Trying to get a loan when you are unemployed is going to be extremely difficult and frustrating as the majority of the loan companies will only accept people that have a steady stream of income coming into the household. They want to also check previous accounts that have been held and typically people that are in permanent employment will have the security to be able to take out finance on a new car or something like that.
When you are unemployed these doors seem to get locked from us and are put out of reach where we can't access them. This is where there is a lot of controversy over the loan companies favoring those that are not in need of a loan.
The best place to start if you need a loan is by speaking to your local credit union. It may take you a few payments to put into the account and they may be able to come to an agreement with you that could help you secure a loan when you are unemployed. If they can't help you, they will at least have an idea of a company that they could recommend to you. You won't be the first unemployed person they have dealt with in need of a loan.
The one place to avoid is the doorstep collectors. They will accept anyone and they do that because the people they get into their business are trapped in there, paying off debts that have interest rates well over the 100% mark. So you will pay at least double the amount you borrow and they will entice you with the weekly payment option at a really low rate. The truth about these is that while the payments will be low the debt is not going to come down with the payments and you could be stuck paying this debt for years.
The best course of action would be to utilize any existing accounts that you have. If you have a credit card but fear the interest is too high, get in touch with the company and ask for the interest rate to be reduced. You can always approach the bank but I wouldn't hold high hopes with this but the best thing if you have absolutely no credit available would be to visit a credit union center and they should be able to advise you on something they can do for you or point you in the direction of a reputable company that will be in a position to help you.
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