A personal loan is very helpful during those times when you are jobless. The fund you receive in the form of a loan will help you fulfill your basic needs and sail through the tough time easily. However, almost all personal loans require a person to furnish proof of income. In that case, how can an unemployed get this loan?
In this article, we will tell you whether you can get a personal loan or not.
Are there personal loans available for jobless people?
Yes. You will be required to show an alternate mode of income and good credit history. If you fail to meet this pre-requisite, then you have only one option to get monetary assistance i.e., from lenders who will charge you a high rate of interest.
Bonsai Finance is a leading finance firm that provides ways to help people to enhance their financial situation over time.
What are the alternate modes of income?
To get a personal loan, if you don’t have any income proof, then you need to show proof of an alternate income. So, the following are the documents that will be accepted by bad credit personal loans guaranteed approval direct lenders as income proof.
- Social security
- Pension funds
- Tip Income
- Child Support
- An inheritance
- VA Benefit Income
- Income of spouse
- Royalty income
- Rental income
- Verified side job income
Any of these sources of income will be considered and based on that, you will be granted a personal loan. The amount of loan that can be disbursed will be decided by the loan provider firm and will be dependent on the type of your alternate income.
What are the available alternate financing options for an unemployed?
Find someone who has co-signed a personal loan with you. This method is beneficial for those people who are not able to get funding due to unemployment. In this method, the loan provider is rested assured that if you default in making a loan payment, then the co-signer will pay the loan.
Credit card cash advance
Loan on the credit card is the easiest way to get a personal loan. It applies to only those who have a credit card. Your credit card firm will allow you to borrow cash against the credit line at a specific percentage of interest.
Home equity loans
If you have your own home, that costs more than the money you wish to seek a loan, then you can use it as collateral. This is referred to as home equity.
A personal loan is very much needed when you are employed. All these options will help you can get financial assistance easily.