Can I get a Personal Loan if I’m unemployed?


In case of an emergency, when you’re out of cash, instead of depending on your credit card, you can always turn to a better option, i.e., a personal loan. Personal loans can be borrowed for any purpose, and they have a rate of interest which is fixed, helping you to make repayments of loan predictable, as well as easier to repay. The money will be credited in your account within days of applying for the loan. You can go for personal loan apply even if you have bad credit. However, certain criteria will be taken into account in order to determine your eligibility. And one most important of those is a source of income through which you will be able to repay the loan. The other criterion is your credit score. You can be qualified for a loan even if you have a bad credit score, but a loan provider will chiefly be concerned about an income source, primarily a job. Now, if you are unemployed and still apply for a loan, you may get the loan. There is no proper certainty, but a chance of qualifying as a borrower. 

 

The loan provider will always take into credit, a source of income that you have which will ensure that you can repay the loan. But if you’re unemployed and still in need of the loan, the source of income can be anything other than your job. You have to provide proof of income to your loan provider which can come from the following sources:

  1. Any social security benefits
  2. Any sort of disability insurance
  3. Any alimony
  4. Interest or dividend income from any of your investments
  5. Public assistance
  6. Rents from any property you may own

If you have any of the above sources, then you can qualify as a valid borrower. However, if you have none of these as well, then it can be difficult to apply for a personal loan. But, in case you have a signed offer letter from an employer, then the loan provider might consider your application for a loan. 

 

Loan apply or especially Personal loan apply, no matter how basic and simple they are, certainly follow the above-said processes. Being unemployed may not be a hindrance if one particular source of income is available, but it may be difficult if the borrower has no source of income at all.

Comments

Post a Comment

Popular posts from this blog

3 Ways to Pay Off Your Personal Loan in 2021

Image
    Carrying a personal loan balance? You can now finish it off easily with some easy tips. Often you feel stressed by being in a long-term loan, where you need to pay off EMI monthly and get stressful bank statement. If you are looking out to finish it off at once, you need to work on it. If you figure out the entire outstanding balance on your personal debt, you can work out on some ways to pay off your debt without any hurdle. It is easy and will give you a peaceful life with no banks running behind you for EMI dates. However finding a good source of amount such as the best personal loan to pay the entire debt will not be easy. You need to focus on various finances and deal with them effectively. Find out a source of income: If your existing income is falling slow, you need to consider some another source of fund. Try out and figure out some other extra source of income so that you can save it and pay off your personal debt easily. Why don’t you pay...
Read more

Can Senior Citizens Apply for Personal Loan in India?

Image
  Life can throw a curveball at any point of the hour. Be it an adult, middle age, or a senior citizen, life and its problems are never-ending. Being a senior citizen with no salary can put you through troublesome situations that become daunting. However, the financial market and debt portfolio work equally for everyone. If you have a source of income, in the form of a fixed pension you can get a  personal loan   easily. The loan provider is only interested in the fact that whether you have a source of income to repay the loan. You can use a personal loan to meet any wish or requirement that comes up all of a sudden. However considering your financial crisis and age, you need to keep in mind a few things so that your decision to borrow is wiser.   A fixed source of income: If you have a fixed source of pension every month you can go for a loan. It will help you relax as there will be a source of money to pay back your loan. At such a sensitive p...
Read more

Instant Personal Loans - Everything You Need To Know

Image
  Wishes and demands are rising as the consumer industry is using online platforms as a catalyst to showcase products. Every now and then you visit a website and like something already. With attractive deals and modern amenities, you are already convinced to buy something. The moment you realize that after spending on fixed obligations and expenses, you are hardly left with any fund. Thanks to online  instant personal loan  facilities, you can borrow anytime anywhere. Within a few hours, you get your loan amount and you are good to go. However, when you are getting it so easily, you will need to pay it back with charges and that makes it difficult. Before you jump for an application, know everything to make an informed decision. What is an instant personal loan?  An instant  personal loan   is the quick availability of funds that you can use to meet any needs. The amount gets disbursed to your account within a few hours. During any emergency or need, ...
Read more