getting a loan without a job

getting a loan without a job

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Getting a loan without a real job

As far as getting a loan, my situation is probably not the typical scenario. Of all the good things I have going for myself, a recent steady work history is not one of them. Which for some reason is important to lenders. Even with great credit and a good sized down payment, I knew a typical mortgage was not going to happen for me.

I set-up an appointment with a mortgage broker to see what options I had. I knew going in that I would be paying higher interest than a person who earned their money by going to work everyday. As it was explained to me, with my current situation, I basically had three options 1) a no document loan where the lender doesn’t ask too many questions and I pay a high rate 2) a low document loan, not as high a rate but the lender asks my employeer some questions (hopefully not how much I make or how much I work) 3) a home equity loan, rate based on the amount of the loan and my credit score. I went for option #3 and was able to get a loan for 80% of the value of my house.

How to Get a Loan Without a Job (Or Even a Bank Account!)

Getting a loan while you’re unemployed can seem next to impossible. Mainstream lenders such as banks and credit unions will likely not be available for you, but there are a large amount of specialty loan services that are willing to grant you a loan even if you don’t have a steady income. In this article, we outline the steps for how to get a loan without a job, without a bank account, and even how to get loans if you have neither.

Getting a Loan Without a Job: How Traditional Lenders View Your Situation

Traditional lenders, that is, banks and credit unions, rely on three factors when deciding whether or not to grant you a loan: your debts, income, and credit score. If you have a lot of debts, no current source of income, and a bad credit score, this may be a difficult option. If, however, your problems lie solely with your unemployment, there is still a chance for you to get a loan through a bank or credit union.

For example, even if you don’t have a job, many banks and credit unions will still consider you for a loan if you can prove you have a steady source of income. This could be as simple as a monthly allowance you’re receiving from a relative, child support statements, a trust fund, or anything similar. If you’ve lost a job recently through no fault of your own, you likely qualify for unemployment insurance payment from your state, which many banks consider a source of income.

Another way of getting a loan through a traditional lender is by asking someone to co-sign for you. The bank/credit union will also take the income/credit score/debts of the person signing the loan with you into account when they review your loan. Be careful, though—this also means that if you fail to make payments, the co-signer will be in hot water, too. However, getting a loan from a traditional lender is almost always a better deal than other options, so if you can make this work, you should try. But that doesn’t mean there aren’t some very good options for you outside of these lenders—and you’ll see these options below!

Loan Options if You Don’t Have a Job

There are a plethora of scams and fraudulent lending scams, and many of these scams claim to offer loans with no job. All of the options in this article are legitimate lenders with good ratings, reviews, and BBB certification.

  • What are they? Micro-lender loans are loans that function as a non-profit, person-to-person loan or, in other words, asking a wealthier individual to sponsor your goals. The loans are usually a small amount, anywhere from $100-$5,000, and are a good option for small business owners or aspiring entrepreneurs. These loans usually require convincing a sponsor to lend you the money until you can pay it back.
  • Process: It depends on the site and lender, but in general, you’ll fill out an application or a profile, explain what you wish to do with the money, and wait for a bite. If you’re going through a governmental non-profit organization, the process will likely take longer and have a bit more paperwork.
  • How and when will you get the funds? Varies depending on the lender.
  • Interest Rate: Varies, depending on the lender.
  • Credit rating: Depending on the lender, your credit score may not be checked. However, in micro-lending, you’re competing against other people’s ideas, and if your score is above 600, you’ll have a better chance of catching a sponsor’s eye.
  • Where to start:Kiva is a website that specializes in micro-lending and is a great place to start.

Note: Payday loans are not legal in every state. Check to find out the legal status of payday loans in your state.

