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Need Loan No Job

If you need a loan but have no job, your options for borrowing are limited, but it isn’t impossible to get a loan under these circumstances. In the summer of 2010 in the U.S. alone there are 14.6 million people who are unemployed, and 6.8 million are considered by the Bureau of Labor Statistics to be “long-term unemployed.” That’s a lot of people who may or may not be able to draw unemployment.

A person who needs a loan but has no job is more likely to get a secured loan than an un-secured loan. A secured loan is backed by some form of collateral, such as a house or other property. This lowers the risk to the lender, because the lender can seize the collateral if the loan isn’t paid back. A secured loan may be used for any purpose.

Unsecured loans are not as easy to get for people who need a loan but have no job. Such a person would need a very high credit score to be considered for an unsecured loan in most cases. Overall, it isn’t easy to get a loan if you don’t have a job, but there are a few options.

You can still apply for a federal student loan if you are attending college or are considering going to college. These loans come from the government and are originated through the school you attend or want to attend. You do not need to have credit or a job to qualify, but you have to be enrolled in school part-time at least, and the college must be accredited and must participate in the federal student loan program.

To apply for a federal student loan, you must fill out the Free Application for Federal Student Aid (FAFSA) paperwork and supply information about your household income. Financial aid counselors at accredited schools have more information about applying for federal financial aid in the form of student loans.

Another option for those in the “need loan no job” situation is visiting a pawn shop. A pawn shop lends money on personal items such as jewelry, televisions, computers, and other things of value. When you pawn an item, you are given a date on which you must either return to the store to repay or extend the loan. If you pay the loan in full, including any finance charges on time, you will get the pawned item back. If you don’t, the pawn shop keeps the item and sells it to recoup costs.

You may be able to qualify for a cash advance at a payday loan establishment if you have some type of regular monthly income. This income may be from unemployment, Social Security disability income, a court settlement, or some other source of regular income. You also generally need to have a bank account in order to qualify for a cash advance.