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Micro Loans for Unemployed Borrowers
Even while being unemployed, a loan is still possible. Being unemployed won’t stop lenders from considering you for a loan; but getting approved on the other hand, is a different story.
Why? You might ask. Here are some of the following factors that lenders need to take into great consideration when handing out a loan to an unemployed person:
Regular Income – Naturally, lenders will have to consider that as loans are still a business. You will need to present proof of income to make sure you can pay back what you borrowed.
Credit History – Since you’re unemployed, you’ll be under more watchful eyes and as such – your credit history will be reviewed thoroughly to see how you often you’ve made your payments in the past, and see if there are any negatives on your credit.
Credit Score – Having a great credit score will definitely give you a boost in situations like these. Because even while being able to provide a proof of income, but have a bad credit – lenders will have second thoughts in handing you out that loan.
You are likely to qualify for a loan with an alternate income. As long as it proves that you are capable of paying your monthly dues.
These are the alternative incomes that lenders might consider:
Social Security Income
Capital Gains income
Interest and Dividends income
Income of your partner
And more. But most of that will be up to your lender. It’s important to clarify and talk to your tender thoroughly on what qualifies as an alternative income or not in proving you are capable of paying.
What You Need to Know When Taking Out a Loan
Lenders may offer you different options than normal when applying for a loan while unemployed. It’s all circumstantial, and it’s up to them whether they deem you capable enough of repaying or not. It will all depend on what loan you’re taking out and what are its terms.
But whatever those loan terms are, when unemployed – you’re going to get offered the short hand. Meaning whatever terms you have agreed with your lenders, these things are for sure:
Shorter Loan Length – Lenders won’t know how long your alternate incomes will hold out. They need to make sure that they are paid back quick.
Higher Interest Rate – You will likely end up paying more interest but this is to compensate for the risks that lenders will take when offering a loan to someone unemployed.
Automatic Payments – Lenders may ask you to set-up an auto-payment system, which is deducted from your bank account. This way, as long as your bank account has funds in it, they will get repaid.
But What if I Don't Qualify?
If you feel like you won’t qualify for the loan. There are some things that you can do to boost your chances of getting approved or eligibility. Here are some:
Car Title – If you have a vehicle that is fully paid, then you can put it up as a security with your loan.
Co-Signer – This person will have the same responsibility as you, so you need to choose wisely. When you have one, it will significantly improve your chances of qualifying for a loan.
Home Equity – You can use your home equity like a credit card. But revolving balances will need to be repaid immediately to avoid further damage in your finances.
Cash Advance – Most credit cards have this option. You can take your credit card to any ATMs and cash out. You will be dealing with slightly higher interest rates though.
Short-Term Loans – Mostly known as a payday loan, a payday loan is usually taken out when you’re desperate for cash. It can and it will be very expensive.
Keep Your Credit Score in Good Shape
When unemployed, people are less likely to have an income which proves to be difficult when getting a loan. That is why it’s of much importance to keep your credit score in excellent shape as to have some leverage on lenders when taking out a loan. Here’s a few things you can do.
Get a copy of your credit reports on major credit reporting agencies such as EquiFax, TransUnion, and Experian.
If you haven’t already, then put your name on Electoral Registers. This is a common place for lenders to check you out.
When applying for loans, it’s best to space out your application to avoid damaging your credit. That is because when applying for loans or credits, lenders will often do a hard inquiry on you – leaving footsteps in your credit reports. If you have quick successive applications of loans, lenders may think that you are heavily relying on credits to get by and will make you look as a risky borrower.
If you have unpaid bills and credits that are still lying around, then make sure you pay them off.
There are lenders who specialize in dealing with unemployed people, people with bad credit, and so on.
Secured Loans – A secured loan is one way of getting that loan you need. Secured loans will need you to offer something up for collateral, thus securing the lender of their money when the situation comes that you aren’t able to pay your dues. Any property offered can be repossessed if you fail to pay.
High interest personal loans – The riskier lenders deem you to be, the higher rates and worst terms are given to you.
How Do I Apply?
Fill The Form
Start your application by providing your information. Complete an online form to proceed.
match with lenders
We find available lenders that offers the loan that you need.
Lenders accept your form
Once you have completed the form, lenders review your application.
Get a loan
Results will be posted in minutes. Once approved, you get the funds directly to your account.
What We Offer
Long Term Loan
Bad Credit Loan
Frequently Asked Questions
- Must I Have a Guarantor?
- How Do I Apply?
- What's In It For Us
- How Long Does It Take To Get Paid Out?
- What Products Can You Help Me With?
- What Happens If I Lie On My Application?
- What Happens If I Miss Payments?
Must I Have a Guarantor?
In most cases, lenders would require borrowers to provide a guarantor if their credit is not good. Since unsecured loans are only backed by the borrower’s creditworthiness, the risk is higher. However, if your credit is good, lenders would be okay even without a guarantor present.
How Do I Apply?
All you need to do is to click “Apply Now” and follow the instructions provided. You will be asked to provide your information on a form available at the lender’s website. Once you have filled up the form, send it back to start your application. It would only take minutes for you to complete the process.
What’s In It For Us
Having access to instant cash transfers includes a lot of perks. Imaging dealing with an emergency and without cash, things could go from bad to worse. Whatever situation you’re dealing with, using this service has its advantages. Got into an accident? Get a loan and have the funds you need instantly. Got stuck somewhere? All it takes is a push of a button.
How Long Does It Take To Get Paid Out?
The entire process would only take at least 15 minutes. Once you’re approved for the loan, the funds you have requested will be deposited to your account instantly. There’s no need to wait hours to get the funds you need. It’s fast, simple, and highly reliable.
What Products Can You Help Me With?
We’ve got plenty of options for you to choose from. We have a wide range of loan selections that are perfect for any occasion. Whether you want to apply for a payday loan, personal loan, or even short-term business loan, it is readily available for you. All you need to do is to press “Apply” to get started.
What Happens If I Lie On My Application?
It is not recommended to lie on your application. Lying would result to serious consequences. Once a lie is caught, the lender has the full right to reject your application entirely. You may also face criminal charges if you’re caught falsifying documents or taking someone’s identity.
What Happens If I Miss Payments?
We understand that things could happen that prevents you from paying on time. If you find yourself having problems with your repayment, reach out to us to find more convenient ways to deal with your debt. Refusing to pay your loan would severely affect your credit and may cost you additional fees and charges.
We Have Made Easy For You
Our platform is guaranteed safe and secure. So you don’t have to worry about having your information online. We make sure that your personal data stays safe over the internet, 100%!
Paid Into Your Account
You don’t have to visit banks or lending centers just to get your money. Once your application has been approved, the funds you requested are immediately and automatically deposited to your checking account.
Is your credit keep holding you down? Not anymore. Applying for an unsecured loan such as payday loans require no minimum credit. As long as you can pay off the loan on time, your credit problem is not a problem.