How to Get a Personal Loan with No Income at GreenPlaceLoans
If you’ve lost your job, you may be thinking about trying to get a loan to help tide you over. But can you get a loan with no income?
The answer is maybe.
But before we look at loan options when you have no income, let’s first talk about fiscal responsibility. A bit of caution is in order when you are considering applying for a loan while you have no earned income.
It’s always a good idea to consider trying to find the funds you need by some means other than borrowing. But if you have lost your job, it is especially important to try to find some other means to meet your needs.
It’s really easy to get in trouble financially by borrowing money while unemployed. If you have always been middle class, you may be inclined to keep consuming at your usual rate and look to loans to tide you over.
This can add up very quickly. But what happens if you don’t get another job quickly? Or what happens if the job you get pays a lot less than our last one?
You should first do some belt-tightening. Can you cancel magazine subscriptions? Cut back on eating out and do more cooking? Shop sales?
If the unemployment continues for more than a short while, you may need to do a lot more to make it through. Maybe you need to find local food pantries or sell some of your possessions to raise the money you need.
If you have always been middle class, it can be hard to imagine that you are about to really wind up in serious financial trouble. You may think that the next job is right around the corner and there is no need to make drastic changes in the present.
If you do quickly get a new job, great! But what if you don’t? What then?
There are scenarios where it makes sense to apply for a loan while you have no income. Just makes sure you aren’t borrowing money because you think you can carry on as if nothing has changed and everything will be fine.
It may work out fine. But that mentality is one of the quickest ways to get into trouble.
If you have lost your job, consider some of the following resources first:
- Call 211 or use their website to help you identify local resources, such as food pantries.
- Apply for unemployment benefits, food stamps or other benefits.
- Consider selling some possessions.
- Look for a side gig to help tide you over instead of a loan.
Good Debt And Bad Debt When You Have No Income
Generally speaking, consumer debt is considered to be bad debt. This goes double if you have no income.
Good debt is debt that pays for itself in some way. So there can be debts that make sense when you have no income.
If you really do have a job lined up but have run out of cash, a loan may help you avoid expensive problems, such as eviction or having your power cut off. It can help tide you over until your first paycheck.
Just make sure you know why you want a loan while unemployed. Make sure the answer to that question is not “Because I plan to keep living exactly like I did when I had a job and don’t confuse me with the facts.”
If you do have a good reason for wanting to borrow money with no income, there are ways to do that. Let’s discuss some of your options.
Secured Loans And Other Options
One way to get cash when you are unemployed is to take out a secured loan, such as a title loan. You can also go to a pawn shop if you have valuable jewelry or small electronics items.
These types of loans are based primarily on the value of the item being used as collateral. This means you may be able to borrow money even while you have no income.
Better yet, there will be absolutely no credit check if you go to a pawn shop. They are only interested in the value of the item you are using to secure the loan.
Pawning something is probably one of the easiest and quickest ways to get your hands on some cash under any circumstances. Of course, there is a downside.
For starters, you need something of value to use as security for the loan. You also need to be reasonably prepared to lose that item should you fail to repay the loan on time.
In the case of a title loan, this can mean losing your transportation. In the US, many people will not want to hire someone who has no car because it can be a barrier to getting to work.
Sometimes, it makes more sense to simply sell the kind of assets you might use to get a secured loan. You will get more money than you would from a pawn shop.
If you have a whole life policy, you may also be able to borrow money from it. If so, accessing it is not much different from taking money out of a savings account. There will be no need to prove anything to them. You basically need to just request the money.
Similarly, you may be able to borrow from your retirement fund. But not everyone will have a whole life policy or retirement fund.
If you own a home, you may be able to get a Home Equity Line Of Credit (HELOC). This is another form of secured loan and works similar to a credit card.
In other words, you have a credit limit that you can draw upon instead of being issued the entire amount upfront as a loan. This can be very convenient for covering day-to-day expenses while between jobs.
But be careful with this because if you can’t pay it back you can lose your house. You do not want to use such funds to party like there’s no tomorrow.
You need to spend money very conservatively when you are drawing down equity that took you years to accrue. It is far too easy to burn through it in short order and then find yourself out in the cold.
It’s far harder to get unsecured loans with no income, but it can sometimes be arranged. These are typically called signature loans or personal loans.
They will typically charge higher interest rates and have other stipulations. For example, some may require you to set up automatic payments from your bank or find a cosigner.
A loan matching service can help you find unsecured loan products that are a good fit for your needs. That’s what we do.
With a loan matching service, you can fill out one application and have it looked at by multiple different lenders. You will be contacted if they have a product that looks like a good fit for your needs.
This means you may end up with more than one offer in front of you. This can help you pick the best terms.
How to Obtain Online Loan With No Income?
The internet scares a lot of people. Maybe they don’t really understand it that well or maybe they have seen too many articles about online scams.
Of course, you do need to be cautious about online security. But there can be a lot of good reasons to prefer to apply for a loan online.
You can apply any time of the day or night. Also, you don’t have to wait for normal business hours to start your application.
Just apply from the comfort and privacy of your home. This can be a more pleasant experience than getting all dressed up in hopes of impressing a loan officer and then traveling to where they are.
But it also means that no one has to know you applied for a loan. Do you really need the world judging you for applying for a loan at a time when you currently have no income? Isn’t that between you and your lender?
It can be a safer way to get a loan as well. If you aren’t going to a traditional bank to borrow money, you may be going to a sketchy neighborhood to apply for a loan with an alternate lender.
Who needs the stress of that? If you are unemployed, you have enough stress.
If you do manage to get a loan, the funds are typically disbursed to your bank account via direct deposit. This is not only safer than walking out of a payday loan place with a big wad of cash, but it also means you may have it in as little as an hour in some cases.
You cannot beat the speed and security of direct deposit. It may take you longer to fill out the paperwork than to get access to the funds following approval.
If you have decided that you wish to apply for a personal loan online, you should gather together some basic documents. This includes a photo ID and a recent bank statement.
You may also want to think about how you will make your case. So you have no job. Does that really mean you have no income?
You may have some other source of income, such as:
- Unemployment benefits.
- Social Security benefits.
- VA benefits.
- Child support.
- Rental income.
- Disability payments.
- A job offer promising income in the near future.
If so, you will want to make sure you can provide proof. This will be the strongest means to secure a signature loan while unemployed.
If you have thought it through and gathered together your documents, you can start the application process right now. Just Click the “Get Started” button! to be taken to our loan application.
We will walk you through the process. We try to make it as easy and comfortable as possible. If we can find a matching loan product, you will be notified.
Ready? Click the “Get Started” button!