How Can I Get a Loan If I Am Unemployed?

can-loan-am-unemployed Credit: Peter Dazeley/Photographer's Choice/Getty Images

To secure a loan while unemployed, search online for lenders that specialize in high-risk loans and have programs that do not require employment information on their applications. These applications can be completed in minutes. Be prepared to provide your address, Social Security number and bank account information.

  1. Find high-risk lenders

    Search online for multiple high-risk lenders. Before applying, compare each lender's rates. There are many loan interest rate comparison websites available to help you judge what a fair rate would be for you based on your credit profile.

  2. Apply only if you qualify

    Verify that employment is not a requirement before applying for a loan. The lender pulls your credit report during the application process, which lowers your credit score. Since qualification and interest rates for unemployed people relies heavily on credit scores, be certain not to harm your score with unnecessary credit pulls.

  3. Make sure the payments are affordable

    Be sure to calculate your income from all sources, including unemployment, investments, Social Security income or disability income. Before accepting the loan, determine if the payments are affordable for you.

  4. Make all payments on time

    Making your payments on time helps you to build a positive credit profile and makes borrowing easier in the future.