Unemployed

Even if you are unemployed, you can get a credit card if you have other sources of income and a substantial quantity of money flowing into your account every month or so.

There are several financial institutions that provide emergency loans to people who are out of jobs. Secured loans are provided against a collateral or security.

Availing a loan when you have a steady flow of income and with a good credit score in hand will be easy. Lenders would prefer borrowers who have an income, so unemployed people might have difficulty in getting their loans approved. But that doesn’t mean that they will not qualify for any loans.

It is hard for unemployed people to get qualified for a good loan offer. Lenders would need proof of income to be convinced that you would be able to pay your monthly payments on time. But even though you are unemployed there are ways to get a loan. One way is by pledging collateral. Secured loans are lent to people who provide security to their loan. In case they are not able to pay back, the security they pledged will be taken as compensation. 

Lenders would want an assurance that you would be able to repay your loans. So they will check your monthly income, to determine whether you’ll be able to pay back your loan in instalments on time. Since unemployed people wouldn’t have an income at the moment, it would be hard for lenders to judge their creditworthiness. And thus getting loan approval without having a job becomes nearly impossible. But payday loans are loans that are not provided by conventional lenders and these lenders grant you loans without credit assessment.

Borrowing money from banks would require you to fulfill certain eligibility criteria laid by them. The major criteria are your income, credit score and employment. When you are unemployed, it could be difficult for you to get approved for a loan. However, if you have regular monthly income through some source like receiving rent, you are likely to qualify for an unsecured loan.