Is it possible to get a loan while between jobs or unemployed?

People usually apply for a loan for a number of common reasons. This can be starting a business, building a house, buying a car and so on.

Others, usually apply for a loan in order to cater for personal needs. Most banks are usually ready to give you the loan that you want.

However, there are some conditions that you have to fulfil. To start with, you must have a good credit history.

You will note that if your credit history is bad, you might have a difficult time trying to get a loan.

Some banks might eventually give you a loan with bad credit but end up repaying the loan with even more interest. If you have a pay slip, you are likely to get a loan from a bank. People who are employed usually have pay slips. This enables them to get different kinds of loans.

Can I get a loan without having a job?

This is a common question that many people ask out there. If you are not employed, you can still get a loan. If you have enough collateral, you can get a loan from a bank. However, your collateral must be more than the amount of money that you have applied for.

Bad credit lenders like  will be willing to give you money if can prove that you can be making regular payments on time. Your lender will use these criteria in order to give you a loan:

  1. Regular income

There are people who are unemployed but usually have some regular source of income. If you have a business, you can show the lender the amount of money that you make per day or per week.

This can be a good indication that you will be able to repay the loan in good time. Some people usually get paid in wages. Such people can still get a loan if they show that their income is consistent.

  1. Credit history

You will note that lenders will be keen to see how you have been able to clear debts in the past. This information is usually contained in the credit report. If you are fond of paying your loan in good time, you can trust that you get a loan from your lender.

  1. Credit score

There has been a lot of emphasis on maintaining a good credit score so that one can get a loan whenever he is need. If your credit score is good, you can trust that you will get a loan.

Lenders are keen to note whether your credit score is poor or good. If your credit score keeps on rising, you can be able to get a huge amount of money in the long run.

You can still get a loan even if you are not employed. However, you have to fulfil the above criteria so that the lender can give you a loan.

Some lenders even ask for guarantors. In this case, you can get a reliable guarantor so that you can get your loan. As long as you meet the requirements of your lender, you can get any amount that you like.