Non Payday Loans For People Who Have No Income
For people who are on long term unemployment, trying to borrow money when you are jobless is not an easy task. With no verifiable income, lending companies take the same view that you may be equally of risk as a person who have bad credit. Both belong to the high risk category and more conservative ones like the traditional banks are never going to provide any small personal loans.
Getting Cash Advance Loans With No Job
As such, low interest personal loans are not easily available. However, not all loan companies turn away from providing assistance to this group of individuals. As a matter of fact, there are quite a number of ways for you to get a personal loan. Private lenders have quickly moved in to fill this gap in the market by offering secured or unsecured loans, extending credit to those who need money but have no income. There is a price to pay though. They are notorious for high APRs and strict repayment terms.
As an example, if you need to borrow funds, you will probably have to pay $25 in interest for every $100 borrowed on a 14 day deadline. A $500 dollar cash advance will then cost you up to $625 for what is a relatively short repayment period of 2 weeks. Just imagine how expensive it can be if you try to get a 12 month installment loan with no income. Just the interest alone could bring you deep in debt, and that’s discounting if you are late in making payments and having to pay extra finance fee.
Get $1000 Loans For Emergency Only
That aside, legit lending companies do provide someone who is out of work with a few options. If you are in a desperate situation and really need a fast cash advance, these instant decision loans certainly can help you out with your financial problems. Just try to limit usage strictly for emergency use and only small sums with it.
Some U.S. loan companies may also offer unemployment loans for people with benefits. If you are currently receiving some form of benefit or dole, the government allowance can be taken as a form of income, thereby allowing you to qualify for legit online loans.
While this is the answer to knowing how to get a loan when you are jobless, consider the pros and cons with getting short term signature loans and more importantly, ask yourself if you do really have the means to afford such high risk financing at a time when you do not have any income.