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Unemployed man.iStock.
Many people have the belief that being unemployed automatically excludes you from getting financing. Although it is true that obtaining a personal loan when you are unemployed is usually more difficult to be granted a loan while you have stable income from a job, but still It could be possible.
The unemployed can apply for a loan, but most likely they will have to demonstrate an alternative source of income that guarantees its return. In addition, depending on the amount requested, the financial institution usually examines the applicant’s credit history.
For this reason, a person without a job who wants to request a loan must demonstrate it through one of the ways that we explain in the following section.
Cases in which an unemployed person can request a loan
- Have an alternative source of income: demonstrate that you have investments or rental properties that demonstrate the perception of an income that is consistent to face the debt.
- Collect an unemployment benefit: People who receive unemployment or some type of similar aid are more likely to obtain a loan, since they receive a recurring income with which to pay the amount borrowed.
- Be the owner of properties: Properties such as a home or vehicle can be provided as collateral for the payment of the debt.
- Have a guarantor: Although this figure is less common, you can still resort to the figure of a guarantee that faces the loan in the event that the owner cannot pay. They are usually close people, such as the spouse, parents or siblings.
- Being a pensioner: It may be the case of people who receive an orphan’s, widow’s, disability or other pension and are unemployed. Like those who receive unemployment, this group can also qualify to request financing by having a periodic income.