Are you looking for unemployment loans with no job verification? If yes then you have come to the right place. Financial problems could occur to anyone regardless of their employment status. However, securing finances can be hard especially when you are unemployed. In fact, your chances of being financed are very minimal for good reasons. But all is not lost. There are plenty of lenders in the market ready to extend to you loans without checking if you are employed or have a regular income.
Although it’s not impossible to get lenders who say yes to your financial need, most lenders have tough criteria when choosing who to award the loan due to the high default rates on loans. In this guide, we bring you some of them that you can use to easily find lenders with friendly qualifications measures. In fact, some of the lenders will give you loans even with your poor credit score.
How to Get Unemployment Loans With No Job Verification?
1. Through a Co-Signer
When you want to borrow a loan, most lenders will request that you show them proof of income. Without this, getting a loan could be more difficult. So, if you are not employed it means that you don’t have a regular income. Using a co-signer is one of the best methods that you can use to apply for the loan.
A cosigner is someone who is willing to take the burden and pay the loan if you default. This can be a friend or a member of your family who has a good credit score and willing to commit himself in the agreement. Most times, the loan amount that you’ll qualify for is dependent on the credit score of your cosigner. If it is good and the cosigner has impressive credit statement then you have better chances of qualifying for a higher amount.
While applying for a loan through a cosigner seems to be a great option, there are several factors you need to take into account. This is because failure to meet the repayment terms means that you’ll endanger your relationship with the cosigner. Therefore, here are the questions you need to answer first:
- What’s your repayment plan considering that you are unemployed?
- Do you have other loans you are serving that may make repaying this loan a challenge?
- Do you expect to get any job soon? Will the income from the job enable you to repay the loan?
If you are not sure about any of the above then using a consigner is not wise. Instead, consider these other alternatives below.
2. Home Mortgage
Do you own a house? If yes then mortgaging it can be a great option. The good thing about this method is that you can get a higher loan amount which will enable you to meet your expenses until you can secure a job. However, while the home mortgage is unemployment loans with no job verification, the risks are higher especially when you are unemployed.
So, if you are determined to use this method then it is important to know that:
- Overborrowing can land you in huge debts. Therefore, only borrow the exact amount that you require.
- Borrow only if you know you can make the repayment. This means you make sure you have reliable income sources.
- Choosing fixed interest rates is wise since you won’t be affected by the variations in the interests, not in your favor.
- Short Term Collateral Loan
In this type of loan, you need to have a property that you can issue as security when borrowing the loan. The property can be a jewel, car, or any other valuable asset. If you have an asset then this is one of the best unemployment loans with no job verification to consider as you will qualify for cash instantly. But the risk involved with this type of loan is relatively higher. This is because your property is lost forever if you fail to repay the loan.
This means that you should weigh its advantages over the consequences that are likely to befall you if you default. Here are some of the benefits of short-term collateral loan:
- Quick process with quick approval
- Low-interest rates
- Higher loan amount as compared to those of unsecured loans
The key disadvantage of this loan is the higher risk involved. However, if you are certain of making the repayment on time then you should consider getting a short-term collateral loan.
4. Debt Consolidation
Although debt consolidation loan is mostly offered to people who are employed, you can still qualify even if you are not employed. But you need to show that you have other revenue streams before you are given the loan. If your spouse is employed then you can use the income when applying for the loan. Consolidating your debts can be essential if you want to manage your finance as you look for a new job and it enables you to save on your repayments as well.
5. Pawning Assets
If you are uncomfortable with using collateral or mortgaging for a loan the pawning can be a great alternative. Pawing assets in form of watches to land will enable you to get funds when you need. The good thing about pawn loans is that pawn shops can give you friendly deals as they wait for repayment when you request and make punctual payment on your interests unlike the case of mortgage loans. The only challenge with this type of loan is that the amount you can be extended is about half the worth of your property.
6. Car Title Loans
If you are not employed then finding a lender can be tricky. However, a car title loan is a great option that will enable you to access funds that could be hard to find with other sources. Most lenders will use the value of your car as a guarantee that you’ll repay the loan. This is why car title loans are among the best unemployment loans with no job verification.
