Pouvez-vous obtenir un prêt sans emploi ?April 2, 2019

Can You Get a Loan Without a Job?

If you lost your job recently, then making ends meet can be quite a challenge. You are probably thinking that right now, a loan would be more than welcome. However, can you get a loan without a job? What are the risks? And what should you do, ultimately?

Your Options

When you have no job and no income, getting a loan is hard. No financial institution will lend to you, and your options are very limited.

If you absolutely need a loan, your best option at that point is to turn to close friends or family and ask them to lend you the money. Family members and close friends are more aware of your situation and are more understanding, compassionate and willing to help than financial institutions. Explain your situation to them and tell them exactly what you need the loan for. Agree on a repayment plan and put everything in writing.

Some financial institutions might be willing to loan to you if you have a co-signer. Once again, you will have to turn to family members or close friends to find someone willing to co-sign a loan with you. That person needs to have good credit and a regular source of income.

The Risks

Whichever way you manage to find a loan, there are great risks tied to it. When you are unemployed, you have no income or a very limited one.

If you borrow money from a friend or family member, do you have the means to honour your payment agreement? If that person agrees to lend you money, it means they are very close to you. Do you value that relationship? Unless you agreed to start repaying the debt once you find a new job, you should steer clear of that option.

If your friend or family member agrees to co-sign a loan with you, are you aware that they are held responsible if you do not make timely payments? Did you know they will have to make the payments in your stead and that their credit, and yours, will be negatively affected? Knowing that, you might reconsider before asking someone to co-sign a loan with you.

Practical Solutions

The first thing you should do after losing your job is to go job hunting. Bring your resume all over town, check employment websites. Do not be too picky about which job you choose. Make a budget, analyze your expenses and cut anything that is non-essential. Do you have an emergency fund? Now is the time to dip in it. Can you sell some of your things to make some money? Call your creditors and explain your situation. Try and reach an agreement with them.

Once you do have a job, you can start looking for a loan. Online loans are great especially if you have bad credit. Online lenders charge high interest rates, but they simply do a job verification and do not look at your credit report.

Secured loans are also good if you have poor credit, as you give an asset, such as your car or house, as a guarantee.

Once things get back to normal and you get to build your credit up once again, then you’ll have access to traditional loans with your bank, with lower interest rates.

Plan Ahead

The best thing you can do is to plan ahead. When things are going well, build an emergency fund with a few months pays in advance. If something unexpected happens, like job loss, then your expenses will be covered until you find another job.

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