Best Personal Loans for the Unemployed
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Commonly Asked Questions About Personal Loans for the Unemployed
Can I get a personal loan if I'm unemployed?
- Unemployment benefits
- Freelance income from a side job
- Retirement benefits
- A spouse's income
- Investment income (assuming you receive a regular income from your investments)
- Alimony or child support payments
How can I get a personal loan without proof of income?
Can I get a loan while on unemployment benefits?
What do lenders consider when evaluating a loan application if you're unemployed?
What are some alternatives to personal loans for the unemployed?
- If you have a good credit score, credit cards with a 0% APR introductory period may be your cheapest option. Assuming you can pay off your balance before the promotional period ends, the money will be totally interest-free! However, if your credit history is not great, you may only qualify for a high interest credit card.
- Are you a homeowner? Borrow against the equity in your home with a home equity loan or home equity line of credit. You risk losing your home if you default on the loan, but they typically offer favorable terms.
- A secured loan is lower-risk and easier to qualify for, even for applicants with a poor credit score or no income.
- The government provides various financial assistance programs to help keep you afloat while unemployed. Find out if you qualify for government assistance programs, such as the Low Income Home Energy Assistance Program (LIHEAP), Supplemental Nutrition Assistance Program (SNAP), or the Temporary Assistance for Needy Families (TANF) program.
How can I find personal loans if I don't have a steady source of income?
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