- Disability and Social Security benefits.
- Investment income.
- Rental property income.
- Retirement income.
- Child support.
- Alimony.
- Self-employment income.
With even a little bit of reliable income from an unconventional source, you could have a better chance of obtaining a loan.
If you are unemployed, searching for the right lender will be a little different than normal. You’ll need to seek out a lender that is willing to work with your income or lack thereof.
Monevo is a free platform that will allow you to shop for a personal loan quickly. After entering your information, you’ll find offers from multiple personal loan providers in one place. As a part of the initial questionnaire, Monevo will ask you about your annual income. With that, they can help you narrow your search to lenders that can work with your level of income.
You won’t have to impact your credit score when you fill out a questionnaire with Monevo. But the platform will search through more than 30 top lenders in under a minute. That should help you find the loan you need with a lender that is willing to work with you.
How do you qualify for a loan if you don’t have an income?
You might be surprised that you can qualify for a loan while you are unemployed. But you’ll likely need a strong credit score and another source of income. No matter how minimal your income stream might seem, it could make the difference to help you obtain a loan.
Talk to a cosigner
If you truly have no income coming in at all, then talking to a cosigner could be the right move.
A cosigner is someone that agrees to take full responsibility for the debt if you are unable to repay it. With that, only close family and friends will likely consider becoming a cosigner. If you find a cosigner with a strong credit score and solid income, then you may be able to receive attractive loan terms.
But keep in mind that you are putting your relationship with your cosigner in jeopardy. Even if you fully intend to repay the loan on your own, life might get in the way. Can your relationship with your cosigner withstand such a deep financial blow? Consider the consequences before moving forward.
Will applying for a loan affect my unemployment benefits?
When you take out a loan, the money you receive is not considered income. Since you are expected to repay the loan, the IRS will not tax the money you receive as income.
What if you can’t find an emergency loan while unemployed?
Without an income stream and a poor credit score, you might not be able to find an emergency loan. But that doesn’t mean there aren’t options to help you improve your financial situation.
Reach out to your bill providers
Unable to make an upcoming payment? Take the time to reach out to your bill providers. In some cases, they may be able to provide some relief. A new payment plan or a deadline extension could help you stay afloat.
Importantly, if you have federally backed loans, then you might qualify for a temporary pause to your payments right now. Don’t be afraid to reach out to your loan servicer to ask for details on your payment relief options.
Look for other sources of financial relief
When you start looking, you’ll find various sources of relief that can provide the financial boost you need. Research local assistance programs that are in place to help you keep food on the table.