You can get approved for a loan with no job if you meet the lender's credit granting criteria. You need to be aware of certain qualifying standards when you apply for a loan. There are two types of loans: secured and unsecured. You are more likely to receive a loan, and a larger loan, if your loan is secured with some type of collateral. A lender will also review your credit file. Check with several lenders to find out which one offers the best terms and conditions.
Instructions
Application Process
1. When you go to a bank or lending institution to apply for a loan, make sure you take identification. You will also need to provide the lender with verification of your income, which can be from social security, pension, disability payments, interest income and, in some cases unemployment. The lender wants to make sure you meet three qualifications. The first is ability to pay; the lender wants to make sure you have the means to make payments on a loan. The other two qualifications are stability and willingness to pay.
2. Provide the bank representative with all of your personal information such as name, social security number and date of birth, personal references and any credit references you may have. If someone is applying with you he or she will need to provide the same information. The lender will fill out a credit application for all applicants using the personal information you have provided. A co-applicant's information will be considered when the loan is processed.
3. When you apply for the loan, your lender will ask you for your written permission to look at your credit report, and will review it. Bad credit can disqualify you from being approved for a loan. A credit report will reveal your willingness to pay. Have you paid your debts as required and on time in the past?
If you have too much outstanding debt you may not qualify for a loan because of excessive indebtedness. You can also be disqualified for a loan if your credit file is not sufficiently established.
4. Let the bank representative know how much money you will need and the length of time you will need it. The amount of money you need will help determine your loan term. Find out about the interest rate and other terms and conditions. Determine if there is a prepayment penalty for paying the loan off early. The lender may want to know what you intend to use the money for.
5. Sign the loan papers and make sure the lender gives you copies of the disclosure statement and any other paperwork. Make sure you understand all of the terms and agreements, including the monthly payment and total number of payments.
6. Find out when the payment book will be received. Determine if there are other methods for making monthly payments such as online. Ask the lender if you can access the account online. Some people like to visit the bank to make payments, some prefer mail and others prefer to pay online.
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