Can I Obtain a Personal Loan when Unemployed?

November 11, 2018

When you want to get a loan, most lenders you may consider approaching—regardless of the type of loan you want to take out—will require you to have some form of stable employment. If you are currently unemployed, you may be out of luck with many kinds of lenders. However, do not fret and think that because you are unemployed, all hope is lost.

Even if you are not presently employed, there are still lenders out there who could still provide you with the emergency funds you need to get through a financial difficulty.

When applying for a loan, it helps if you have some other form of steady income, such as:

  • Court awarded payment/settlement
  • Inheritance
  • Under the table work
  • Annuity
  • Unemployment or severance pay
  • Worker’s Compensation
  • Social Security benefits

What Kinds of Personal Loans Can I Get if I am Unemployed?

Because you are without any form of steady, regular income, your personal loan options are fairly narrowed. You will more than likely not qualify for an unsecured loan (which are loans that do not require collateral). However, if you have valuable assets like a house, a car, or some other valuable possession, then you may be able to get yourself qualified for a secured loan.

Because you would be able to provide collateral, your lender would not feel as nervous about lending money to you. By providing collateral, the lender would know that even in the event of default, they would still be able to make back the money that they lost.

Any loan you get will have a higher interest rate than one you would get if you were employed because you are a higher risk for lending money out to.

How Do I Go About Getting a Personal Loan if I am Unemployed?

If you are unemployed and need to get yourself a personal loan as soon as possible, one of the best things you can do is get in touch with MaxCash today.

MaxCash takes all the hassle out of looking for a personal loan when unemployed. Save time researching and negotiating for a personal loan. We are immune to lenders sales pitches and can cut right to the chase to potentially get you funded in as little as one business day!

We at MaxCash have spent several years forging close business relationships all the best personal loan lenders throughout the industry. We know what these lenders can do for customers and which of them may be able to give you the best deal on a personal loan.

Be Aware of Not So Honest Personal Loan Lenders

It is important to be aware of any personal loan lenders who might try to take advantage of you in your moment of financial need. There are just as many disreputable lenders as there are reputable ones—maybe more. Disreputable lenders could offer incredible loan offers that seem like the solution to a current predicament, but they could instead lead you to further trouble. Signs to look out for include:

  1. The lender contacts you (over the phone, though physical mail, email, door to door solicitation, etc.) rather than you reach out to them.
  2. The website for the lender is not secure (URL doesn’t have a lock symbol or start with https).
  3. The lender wants you to have a prepaid debit card.
  4. The lender puts pressure on you to act quickly.
  5. The lender does not care at all about your payment history.
  6. The lender is not registered to do business in your state.
  7. The lender does not have any kind of physical address.

If you notice that the personal loan lender you are speaking to has checked off one or more of the points on this list, then you will want to back out immediately and look for a more reputable source of funding.

Fortunately for you and all of the rest of our valued customers, MaxCash only works with the best personal loan lenders out there. None of our lenders will play any tricks or pull wool over your eyes when you do your personal loan related business through us.

It is just straight up honest business when you deal with MaxCash and our network of reputable personal loan lenders. If you are eligible, we can get you in touch with them in almost no time at all and potentially have you funded and on your way back to financial success in as little as one business day.

The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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