  • What are they? Payday loans are the ATM equivalent of lenders: quick cash and the potential for a lot of extra fees. These loans function as a way for unemployed individuals and other struggling with financial issues to get a fast loan for a small amount of money — usually $100 – $500 but potentially more depending on the lender. The borrower will give the lender either a check written for the total amount of the money borrowed (plus the finance charges) or access to his/her checking account, with the agreement that the loan will be paid in full upon receipt of the next paycheck (although some lenders will give the borrower a set date to repay the amount).
  • What are they? Retraining loans are government loans specifically geared towards offering funds for job/trade school training. These loans vary depending on the country, state, and even municipality you’re located in, but a simple Pell Grant can provide over $5,000, especially if you’re already receiving unemployment benefits and wish to get back into the workplace.
  • Process: Start the process on the Federal Student Aid website or by contacting your local legislature to ask about retraining loan options. Fill out the appropriate application, which will vary depending on whether you’re receiving unemployment benefits, and enter your personal contact information, bank account information, and information about the job/program you wish to pursue.
  • How and when will you get the funds? The funds will be made available once your retraining begins.
  • Interest rate: Varies but typically much lower than other loans.
  • Credit rating: Not required, but a good score will, again, boost the odds in your favor.
  • Where to start: Start the process on the Federal Student Aid website.
  • What are they? Personal loans, in general, are any standard unsecured loan offered through a lending company. These almost always require a part-time or full-time job, so if you don’t have a job, you’ll need a specialized loan, which usually has higher interest rates and fees and lower overall amounts than standard personal loans. Specialized personal loans are usually granted for $100-$5,000, though the amount can go up to $35,000 if you have a very good credit score.
  • Process: Each lender has its own application, which requires that you provide basic personal, contact, and bank account information, and possibly (though not always) some proof of a source of income or credit history. The lending company will then send you approval and a selection of rates within a few minutes, based off of the information you provided.
  • How and when will you get the funds? Most of these specialized lenders are online services, so you’ll need a banking/checking account to receive the funds. After your application has been approved, the funds should be in your account within 24 hours, and likely sooner, as many of these services work on a very quick schedule.
  • Interest rate: As with any non-traditional lender, the rates are going to be higher because the loaner is taking on a bigger risk by providing funds to someone without a job.
  • Credit rating: Specialized loaners will not require you to have a good credit score but most will ask you for your score regardless. If you have a FICO score from 300-640, you should still be in the clear. Anything above 640 will help you to get the best rates possible from the service.
  • Where to start:Upstart is a BBB-accredited lender that requires some form of income but not specifically a job. Aside from Upstart, Emergency Loans Inc., Realistic Loans, and 24/7 Lending Group are all options. However, these three groups are not BBB accredited, though they do have good ratings, reviews, and reputations. Make sure to review all the facts and fees before committing.
  • What are they? Student loans are loans specifically geared towards students looking to pay tuition and/or living costs while in school. These normally range from $5,000-$20,000 but can go much higher depending on the institution’s costs.
  • Process: Most student loans are provided by the federal government or traditional lenders – local or community banks or credit unions, national banks, etc. To get a student loan through the government, you’ll have to prove your enrollment in a higher education institution and fill out a FAFSA form detailing the school’s tuition, you/your parent’s annual earnings, dependents, personal contact info. Through a private lender, you’ll need to have an account, and the institution will likely require a credit check (although since many students have no credit, this isn’t necessarily a deciding factor) before approving the loans.
  • How and when will you get the funds? Depending on whether the loan is for the institution or for the costs of living, the loan will either go directly to you (through your bank account), or pay the institution directly.
  • Interest rate: Student loans have some of the lowest annual interest rates, often around 4%. Most federal loans offer a grace period, meaning the loans don’t need to be repaid until usually three to nine months after graduation. Private loans usually require you to begin repayment while still in school.
  • Credit rating: Not required for the FAFSA but a good credit score will boost the interest rate in your favor at private lenders. However, credit scores are not very influential for student loans.
  • Where to start: Start with either the FAFSA or a local financial institution. All national banks, such as Wells Fargo, US Bank, and Chase Banks, offer student loans as well. In addition, SimpleTuition and LendKey are accredited sites that compare student loans through a network of banks and credit unions.
  • What are they? Title and collateral loans are personal loans that use a form of your property in order to ensure the loan. The most common form of this loan is using your car as collateral and proving ownership through the car title (hence the “title loan”), but these loans are not specifically limited to cars and can even include real estate and collected life insurance. The amount of the loan directly corresponds to the amount of money that can be gained from the property you’re using as collateral; typically, you’ll receive about one-fourth the sum of the value of your car/property. If you fail to make your payments, the collateral then belongs to the lender, so be careful before taking the plunge with title/collateral loans.
  • Process: To make this simpler, we’ll use a title loan specifically as an example. For this process, you’ll tell the lender (or fill out an application) your basic information, give them assurance that you can pay back the loan (this does not necessarily require a job, but it does require evidence of some form of income, whether in the present or the future), and information about the make and model of your car. Then, once the loan has been finalized, you’ll give the lender the title to your car and a copy of the keys for them to keep, though you’ll be able to keep your car. Once the loan has been paid back, the lender will return the title and extra set of keys to you, or, if the loan is not being back in time, the lender is free to seize and sell the car to pay back the loans.
  • How and when will you get the funds? Normally, the loaner will give you cash in exchange for the title.
  • Interest rate: Title/collateral loans tend to have higher interest rates due to the companies giving loans to those without jobs or with poor credit scores. Though not as bad as payday loans, a typical APR (annual percentage rate) would be 300% for a title or collateral loan.
  • Credit rating: Most title loans do not even require a credit check. However, if the lender does, poor credit scores would not necessarily influence the decision.
  • Where to start:Check Into Cash and Check City are both BBB-accredited loaners that offer title and collateral loans.

