People without jobs can go to pawn stores for loans, get home equity lines of credit or ask someone to co-sign on the loan. However, it helps if they have other income sources, such as unemployment or alimony payments. There are also no-documentation home mortgage loans.
No-documentation home mortgages usually require down payments of 5 to 30 percent, and the person applying for the loan boosts his chances of getting approved if he has good credit. For people who already own their homes and have become unemployed, the government offers programs like the Emergency Homeowners’ Loan Program to help with mortgage payments. The government also provides loan programs to help workers train or retrain in certain job skills.
For people who have no income whatsoever, a pawnbroker may be the best choice because there are no income requirements. Cash advances are another way for unemployed people to get loans, but they come with relatively high interest rates and may require proof of some income. Car title loans are an option for people who carry positive balances on their car loans, These loans often require proof of income, although not necessarily from a job. Finding a co-signer carries the risk of straining a relationship, but increases an unemployed person's chances of obtaining a loan.