FinanceCreditLoans
ANSWERS: 11
  • Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments. However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These "no-doc" loans are common among self-employed people who say they earn a certain amount of money but whose income tax returns show that their earnings are much lower. Borrowers should check directly with lenders when seeking a no-doc loan. If specific lenders do not offer them, ask for a referral.
  • Technically, yes. What lenders are looking for is evidence that you have enough assets to repay the loan without defaulting on it. For most people, that means a job. However, if you are retired/unemployed, with considerable financial assets, you would also qualify. For example, I have an acquaintance who quit working at age 35, as he had become a millionaire. He was able to purchase a house, and qualify for a mortgage over $100k without a job. However - he had qualifying assets which made employment unnecessary. Another example, My father is a retiree who works part-time simply as a means of keeping busy. His annual income from work is less than $10k a year, but his IRAs, retirement and Social Security were enough to allow him to refinance his home, and withdraw $20k in equity. Chances are, however, that you are referring to someone who is unemployed with no visible & stable means of repayment, and in a financial crunch. A person in *that* situation is highly unlikely to be given a loan. It all comes down to a simple question - how are you going to pay this back? If the answer is "I don't know", the bank's answer will be "no".
  • Unemployed college students get them all of the time
  • i sure hope not cause they will be screwed(an unethical loan officer could help you or hurt you... you decide
  • Sure..If you have a title to your car some loan places will give you a loan if you sign the title over as colateral. They charge about 28%..
  • I suppose nowadays anyone can get a loan!!!!
  • It's generally based on ones ability to make repayments!
  • TALK TO THE COLLEGE COUNSELOR. THEY MAY OTHER RESOURCES BASE ON YOUR NEEDS BEFORE YOU GET A LOAN FROM SCHOOL. IF YOU RECEIVING MONEY FROM THE GOVERNMENT LIKE SOCIAL SECURITY, UNEMPLOYMENT BENEFITS, TANF (AID FOR FAMILIES AND GA FOR SINGLE ADULTS; YOU MAY GET THE THE LOAN OR GRANT.
  • Unemployed loans present various options before unemployed people to enable them to purchase the various necessities along with a lump sum payment for repayment of debts, buying holidays, and for purchasing cars. Usually an unemployed is concerned with repayment of loan. Equally concerned is the lender.In such cases in order to lower the risk lender seeks for some collateral as security and such loans are known as secured unemployed loans. Secured unemployed loans can be used for any purpose including education, home improvement, starting up a business, deposit for house, wedding cash, holidays etc. Being an asset owner minimizes most of the risk emanating out of unemployment. The loan provider knows that in the event of the borrower not repaying the loan in full, it can utilize the collateral to recover the amount unpaid. therefore it usually carry low rate of interest, which easily fits into the budget of an unemployed
  • Unemployed loans present various options before unemployed people to enable them to purchase the various necessities along with a lump sum payment for repayment of debts, buying holidays, and for purchasing cars. Usually an unemployed is concerned with repayment of loan. Equally concerned is the lender.In such cases in order to lower the risk lender seeks for some collateral as security and such loans are known as secured unemployed loans. Secured unemployed loans can be used for any purpose including education, home improvement, starting up a business, deposit for house, wedding cash, holidays etc. Being an asset owner minimizes most of the risk emanating out of unemployment. The loan provider knows that in the event of the borrower not repaying the loan in full, it can utilize the collateral to recover the amount unpaid. therefore it usually carry low rate of interest, which easily fits into the budget of an unemployed .
  • Unemployed loans present various options before unemployed people to enable them to purchase the various necessities along with a lump sum payment for repayment of debts, buying holidays, and for purchasing cars. Usually an unemployed is concerned with repayment of loan. Equally concerned is the lender.In such cases in order to lower the risk lender seeks for some collateral as security and such loans are known as secured unemployed loans. Secured unemployed loans can be used for any purpose including education, home improvement, starting up a business, deposit for house, wedding cash, holidays etc. Being an assest owner minimises most of the risk emanating out of unemployment. The loan provider knows that in the event of the borrower not repaying the loan in full, it can utilise the collateral to recover the amount unpaid. therefore it usually carry low rate of interest, which easily fits into the budget of an unemployed .

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