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Cash Loan Unemployed

It is possible for persons that are unemployed to get a cash loan. Contrary to popular belief cash lenders will loan money to persons that don’t have a job.

Cash lenders will loan money to anybody who has a steady source of income or a lot of money. A cash lender would probably loan money to a person receiving unemployment insurance. Cash lenders might also lend to those who have a lot of money in savings or investments.

The reason cash lenders will loan to the unemployed is that they base their loan approval decisions on a borrower’s ability to repay the loan. This means that they will lend to an unemployed person with money or a steady income.

How to Get a Cash Loan While Unemployed

To get a cash loan, an unemployed person will have to demonstrate that they have the income or potential income to pay it off. This means that the lender will probably require the borrower to provide income verification.

The cash lender will want to see documents that verify income such as bank statements or check stubs. Many cash lenders will not approve a cash loan until a person provides this documentation.

An unemployed person that needs a cash loan will have to provide income verification. Having documents that verify income ready before seeking a cash loan will speed up the application and approval process.

Some cash lenders will also loan money to an unemployed person who has a high prospect of employment. For example a person who has job skills that are in demand or a laid off worker who could be recalled to a job.

Other Loans for the Unemployed

There are some other loans that are often a much better deal for the unemployed than cash loans.

One of the best deals in loans for the unemployed is the pawn shops. A pawnbroker will loan money to anyone who can put collateral such as a vehicle, guns, jewelry, electronics, gold, silver or coins. No job is required for these loans because the pawnbroker can sell the collateral to recover their loss.

The biggest advantage to pawn loans is that an individual who fails to pay one off isn’t subject to debt collection. Cash lenders will hound a person until they pay the loan off. The pawnbroker will simply seize the collateral.

For those own property such as a home, real estate equity loans can be a great deal. Home equity loans in particular come with much better interest rates and better terms than cash loans.

Unemployed and Cash Loans

Unemployed persons should always be careful when taking out a cash loan. A good rule of thumb is to never take out a cash loan unless you are certain you can pay it off quickly.

A person who takes out a cash loan they can’t pay off may end up spending all or most of their income on efforts to pay it off. Cash loans should only be used when all other alternatives for credit have been exhausted.