Have you lost your job and need money urgently? Getting loans for the unemployed is possible and here you will find everything you need to know, including offers, requirements and how to apply for.
As you can see, at Moneytochka.com we compare the best loan offers for the unemployed that adapt to your situation. Thus, it does not matter if you are unemployed or if you do not have enough income, you can get immediate financing with just one click.
If you are unemployed, you will probably ask yourself: can I apply for personal loans while unemployed? The truth is that obtaining financing in a situation of unemployment is not something very common, since most financial companies ask for a job as a requirement.
However, today it is possible to obtain credit without the need for employment, through online financial companies that offer fast loans for the unemployed. Unlike banks and other entities, these finance companies do not ask you to be on a payroll. Instead, they ask to have periodic income to show them that it can be in the form of unemployment benefit or unemployment benefit.
Now, this does not mean that those who do not have regular income cannot apply for credit. In fact, there are entities that grant loans without payroll and without recurring income, in exchange for a guarantee that supports their return.
Most of the unemployed usually resort to this type of loan when they need to pay off a debt or cover an unforeseen expense. Their biggest advantage is that they can be processed completely online and receive the money quickly in a matter of minutes.
It should be noted that the entire process is very transparent, since from the first moment you know the interest rate, the commissions, the terms, the installments and other details of the financing.
Although it is true that each entity establishes its own requirements to opt for financing, there are some basic requirements common to most of them. These are:
In addition to these conditions, some entities may ask you additional requirements to grant you a loan for the unemployed, including:
From our platform, you can access a variety of loans without a job, with conditions that adapt to your needs and possibilities. These options vary in terms of the amount, the return period and other characteristics that we will see below.
Online microcredits correspond to quick loans that range from 1000 PhP to 50 000 PhP and are designed to be repaid in the short term, usually in a single payment.
This type of loan is a fairly accessible alternative for unemployed people who need urgent money, as it is very easy to process, without paperwork and without long waiting times. Thus, it is a viable solution when you have to pay specific emergency expenses and even to pay a fine.
If you need more money than you can get through a microcredit, installment loans may be your best option. Through this type of credit, you can get up to 50,000 pesos or more and return it in several months or years, according to your possibilities.
The advantage of these loans is that you can repay them in the long term, paying comfortable monthly installments that are adjusted to your unemployed status. However, it is important that you know that the longer the return period, the higher the interest, so it is convenient to calculate your unemployment benefit and accept a fee that you can afford.
Currently, you have the possibility of processing loans for the unemployed without endorsements or guarantees, but you must have at least one source of recurring income, such as an unemployment benefit.
In case you do not receive periodic income, the possibilities of obtaining financing will be less. However, you can go to loans with collateral and provide your house or your car as collateral to get your credit approved. This will be of great help, especially if you plan to request large amounts of money.
If being unemployed makes it more difficult to get credit, if you have bad credit history complicates things even more.
Fortunately, there are online lenders that grant loans with bad credit score for the unemployed, omitting the requirement of a payroll and without consulting your financial history. This, of course, can increase the cost of your credit, since being unemployed and with bad credit score increases the risk of your application.
If you are unemployed and have decided to request a loan, you can do so through the online financial institutions that we have recommended at the beginning of the article. To do this, you only have to follow a few steps: