Are you unemployed and in need of a loan? Or do you need detailed knowledge on how to get a loan without a Job? If yes, this guide is for you.
In India, Canada, the United States, the United Kingdom, etc., citizens are considered for a loan without a job based on their credit scores. Therefore, it is possible to access a secured or unsecured loan without a job once you have a good credit score or collateral, depending on the type of loan.
In addition, numerous online and offline lenders aside from banks or government financial institutions can get you loans seamlessly without necessarily having a job. What you must consider is the rate and requirements.
Steps on how to get a loan without a Job
Here are the steps to get a loan without a job.
1. Identify your source of income;
This could be your income from the trust fund, rent payment, Social Security, business sales, Child support, or pension. Once your income is significant from any of these sources, you can search for different lenders around you. Some of the US lending companies for personal loans include LightStream, Universal Credit, SoFi, Upstart, etc.
2. Explore multiple lenders;
You need to check out the various lending institutions, including your bank, to compare the interest rates and other lending conditions. This is because some lenders can offer you a loan without a job, even with a bad credit score, while some won’t. Also, you will be able to know or understand the best loan option for you without a job.
3. Prepare your documents;
After spotting the best lender, you should arrange the required documents, such as collateral papers, proof of income, social security details, etc.
4. Contact the lender;
You can now visit the lender via the physical address or online, depending on what is convenient or recommended by the lender. You must complete the loan application and provide the necessary supporting documents.
After a successful application, the lender will check your credit history, credit scores, and income-debt ratio to verify your eligibility. The loan will be issued almost immediately or within twenty-four hours if you are eligible.
How to get a loan without a job in India
In India, you can get a loan using your assets, property, gold or jewelry, investments, etc. You can also get unsecured loans without a job in India if you have the required documents.
You can explore India’s top banks and lenders to get a favorable loan.
- State Bank of India Pension Loan
- Punjab National Bank Personal Loan to Pensioners
- Bank of India Star Pensioner Loan Scheme
- Prime Minister’s Rozgar Yojana
- Mudra loan for women
In addition, you must have the following documents before you will be considered for the loan.
- Proof of residence
- Birth certificate
- Proof of Identity
- PAN card
How do I know if my online loan is legit?
You should check if the lender or broker is registered with the relevant authorities in your country, such as Federal Trade Commission (FTC). The lender must also list the number of States it operates; otherwise, it could be a scam.
Read also What Is Transcription Job: Common Q/A.
What are the alternative ways to get a loan without a job?
You can opt for the following sources to get a personal loan without a job.
- Family loan
- Certificate deposit loan
- Home equity line of credit (HELOC)
- Co-signer loan