The pandemic has led to the highest unemployment rates in decades. Many people are saying ‘I need cash now with no job.’ This may seem like an impossible situation but there are some ways that you may qualify for a no job loan. Read on to know the best possible ways to get loans even if you are unemployed or have no jobs in this tough situation.
Can I get a loan with no job?
It is possible to qualify for a loan without a job. But you need fair credit and usually another source of income.
When you are unemployed there are lenders who will accept your loan request for review and even provide a loan to you as long as they feel there is a way for you to make your repayment of the loan. If the loan is larger in size, for example, $2,000 or more, you will need better credit scores and more assets or other income to get the loan.
Many people will seek a payday loan if they have no job, and the amount may be $500 or less. Your odds of approval are much higher for smaller payday loan amounts.
How can you get a payday loan with no job?
The first thing to do is to review your total financial situation!
No job emergency loans for the unemployed are possible. You probably have unemployment payments coming in already. But unemployment benefits probably only represent part of what you need for income. As a result, you may need other income sources to increase your chance for approval for an emergency loan with no job.
Other income sources that may increase your chances of approval for a no job loan include:
- Social Security payments
- Pension fund or annuity payments
- Disability income
- Alimony or child support payments
- Government annuity payments
- Payments from a trust
- Recurring interest or dividend payments
- Veterans benefits
Also, there are other factors that may allow you to get a no job loan. They include:
- You have an employment offer or an agreement/contract for performing some work e.g. plumbing, carpentry, auto repairs, etc.
- You have a sale of real estate or other assets, like stocks or personal items, that have some real value
- You have an inheritance coming soon
What happens if I cannot qualify for a no job loan?
If you do not qualify you should seek local resources from non-profit aid groups who can aid with food, shelter, and other services based upon your needs.
To get a no job loan you should work with CashOne. CashOne is a referral service to more than 120 direct payday lenders who provide payday and installment loans nationwide. Most consumers use their smartphone to complete a loan request form in a few minutes and get an answer in even less time. Fast, easy, and secure.
There is no cost to request a loan, the service is free. And there is no driving around wasting time and gas. So, there is nothing to lose by completing a loan request.