It is entirely possible to find loans for unemployed people if you know where to look. One of the great myths of personal finance in fact, is that it can be impossible for an unemployed person to get a loan. Certainly, it can be more difficult for a person without a job to find credit than it would be for a person with a job to do the same, but it is not impossible. And with a little determination, creativity and willingness a person in need of a loan will be able to find one regardless of whether or not a person has a job.

The fact of the matter is that people can only get a loan if the entity doing the loan believes that they will get paid back. This becomes a problem when you are unemployed because it can difficult for the loaner to verify your income and without income they may not be willing to loan to you at all. But people without jobs can have financial emergencies just as sure as people with jobs. Crises can hit when a person needs a short term loan for an emergency. In that case, what is a person to do?

Finding Loans Without A Job

The only way to get a loan when you are unemployed is to be willing to provide some collateral to the loaner. Now, I suppose that it may be possible to get a loan from a person that you already know without having any collateral, but outside entities will need to believe that you have an incentive to pay them back and that, should you fail to payback the loan, they will have a method available to them to get their money. So the best option becomes the secured loan.

There are a number of places which will give you a secured loan even if you do not have a job. When deciding which one of these providers you want to use, it is important that you take a look at the collateral that you have available. Do you have any items of value? If you own something valuable such as jewelry, fire arms, watches, electronics or computers you can use these items as collateral and pawn them for cash at a pawn shop. When you pawn an item you do not actually sell it. Instead you use the item as collateral to secure a cash loan from the pawn shop. When your loan is due, you are required to return to the pawn shop and repay the loan plus interest or they will assume ownership of your collateral. Pawn shops provide easy, quick cash for emergencies.

Another loan option for unemployed people is a title loan. Title loan companies offer cash loans against the value of your motor vehicle. If you own your car outright then a title loan may be appropriate for you. In order to get a title loan you simply bring your vehicle and your car title to the title loan office, your vehicle is appraised and you are given a loan. Typically the term of a title loan is 30 days at which point you must repay the cash loan plus interest or the title loan company can repossess your car. Obviously no one wants to lose their car, so it is critical that a person who has entered into a title loan agreement, repay their loan on time.

As you can see, if you are willing to be creative there are always possibilities for loans for unemployed people. The only thing that is going to keep you from getting a loan, is your own lack of initiative. Anyone with a little moxie and a bit of collateral can always find a cash loan in an emergency.