Qualifying For A Loan Without A Job
If you are in desperate need of a personal loan but do not have a job, a loan center may still be able to help you. From small amounts to mortgage financing, you may still qualify for a personal loan if you can prove other income streams instead of a job. Here are some things that may qualify you for a loan even if you are unemployed.
Other Income Sources
Your alternative or non-job related income sources may be just as helpful as a job in qualifying for a loan. For example, if you can show proof of disability payments, monthly alimony, or a substantial amount of money in your checking or savings account, you may not need a job to qualify for a personal loan.
Other sources of income that may help you qualify for a loan include royalties and payments from freelance work. If you are a freelance writer, editor, proofreader, graphic designer, website designer, or other type of freelancer and you can show that your payments or royalties have been deposited into your bank account, your loan may go through. In addition to your bank statements to prove your income, you may also be required to submit your income tax returns as proof of your non-job related income.
Obtain A Cosigner
Another excellent way to qualify for a loan if you are unemployed is getting a cosigner. When you have a cosigner, it gives the finance company an added measure of security knowing that if you default on the payments, the cosigner will step in and pay them for you.
If you are seeking a cosigner for your personal loan, talk to a trusted family member or close friend. Not all people will want to cosigner a loan for you, either because they are not in a financial position to do so or because they fear a financial burden should you be unable to keep up with your payments.
There are also cosigning companies that may cosigner a loan for you; however, they may charge upfront fees and have certain requirements that you will need to meet before your application will be considered.
If you are seeking a personal loan but do not have a job, consider the above alternatives. Even with no job and less-than-perfect credit you may still be able to qualify for a personal loan from a loan center. While securing a loan without a job is possible, you may be required to pay a higher interest rate, depending on your circumstances. For more information, contact companies like American Cash Advance and Title Loan.
