When you are unemployed
, life can be hard enough. There are still bills to pay, even when there is no real income. These expenses can add up quickly, and soon you will find yourself in the position of needing a loan to catch up on everything. The question is, however, who provides bad credit unemployed loans
The truth is, you need to have some form of income to receive a loan. It is that simple. A lender may be willing to provide you a loan with a poor credit history
, but they will not loan money to a person that has no official way to repay the loan. So the trick is generating enough income to qualify while you are looking for employment.
You may wish to consider the following options:
• Apply for a part-time job that will allow you to have reportable income and enough time to search for a full time job. You can always work at night so that you are available to interview during the day.
• If you are receiving unemployment compensation you may be able to qualify for a short term loan. However, many lenders will only consider this type of income if you are in the beginning of your first tier of benefits.
• You may wish to accept full time employment at an entry-level position just long enough to qualify for a loan. This will help you pay your bills and you can still actively seek employment in your field.
• You can apply for a loan with collateral. However most lenders will still require some type of income to verify that the loan can be repaid.
• You can use a co-signer for a loan
if the lender will allow.
The best thing that you can do when you find yourself in this type of situation is speak to a professional in the lending field. They will be able to provide you with accurate information on what you will need to qualify for a loan under your employment
circumstances. Sometimes the simplest solution to your financial problems can be solved by asking the right people for answers.