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
- Under the table work
- 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:
- The lender contacts you (over the phone, though physical mail, email, door to door solicitation, etc.) rather than you reach out to them.
- The website for the lender is not secure (URL doesn’t have a lock symbol or start with https).
- The lender wants you to have a prepaid debit card.
- The lender puts pressure on you to act quickly.
- The lender does not care at all about your payment history.
- The lender is not registered to do business in your state.
- 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.