Emergency Loans for the Unemployed

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When you have a steady job, qualifying for a loan is easy. However, unemployment doesn’t necessarily disqualify you. In some cases, lenders will consider other income sources that you may have. From alimony to investment income or unemployment benefits, any amount of money you receive regularly can count as income.

Personal loans. Your options could be more limited if you don’t hold a job when applying. However, if you have a good credit history, you can obtain a loan when you need it most. If the offers from banks or credit unions are not enough for you, consider applying for a secured loan or asking for a cosigner.
Using collateral can help you receive a larger amount or a more convenient rate. It can also positively impact the term of your loan. The only risk on your side is losing the item you put up as collateral. Car title loans, mortgage loans, and home equity loans all fall under this category.
Another option is getting a cosigner, i.e., a good friend or family member who has a good credit score. They would guarantee, through a signature, that you will pay back the loan. Thus, the lender diminishes their risks and can offer you a better deal in exchange.

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Payday loans. Short-term personal loans will help you out until you get your next salary. Due to smaller amounts ($100 to $1,000, sometimes up to $5,000) and shorter terms (14-30 days), these cash advances are available to most applicants. The lenders don’t treat your credit score as a determining factor when establishing your eligibility. But they do request you to have a stable income, either from a job, benefits, investments, etc. The main advantage of a payday loan is that you can get it fast, sometimes on the same day. In case of emergencies, payday loans are your safest bet.

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Your source of income reassures us, the lenders, that you have enough funds to pay back the loan. If your debt-to-income ratio is not in your favor, we will not take the risk of granting you a loan. And trust us, we are thus protecting you from a dangerous cycle of debt.