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How To Borrow Money Without A Job

by Financier on Wednesday, June 8, 2011

People who are unemployed with dwindling savings may want to know how to borrow money without a job. As the cost of living makes it difficult for anyone to be out of work for too long, being informed about the different options in getting cash when you are not earning any stable income will prepare you for any unforeseen circumstances where you may need to get a personal loan on unemployment.

Bad credit or good credit; regardless of which, being unemployed puts a dent in your creditability and may hamper your chance at securing an easy installment payment loan from your bank. The reasoning is simple. If you are not working, you are not generating income for yourself and signature bank loan lenders will need some convincing that you can afford to get an unemployment personal bank loan for one year without having difficulties in making the repayments. Without resorting to low interest bank loans which are probably unattainable when you have bad credit and no job, there is another method for borrowing money without having a job: a secured pawn loan for people with bad credit. Traditionally, pawn loans are secured small personal loans, not payday loans, that people turn to when they wish to trade their personal belongings for cash. Pawn shops owners will extend a personal loan based on the value of the item that you want to exchange for money and on maturity date, you simple decide whether to pay off the loan and get back your things or you can relinquish ownership of the said items to the pawn shop without the need to settle the loan debt.

There are several advantages with using a secured pawn loan. Firstly, these are small collateral bad credit loans so you can apply easily even if you have a very poor credit history. There is also no credit risk in the sense that any non-payment will not be reported to credit agencies. Secondly, and perhaps most important to people who need to borrow money without a job, pawn loan lenders do not bother whether you are unemployed or a stay-at-home mum with no income. As you are using items you already own to get money, they become your collateral security and lenders are more than happy to give you a secured loan for the unemployed.

Thirdly, a pawn shop personal loan for bad credit can be negotiated for longer repayment terms. Most Internet pawn shops will be able to give a secured monthly installment loans for 3 months, up to a maximum of 6 months. Compared this to a 1 month loan until your payday from online cash advance companies, it is unlikely that you are able to borrow money for half a year when you are without a job using a fast approved payday loan with short repayment terms. Even with an instant unemployment loan on benefits, you would probably only be allowed to borrow 2000 dollars against your unemployment check.

With a title pawn loan with installments, the maximum amount of money you can get with no income can be as high as $100,000, although the size of your loan will depend on the value of your collateral.  That said, you need not use your car or a home to get a title loan. Online pawn loan companies like Pawngo will be able to arrange a small cash loan if you have any valued items like pendant, ring or necklaces. Even high-end consumer goods like cameras or PCs could be used as collateral to get a personal loan with no job. If you need to borrow money fast but have no job, consider the options available for you through a secured cash advance by some of these bigger players in the industry -, or

As a matter of fact, it is very difficult to find a private direct loan lender who can give loans for the jobless without having his credit reports scrutinized or by placing a collateral. Some payday loan lenders do give short term unemployment loans for bad credit but usually proof of alternate income is required and if you have yet to collect government benefits, the easiest and best way to get money without a job is to put your valuables with a pawn shop lender in exchange for straight cash.

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