Loan Options if You Don’t Have a Job or Bank Account

  • What are they? Pawnbroker loans are granted by local pawn shops and provide cash for items of worth that you bring in for evaluation – this can include everything from jewelry to power tools. The loans will be smaller in amount and most likely a fraction of the total worth of the item you’ve brought in for evaluation, but you’ll still receive a significant amount.
  • Process: Bring in the item of your choice to your local pawnshop, and the staff there will appraise its value for you and give you a loan offer. If you accept the offer, the pawn shop will give you a time-frame to repay the loan, give you the loan in cash, and store the item until the loan is repaid or the loan’s due date passes (typically 30-120 days after the initial transaction). They’ll also give you a pawn ticket with the terms and fees and the item’s description on it — don’t lose this pawn ticket. If the due date passes without repayment, the item will become the property of the pawn shop to resale.
  • How and when will you get the funds? The pawnbroker will give you cash in exchange for your item when you agree to their terms.
  • Interest rate: As pawnbroker loans are through local and community shops, the interest rate will differ significantly based on each shop’s preferences and the state’s regulations where they are located. In general, finance charges vary from 5% to 35% per month.
  • Credit rating: Not required.
  • Where to start: Start with your local pawn shop! Don’t be intimidated or nervous; pawn shops are highly regulated and a common source of loans for many people.

As you can see, loans without a job it possible, but it takes a little more skill in finding a good one. If you’re looking to start a new business venture or job, go back to school or just need to make ends meet until the next payday, there are loans available to you. If none of those work or if you don’t have a bank account, you can always turn to a pawn shop, which will offer you a loan without even running a credit check.

How to Get a Title Loan Without a Job

Sometimes financially tough times can lead us to need money fast. In those situations, going to a traditional lender can often be frustrating, especially if you are currently unemployed. You can waste the time of being denied by traditional lenders, or get approved for a car title loan without a job today with Loan Cheetah. Traditional lenders such as banks and loan associations always want the following as a minimum:

  • Collateral: Most traditional lenders require you to submit proof of collateral, such as a car, boat, land deeds, or other proof of value. They do this so that they can be assured they will be paid if you are unable to pay back the loan.
  • Proof of income: Traditional lenders also usually require proof of income before lending you money. This is because they have to have a way of protecting their investment (their loan to you) in the event you cannot pay them at the end of the loan or to make monthly installments. They also require this proof because they want to weigh it against your credit rating to see what your income-to-debt ratio is. This is one of the primary factors involved in deciding whether or not you are someone they want to take a financial risk with.
  • Co-signers (sometimes): In the event that your credit rating is not high enough, the bank may ask you for a co-signer who has better credit. This is so they can get the money owed to them from the second party co-signer, in the event you are unable to pay. This places the co-signer in a state of financial responsibility if you cannot pay back the loan.
  • Creditworthiness: Your credit rating and your debt-to-income ratio is the primary factor that traditional banks use to determine whether or not they can give you a loan. If you are very young and do not yet have a credit rating, or if your credit rating is bad, this will pretty much negate the deal. They must believe you can pay your bills or they will not loan money to you.

For those who have had trouble with credit in the past or have not had time to build up a good credit rating, this can cause roadblocks when it comes to getting the money you need. In these difficult times, you may have to look for other options. Also, going through traditional channels can take a great deal of time as well. When you need cash fast, you don't have time to wait. So what can you do in these circumstances when a bank has turned you down?

Title Loans: Another Option to get a title loan without a job

Do you own your car and have proof of ownership? One way that you can get money fast is to secure a title loan. If you have never done this before, rest assured it's not a difficult process. Title loans are loans you get for the value of your car. You are not required to get a cosigner, or have your credit rating run through to see if you have good credit. But can you get a title loan without a job?

Answer: Yes, You Can Get a Car Title Loan with No Income

The good news is, yes, you can get a title loan without a job or even proof of income! That's one of the great things about this option. The only thing they require is your title (proof that you own your car). Your car serves as its own collateral and, unlike the other more traditional institutions, you can get your title loan in a matter of hours in most cases. Think about starting a loan process that only takes a few hours to complete, as opposed to a bank loan that could take days or even weeks to approve.

Requirements for Obtaining a Car Title Loan with No Job

There are very few requirements for obtaining a car title loan. The main factors they look for are listed below:

  • Must be 18 years or older
  • Must provide a copy of a valid government issued i.d.
  • No Liens on the vehicle
  • Must own vehicle outright
  • Must have original title of the vehicle

Getting a Title Loan Online with No Job

If there is not a credible title loan company in your town or if you prefer to get a title loan online, this is very possible to do if you go to the right source. It can be confusing though, with so many title loan professionals out there who offer various deals. In addition, it costs a fee in many cases that you must pay to third-party partners and this can sometimes get complicated and expensive. Fees vary but can range from $25 to $100 or more for processing.

