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.

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