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Cash Loan - No Job

Contrary to popular belief you can get a cash loan if you don’t have a job. Cash lenders will loan to the unemployed, if unemployed people can demonstrate that they have a steady source of income or the money to pay the loan off.

Cash lenders will loan money to anybody who can pay it off. This means that unemployed people who have a steady source of income such as unemployment insurance or savings should be able to get a cash loan.

An unemployed person who has a large savings, investments or valuables they can sell to raise money might also be able to get a cash loan. Those who are unemployed but have good job prospects or can be called back to a past job might also qualify for a cash loan.

Getting a Cash Loan with No Job 

To get a cash loan with no job a person will have to prove that they have or will have the money to pay off the loan. The lender will probably need to see proof of unemployment insurance or a job offer.

Lenders may ask to see bank statements, investment statements and other documents that prove the money is available. Some lenders may also want to see proof of a job offer such as a letter from a potential employer.

Cash lenders may make impose special requirements on those who with no jobs. For example, a lender may require a person to let them electronically take funds out of their bank account on days unemployment insurance payments come in. 

Secured Cash Loans with No Job 

An excellent source of loans with no job is secured lenders such as pawn brokers. Secured lenders will loan money to those with no credit because the borrowers put up collateral. The lender seizes the collateral if the loan isn’t repaid.

Pawn shops in particular will make loans in the form of cash which unemployed people may need. A big advantage to pawn shops is that they don’t have to be paid off for 90 days. This means borrowers have more time to pay off pawn loans than regular cash loans.

Another advantage to pawn loans is that the borrower won’t be on the hook to the lender if he can’t pay off the loan. This means unemployed people don’t have to worry about debt collectors and having to pay off a loan if fortunes change.

Be Careful With Cash Loans 

Those with no job should only seek a cash loan when they have exhausted all other options. Before seeking a cash loan an unemployed person should look into government benefits such as unemployment insurance and food stamps. After all your tax dollars have been paying for these benefits, you should take advantage of them.

Taking a job even a low paying job is still often a better option than getting a cash loan. Borrowing money from friends or relatives is another alternative that you should look into. Credit cards come with high interest rates but a person is only required to pay off the minimum. This means that payment can be deferred until a person finds a job.

Nobody without a job should take on the added burden of a cash loan if they have an alternative. The cost of repaying cash loans is simply too high for most unemployed people.