Can I Get a Loan If I’m Unemployed?

Share

Can I Get a Loan If I'm Unemployed?You can run out of money pretty quickly if you’re unemployed. Many people realize that they don’t have enough money to last them for too many months. When you’re low on money, you wonder what options are out there for you. Finding a side hustle is always an option for bringing in money, but some people are lazy. Some people rely on loans. They wonder if they can get a loan if they are unemployed. The short answer to that question is yes. In this post, I will go over some things that you should consider if you are considering getting a loan if you’re unemployed.

As I stated earlier you may be able to qualify for a loan if you’re unemployed, the interest will be very high. Since you’re not working at all at the moment, the lender will look at you as a high-risk customer. That’s why your interest will be high.

Payday Loans

You may be able to qualify for a payday loan. A payday loan is a small loan lent to somebody with a very high-interest rate. The money is due back to the lender once you get your next payday. These loans can be tricky because you’re unemployed. You have no idea when your next payday is going to be. Imagine that you get a payday loan for $500. If the finance charge is $20 for every $100 owed that is an extra $100 that you have to pay. Let’s also say that they charge that fee weekly. If it takes four weeks to pay that loan off you would end up paying an extra $400. That is ridiculous. That’s one of the reasons that I’m not a fan of payday loans. They are highway robbery.

Car Title Loans

A car title loan is another way that you can get cash. A car title loan is a quick way for people who own their vehicle to get money. With this type of loan, you have to pay the lender a fee. The loans have to be repaid in 30 days. The interest on the title loan can high. If you are not able to pay the money you owe, the lender can take your vehicle. Years ago one of my friends took out a title loan. He never paid it, and honestly, I don’t believe he ever intended to. Long story short, he ended getting his car taken.  If I were you, I wouldn’t take out a car title loan. Losing your car after you already lost your job would be a double whammy. Don’t set yourself up for that type of failure.

If you do decide to get a loan while you’re unemployed, remember that it needs to be repaid sooner than later. I know your situation is hard while you’re not working, but I’m not an advocate of getting into more debt. That’s a decision that you will have to make, though.

There is one last option that I want to go over with you today. That option is the pawn shop. Pawning some of your items might be the best choice for you if you are unemployed. Depending on where you live, you can find several pawn shops in your city.

At the pawn shop, they will estimate the value of the item that you bring. They will offer you money for it. If you want your item back, you have to pay the loan back plus interest. If you don’t pay the loan back, they will keep your item.

As you see, you can get a loan if you’re unemployed. You just have to figure out what option works best for you.

Join our newsletter

Screen_shot_2017-04-25_at_1.05.57_pm

Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit
About the author


ModestMoney.com Top Finance Blogs

Archives

SSCP   CAS-002   9L0-066   350-050   642-999   220-801   74-678   642-732   400-051   ICGB   c2010-652   70-413   101-400   220-902   350-080   210-260   70-246   1Z0-144   3002   AWS-SYSOPS   70-347   PEGACPBA71V1   220-901   70-534   LX0-104   070-461   HP0-S42   1Z0-061   000-105   70-486   70-177   N10-006   500-260   640-692   70-980   CISM   VCP550   70-532   200-101   000-080   PR000041   2V0-621   70-411   352-001   70-480   70-461   ICBB   000-089   70-410   350-029   1Z0-060   2V0-620   210-065   70-463   70-483   CRISC   MB6-703   1z0-808   220-802   ITILFND   1Z0-804   LX0-103   MB2-704   210-060   101   200-310   640-911   200-120   EX300   300-209   1Z0-803   350-001   400-201   9L0-012   70-488   JN0-102   640-916   70-270   100-101   MB5-705   JK0-022   350-060   300-320   1z0-434   350-018   400-101   350-030   000-106   ADM-201   300-135   300-208   EX200   PMP   NSE4   1Z0-051   c2010-657   C_TFIN52_66   300-115   70-417   9A0-385   70-243   300-075   70-487   NS0-157   MB2-707   70-533   CAP   OG0-093   M70-101   300-070   102-400   JN0-360   SY0-401   000-017   300-206   CCA-500   70-412   2V0-621D   70-178   810-403   70-462   OG0-091   1V0-601   200-355   000-104   700-501   70-346   CISSP   300-101   1Y0-201   200-125  , 200-125  , 100-105  , 100-105  , 1Z0-803  , 400-051   EX300  , CISM   100-105  , 000-106   400-201   642-732   220-902   70-410  , MB6-703   810-403   70-243  , CAS-002  , AWS-SYSOPS   70-462   70-410   2V0-621   LX0-103   70-461  , 220-902   1Z0-144   70-178   70-270   350-080  , 1Y0-201   1z0-808  , NSE4   102-400  , ADM-201   SSCP  , 200-125  , 640-911   000-104   640-692   300-320   350-060   000-089  , 000-017   1z0-808   700-501   1Z0-051  , 70-177   M70-101   300-209   70-461   3002   N10-006   VCP550   70-487   300-320  , 3002   700-501   NS0-157  , 1V0-601   CAS-002