When you need a car title loan, just look for a lender who accepts car title loans. You can easily qualify for the loan provided that you have proof of ownership. The good thing is that most title loans companies don’t run credit checks which means you can qualify even with your poor credit score.
Title loans come with flexible repayments period starting from one month to several years. The interest rates for title loans vary from one company to another and with the lending terms. If you make punctual payments then you can easily clear the loan with no struggles.
7. Cash Advance
A cash advance enables you to borrow money through your credit card account. This means you can use it to get money to spend on anything you need instead of just paying for purchases. However, you should be prepared to meet the high-interest rates known with cash credits.
The amount you are allowed to borrow depends on your cardholder agreement. You can be allowed to borrow all or part of the amount available on the card for a cash advance. Besides, there are various ways you can use to borrow the money; at an ATM, a credit union, in-person or through convenience checks offered by the company.
When you choose to borrow in-person, you’ll need to show a valid id, and credit card at your bank and request for withdrawal. You might be charged a certain fee for the service depending on your provider.
Getting funds through an ATM is very convenient. The process is just like the normal withdrawal process using a debit card. Visit your cardholders’ ATM and insert your credit card, fill in the details required and withdraw the cash advance.
However, ATMs usually have limits on the amount of money you can withdraw per transaction in a day. So, if you need a huge amount more than your normal withdrawal figures then using an ATM might not be the best option. You can decide to take installments or visit the bank and withdraw in person.
8. Crowdfunding
Crowdfunding is another option for unemployment loans with no job verification. What’s interesting about crowdfunding is that you don’t need a good credit score or employment. This is because all you need is to persuade people to give you funds.
However, crowdfunding is a suitable option if you are looking for a way to finance your projects or business. To crowdfund, look for sites that support crowdfunding and come up with a great idea that is likely to convince people to fund your project.
While it could be tricky to access this type of funds if you are not good at convincing people, you can look for an expert to help you out.
9. Payday Loans
Payday loans are short term loans given by some lenders and should be repaid when the payday arrives. It is also referred to as a paycheck and can be a good alternative if you are looking for unemployment loans with no job verification. This means that you can qualify for the loan even if you don’t have a salary or income.
Due to its quick application and approval process, the loan can be suitable when you are in an emergency. You will only need to provide proof of your ability to repay the loan when applying for consideration. This can be via other proceeds like a sale of valuable property or pensions.
However, the amounts you can qualify for will vary depending on whether it’s your first time borrowing, and if you had borrowed previously and fully paid the loan. This means you can easily qualify if you have a good repayment history.
There are plenty of lending companies offering payday loans offer online through their websites. Just do some research, visit the website and submit your application. Once you send your applications, you will be awarded the loan if you meet all the requirements.
10. Microfinance/Microcredit
Microcredit unemployment loans with no job verification are financing programs offered by microfinance institutions for people like you who need funds urgently but are unemployed. This enables you to enhances your economic and social integrations by financing your needs for professional developments.
The good thing about microfinance loan is that you can be offered a loan to suit your various needs. Besides, you are not limited to how you should spend the amount you qualify for. So, whether it’s creating or expanding your own business, buying a car or any other need, you can still be given the loan.
The application process is easy since there are no special requirements needed. Once you provide the required information, your request will be processed and the amount will be sent to you as soon as possible.
What Are the Qualifications for Unemployment Loans?
While it could be hard finding finances elsewhere when you don’t have a job, getting loans is not totally impossible. There are several lenders available willing to give you the help you need. However, you must meet certain qualifications before you are granted the loans. if you can meet these requirements then the process can be smooth and convenient.
Here are some of common the requirements:
- You must be over 18 years
- Must proof ownership (for loans that require securities)
- Provide a copy of a government issued ID
- Own an account
- Proof of stable income
Conclusion
While getting a loan with no job can be an uphill task, you still have plenty of options to consider. Mentioned in this guide are some of the ways that you can get unemployment loans with no job verification in a fast and easy way. The loans will help you to overcome your urgent financial needs when you are not employed. However, just like any borrowing, you must be confident that you will meet the repayment terms to avoid financial hardships.