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You Need a Loan But Have no Job? (7 Tips)

If you are looking for a loan without a steady paycheck it can be quite difficult to qualify for one. This is because most lenders use employment as well as credit ratings, and debt ratios as their top indicator for how trustworthy you are and if you are able to qualify for a loan. However, this should not deter you if you are in major need of a loan. If you are willing and able to do your research and look around, you will find plenty of loan lenders who are more than willing to be flexible when it comes to your employment status. Here are seven tips to help you find a loan without employment.

No-Documentation Loan

These types of loans are created to provide loans to people who do not have an income or whose income is too difficult to verify. This type of loan is suitable for those who are self-employed, unemployed, or who has an alternative source of income that is difficult to prove. No-documentation loans only require your credit score and so they are much easier to obtain than other types of loans.

No-Ratio Loan

If you are the owner of a substantial amount of assets then a no-ratio loan may be your best bet. The lenders of these types of loans look at the value of all of your assets, and not at your income when deciding if you are a suitable candidate for a loan. In order to qualify for this type of loan you must have a great credit score, however if you qualify for this type of loan the interest rates will be much better than that of a no-documentation loan.

Alternative Income Sources

If you are unemployed but still earn an income from an alternative source then showing this proof of income may allow you to obtain a loan. These sources include stock dividends, child support, trust fund payments or any other source of money that you receive on an ongoing and regular basis.

Remember What’s Important to the Lender

Keep in mind that lenders care more about your ability to repay their loan than the source of the money that you use to do so. As long as you have some sort of income that is ongoing and provable then you have a good chance at receiving a loan. Brokerage and bank statements as well as tax returns are good types of sources to prove you have an income.

Get a Cosigner 

Find someone who will sign the loan with you. If you are able to do this then the lender will take your cosigner’s income into consideration as well as your own when they make the loan decision.

Make Direct Payments

If you need a loan to purchase a house then asking the owner if they are willing to carry a loan may allow you to obtain it. This means that you will make direct payments to an agent or to the owner instead of to a loan lender.

Look to a Pawnbroker

Pawnbrokers are one type of lender that you could obtain a loan from if you are unemployed. These types of loans are different than title loans, as you will not have to give away the item until you are able to repay your loan. If you have absolutely no income then this may be your best option. Whatever item you bring in will be appraised, in most cases for a lot less then it is actually worth. Once this is done you will be offered a loan for a certain amount of it. Once the loan is given to you, you will have a certain amount of time to repay it before the pawnbroker will rightfully own your item.

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