Q:

How do you get a loan without a job?

A:

Quick Answer

An unemployed worker can get a loan by borrowing against his home or his life insurance. If he has a regular income such as disability payments, he is eligible for a Home Equity Line of Credit. Furthermore, he can use a co-signer with better credit to get a loan.

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Full Answer

An unemployed worker can apply for a car title loan if he owns his car; the title company holds his title until he repays the loan. He can also apply for a debt consolidation loan to ease his debt burden by reducing monthly payments. Such a loan allows him to bargain for lower interest rates. He can also apply for a retraining loan offered to unemployed people by the U.S. government to acquire new skills through retraining.

An unemployed individual with a credit card can use it to obtain a cash advance, which typically includes a high interest rate. He can also get a payday loan with proof of a regular source of income. A payday loan is typically short-term and has very high interest rates.

An unemployed person can get a loan from a pawnbroker by providing an item as security. If an individual defaults on the loan, the pawnbroker keeps his item; however, this does not affect one's credit.

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