A stable income is often an important factor when nonbank lenders ascertain any request for a personal installment loan. Whether they are US banks that offer personal loans on fixed interests or those Internet payday loan lenders with easy credit requirements, having a steady income will go some way in helping you to get quick approval for a cash loan with low interest and easy monthly repayment.
But what happens if you are unemployed and need cash urgently, would you still be able to get a loan without a job? When you need to borrow money with no income, your options can be rather limited as there are not many loan companies who give personal loans for the unemployed. As such, you have to be prepared to spend more time to look around for unemployment loans for people who are jobless.
Without a job, but have good credit score? You might be able to borrow to fulfill your cash problems by going to your bank to get a personal loan payable by installments. Take note that you will need to have exemplary borrowing or payment records in order to secure a low fee signature loan when you have no job.
If you are on unemployment benefits given from your state government, this income can sometimes allow you to get payday loans for the unemployed with benefits. Some websites have such a scheme that makes it possible for someone who is jobless and need cash urgently to contact online unemployment payday lenders. However, because the benefits that you receive from the government are usually limited both in length and amount, these unemployment loan lenders will tend to reduce the amount of money you can borrow based on your unemployed income benefits. A small cash advance loan of $500 for 30 days may be possible but anything beyond 1000 dollars or a 6 month installment loan will be unlikely to be sanctioned.
Putting yourself in debt is always a risk and if you borrow money when you have no income is naturally riskier. But if you expect to be starting a new job soon and will soon have income in the future, you may wish to consider these unemployed loans or for low income people. Make sure that you borrow within your ability to repay and only when its absolutely necessary.