I have good credit but I am currently unemployed. Can I qualify for a small loan?
November 6, 2010 by admin
Filed under Student loans
By small loan I obviously don’t need much like $1000-$1500 tops to cover this month and next month. My credit is good but I have no job. Up until around Oct, I was working as a temp. Now its been hard finding work and literally have no money in my account. I need the money to pay bills and Student loans (forbearance fee/months bill). My parents cannot help me and I dont know where else I can go, trying to work something out with creditors even so a payment must be made. Christmas is coming up and its depressing me actually. Please help. I looked up a few websites that give cash advances and paydays even if your credit is bad etc but all those require you have a job or some consistent form of income even the small loans of $500. Serious answers please.
Oh okay thank you for your answers so basically there is nothing I can do until I have employment which once I have I wouldnt need a loan to start off with. Well I thought you could get a loan with a cosigner if ur credit is good guess I was mistaken. Anyway, all I needed was a yes and contact info or no answer
So far, I like Reena’s answer best thanks.
How are you going to pay this loan back with no job? That will be the first question asked by any loan officer. Do you have an answer?
nope
you would be a bad investment to a bank.
sorry to be harsh, but its better to be truthful then give you false hope.
Contact all your creditors and be honest about your situation.
In this day and age they are more likely willing to give you a break until you have a job again.
Remember they can’t get anything from you when you have no assets or a pay check to garnish. . .
While your parents may not be able to help you financially. . . I am sure they won’t close the door on you if you ask them whether you can move back home.
Try a shopping center- they need extra people around the holidays. Also the Post Office always needs extra hands this time of year, and they pay more!
But spiritually, pray and anoint your hands about work. Ask God for guidance, he will open a door.
God Bless!
PS- I wouldn’t take out a loan because you don’t have a way to pay it yet. Most of the places that will give you loans like that are predatory lenders. It’s better to let the bills lapse!
I am in a slightly different situation- I am unemployed technically but I can also do some promotions wor and pet sitting on the side, and I want to consolidate debt. I am paying all my bills, but I can’t get a new loan because everyone wants to see income. The solution that I’m going to use is to get a secured loan from my credit union. Banks also offer them, and you basically put the total amount of your loan in an account that you can’t touch until you pay it back. Interest rates are normally good on these loans. If your parents can’t help you per se, but maybe have some savings they could put in an account for you longer term while you pay it off that could be good. The only problem there is that they’re risking that you can’t pay it back, which is a real concern if you don’t have a job. I recommend that you try finding anything even waitressing in the meantime, and see if someone can fund a secure loan for you.