Can You Get a Loan Without a Job?

man holding moneyWhen hard times hit, you might find that you need money quickly. A loan can help you get back on your feet, but what if you don’t have a job? Yes, you can still get a loan, even if you don’t have regular employment. To be approved, you must show that you can make regular payments on time.

How Can I Get a Loan Without a Job?

While you might not be able to get approved for a traditional loan, you could get approved for other options, such as a title loan, which requires you to put up your car as collateral, or a payday loan. There are some things a lender will look at to determine whether you can be approved:

  • Income: If are currently unemployed, you still need to show regular income or an alternative income source, such as Social Security income, a pension fund, unemployment pay, or government annuity.
  • Credit Score: Having a higher credit score improves your chances of receiving a loan during unemployment, though it’s not always necessary for a payday or title loan.
  • Credit History: The lender may also look at your credit history to see if you have a history of making payments on time. They may also look to see if you have any items currently in collections.

You might also want to consider asking a friend or loved one to apply as a cosigner or guarantor with you.

Want to Know More About Getting a Loan Without a Job?

To find out of you can qualify for a loan without employment, or if you’d like to apply for a title loan or payday loan, contact us or visit us in person in Michigan, Idaho, or Wisconsin.