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Loans for Unemployed People - What are the Banks Looking for?

By Edited Oct 27, 2013 1 1

Loans for unemployed people are not impossible to find, especially in today's world, even with bad credit. It seems that more and more people have lost their jobs, which in the past, would have made it very hard to borrow money with bad credit. These days, benefits are being extended making it possible to find loans for unemployed people. In fact, the Federal Government has extended these benefits multiple times, with no end in sight. For this reason, it's become much more possible to find loans for unemployed people. There are still some things to consider.

What is your score?

If you still have a decent credit score, you shouldn't have nearly as much troubles finding loans for unemployed people. You should be able to still use your local bank, as long as you've maintained a good relationship with them over time. This of course, assumes that your score hasn't dipped down too much. If you have bad credit, it will be much harder to get loans for unemployed people. Bad credit lenders are out there and willing to borrow you money, though.

Have you fallen behind?

Loans for unemployed people can still be found, assuming you have been able to make all you bills since losing your job. If you are struggling to make ends meet, adding another bill may not make sense for you or the bank. Those that are still staying afloat after losing their job will have a much better chance of getting approved, since you will not have a really bad credit score, in most cases.

Do you have other sources of income?

Banks will be more likely to extend you credit when you have other sources of income coming in. Loans for unemployed people can be found when you are making verifiable money on the side. Those working cash jobs may be out of luck. You typically have to be able to verify the income. Other members of the family, like a spouse, will also count as other income. You will have more luck getting approved for loans for unemployed people if your family income is still up to par. If you have bad credit, it may be really hard to get approved, regardless of income.

How much do you need?

Loans for unemployed people are generally easier to get when they are for smaller amounts. Big amounts, like what you would expect for a mortgage may be harder to get. Still, for many the ability to borrow money when needed is still there.

What was your last position?

Loans for unemployed people will be easier to get approved if you have experience in a field that is in demand. For many, this will make the process much easier. In fact, some may not have any issues at all borrowing money if they have much experience in a specialized field, without a ton of competition. This is how you can get loans for unemployed people.


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Comments

Jul 10, 2010 8:26pm
x3xsolxdierx3x
Great article, Jason! Thanks!
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