Q:

How can you obtain cash loans when you are unemployed?

A:

Quick Answer

You can get a loan while unemployed by borrowing against your home, utilizing co-signers or applying for a car title loan, explains About.com. The process might be more challenging as compared to a normal loan application.

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How can you obtain cash loans when you are unemployed?
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Full Answer

If you have a decent amount of equity in your home, you can apply for an advance against the equity, according to About.com. The lending institution performs an evaluation on your property to determine the loan amount. Normally, you receive a percentage of the equity available in your home.

A colleague or family member with a perfect credit history can co-sign the loan for you. The lending institution bases its decision on the word of the co-signer, who acts as your guarantor. This step gives you a better chance of securing the loan. If you default, the co-signer is still partially responsible.

If you have already paid for your car, you can use it as collateral for the loan, says About.com. The lending company holds the car title until you repay the principal plus interest you own. However, you have to take the car to the potential lender for inspection in person. The lender determines the amount to advance based on the state of the vehicle.

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