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How to apply for a loan when unemployed?
We are sorry to inform you that we do not have any lender that can cater to unemployed applicants. Number one factor that lenders look at in order to lend is the person’s capacity to consistently pay the borrowed amount.
This requires the applicant to have a stable employment with regular paychecks or income, thus lenders require a documented proof of income such as payslips or bank statements.
If you are in need of money for emergency or investment purposes but do not have the documented proof of income, here are a few steps you can take:
- Nominate or have a close relative take out the loan in your behalf
- Use any type of property as collateral (e.g. house and lot, lot, car, trucks etc.)
However, we cannot guarantee your approval since lenders have their own due diligence (credit assessment and background checks) the carry out prior to approval.
How to apply for a loan when less than one year in employment