevant certificates and licenses before they can issue loans in any state. Credible lenders make sure to display the licenses.

• Watch out for reviews from previous customers. You’d want to engage with a company that’s highly reputed for its services.

Can I get same day cash loans for unemployed?

Do you want to get money in the shortest time possible? You can consider borrowing an online payday loan also called a cash advance. The main advantage of these loan products is that they have few requirements and customers are approved within a short period of time.

With the speed and ease of taking a cash loan online, it is quite possible to get approved and funded within the same day.

How can I get a loan with no income? (Application steps)

Realistic Loans enables you to fill out one application form that is then sent out to multiple lenders saving you time.

Step 1: Select apply now Step 2: Choose the loan amount – You can specify any amount that you want to borrow. Step 3: Fill out the main loan form and submit. Step 4: Review loan offers sent to your email.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?