Can someone who is unemployed get a loan?
Definitely, there are loans designed especially for the unemployed loans called Loans for Unemployed. With the help of these loans, you can avail a loan amount up to 75,000 dollars and the maximum time to repay the loan is up to 10 years. The loan is available in 2 categories; secured and unsecured. If you have any assets or valuables, you can go for the secured loans for unemployed and hence curtail down the interest rates.
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.