About Loan Cheetah Title Loans with No Income

As our name implies, our title loan experts get your money fast and the application is totally free. We give you top-rated title loans in half the time of other lenders. They know that you need to get your money as fast as possible so that you can get on with your life, pay your bills, and even have a little fun. Who has time to wait? Loan Cheetah strives for both speed and efficiency, just like the cat that bears our name. So you will be assured that once you apply for a car title loan with our company, you will be off and running soon!

Auto title loans are a fast cash solution when your cash flow is too little to pay pressing bills, such as medical bills, mortgage payments, or other obligations. It is an emergency type loan that covers life's little unexpected necessities that crop up. You can get a car title loan with no income because, unlike the banks, the title loan company uses your car's value as its collateral. This ensures the bank they will be paid back either with your payment or your car.

The best thing about car title loans is that it is a simple and easy process without the strings attached. Car title loans are short terms loans, not long term. The interest rates may be higher than normal but the loan is also over faster. So think of a car title loan as a short-term loan that is for fast cash flow emergencies and it is not intended to be a long-term loan that you pay back over time.

As long as you supply the necessary paperwork and credentials, proof of ownership of your car, and identity, you can get a car title loan with no income for the expenses you have that you need money for. If you need a title loan without a title there are things you can do to still get a loan fast.

Loan Cheetah allows you to register for a car title loan at no charge to you. We are experts when it comes to auto title loans and we can answer any questions you have about the process. If you're ready to start now, scroll down to the bottom of the page to get started right away. You can get a free car title loan estimate online.

Some people worry that the process of securing an auto title loan is too lengthy. But the process usually only takes an hour or so in most cases. Some lenders may limit your loan to a minimum of $1000, but some are awarded in excess of $35,000, depending on the circumstances at the time you apply.

Peace of mind is important when it comes to financial matters. Loan Cheetah realizes this and we work hard to ensure that all of your personal and financial affairs in the transaction will be taken care of with utmost skill and care.

If you need money fast and you own your car, you should contact Loan Cheetah today to see how fast we can get you the money you need. Getting an auto title loan is not difficult if you call the right people first. Fill out the online form right now for a free estimate and see how fast we can jump to your aid. You'll soon see why we are called Loan Cheetah.

How can I get a loan without a job?

Here are 67 best answers to ‘How can I get a loan without a job?’ - the most relevant comments and solutions are submitted by users of Yahoo! Answers and ChaCha.

i really want to start property developing and need a loan to do so but i don't own a house or have a job does anybody know how i would go about doing this.

First, you would get a job. Second, you would get small loans or credit cards, to build your credit.

The best I can suggest is to play the NJ Lottery! You surely don't want to break any laws now, do you.

Umm steal it? there is no other way!

I am a returning student with no current job because I just started school full-time.

Student loans don't generally need jobs and co-signers since they are designed to be paid off after.

Making money requires getting a job or a loan other then doing something and going to jail for it. Then.

It would most likely be very difficult to acquire a loan without a job or a credit score in this recession.

I'm a 20 year old female and I would just borrow money from one of my relatives but with how the economy is, they're not able to do that. I have had 3 jobs in the past two months because my rides fall through. Granted i have no money at the moment, all.

Please do not take any of these people advice about contacting such and such about a loan. No one will.

I own a house worth 150,000--outright. No loans, no mortgage. Can I get a home equity loan with no job? If I don't pay they get my house. So why do I have to have a job? I have a way to pay the loan, that is not the problem. I just want to qualify. I.

Don't do as charmed suggested! Verification of employment is not just a phone call-its tax statements.

I need a little extra money to cover immediate living expenses. I am in between jobs, and I am out of money.

My credit rating is 782, I have $60K in the bank, zero credit card debt (I have 3 credit cards totaling $56K in available credit), I own both my vehicles and have no other debts. I . show more

Since you have 56k and $450 in income then you should be able to apply for a VA certificate of eligibility.

How to Get Immediate Personal Loan Without a Job

Getting your personal loan without a job can be done online and it will help your spending this Christmas. So if you are unemployed right now or just don't like to work for yourself, here are your possible ways to get your Personal Loan and spend the money for the gifts or whatever emergency financial needs that you are having right now.

Cash advance is your chance to get cash during emergency. Your credit card is helpful to your financial needs that's why it is important to keep it clean in any debts or late charges in your statements.

You can get cash from your savings or other funds that you set aside for your retirement like 401K or life insurance. These are not good ways to get a loan but if you need money to survive then why not.

Borrow money from your family or friends. You can promise them to pay later as long as you will get a job. Take the trash talks from them if you did not listen to them before and that's why you are struggling right now.

Coworkers or your former Bosses in your work before. There should be some who are willing to lend you money right away if you are out of job. Unemployment benefit is good but getting your personal loan options will be useful to your emergency needs in the future.

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