When you do not have a job, it can be difficult to get a loan. However, there are many options to get the money you need to keep your head above the water, even under these circumstances.
1) Ask family or friends who trust you for a loan until you can get a new job. Offer to draw a written contract detailing how much they lent and how you intend to repay the loan. Show them your willingness and commitment to pay once you get a job. If you are fortunate, keep your word, don't be flaky and make it your priority to pay that loan as promised.
2) Pay a visit to a pawn shop in your neighborhood for a loan. A pawn shop is a place of business that lends you money on personal items and practically anything else of value, such as jewelry, computers, televisions and certain clothing products. Once you pawn an item, you are given a specific date in which you must return to the store to repay your loan or extend the loan. These pawn loans have financial charges which you will be required to pay during the agreed repayment period for you to get your pawned item back.
3) Apply for a no credit, payday loan. A payday loan, or cash advance, is tailored towards those who have bad or little credit. You may use your unemployment benefits, disability, social security or child support payments as an income requirement to get a loan. These are considered as regular monthly income and can support your application for a loan. There are no credit scores run when applying for this type of loan.
4) Approach a charitable organization such as a church for a loan. Check out for these organizations in your home area. Some charities will give you a stipend for maintenance; others will cover the costs of your utilities. Others might be able to assist you in your job search. Check them out -- you might be amazed by the range of services that they offer. Some churches however may require you to be an active member to receive a loan.
5) Offer a form of collateral in exchange for a loan. A car title will definitely boost your chances of getting a loan. This form of security will used to back up your loan in case you default on it. Remember, if you can't pay back the loan, the lender will seize your collateral and sell it in order to recover his money.
6) Try to get a secured loan with a co-signer. If you choose to go the secured way and you have no job, you will be required to pledge collateral against the value of the loan applied for. A co-signer will stand in place of a job, and he/she must be comfortable with making payments on your behalf, until the time you get a job.
Whatever option you choose, agree with the lender on the time required to repay the loan. If you shop online for a credit facility, the last thing you want to do when you are unemployed and struggling financially is to fall in an identity theft or get caught up in a scam. So be careful, the choices are many and all you need is to take time to find the right loan that fits your situation.
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