Ril Retg
  • Home
  • Business
    • Stock
    • Market
    • Technology
  • Health
    • Exercise
    • Diet
    • Fitness
      • Sports
  • Food
    • Dessert
    • Recipe
    • Drinks
    • Fast food
  • Money
    • Gold
  • Fashion
    • Kids
    • Lifestyle
  • Travel
  • Music
  • Services
    • Care Services
    • Cleaning Services
    • Customer Service
    • Errand Services
    • Home Services
    • Office Services
    • Online Services
    • Transport Service
    • Writing Service
  • Pages
    • Privacy Policy
    • Disclaimer
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
    • Terms of Use
    • Contact Us
No Result
View All Result
Ril Retigan
  • Home
  • Business
    • Stock
    • Market
    • Technology
  • Health
    • Exercise
    • Diet
    • Fitness
      • Sports
  • Food
    • Dessert
    • Recipe
    • Drinks
    • Fast food
  • Money
    • Gold
  • Fashion
    • Kids
    • Lifestyle
  • Travel
  • Music
  • Services
    • Care Services
    • Cleaning Services
    • Customer Service
    • Errand Services
    • Home Services
    • Office Services
    • Online Services
    • Transport Service
    • Writing Service
  • Pages
    • Privacy Policy
    • Disclaimer
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
    • Terms of Use
    • Contact Us
No Result
View All Result
Ril Retigan
No Result
View All Result

Are you eligible for a personal loan when unemployed?

Angelina Greer by Angelina Greer
August 17, 2023
in Business, Money
0

Personal loans can be a lifesaver when you need quick funds for an unexpected expense, be it a medical bill, a car repair, or a home improvement project. It is an unsecured type of loan that does not require you to pledge any asset as collateral. To qualify for a personal loan, you must meet the lender’s basic eligibility criteria. These criteria generally include factors such as your income, employment history, credit score, stability of your business, and other financial obligations.

Is It Possible to Get a Personal Loan While Unemployed? | Lantern by SoFi

But there could be a time when you are taking a break between jobs or waiting to start your own business. In such cases, you have no stable income. So, is it still possible to get a personal loan when you are unemployed? Well, some lenders may offer you personal loans even if you don’t have a steady income. However, the interest rates and other factors may differ from personal loans provided to employed individuals. Read on to know your options to get a personal loan if you are unemployed.

Article Summary show
Loan with a co-borrower
Pledge collateral as security
Important points to remember:
Higher personal loan interest rates –
Credit history –
To sum up

Loan with a co-borrower

A good CIBIL score for personal loans is extremely important. You can apply for a personal loan with a co-applicant with a good credit score and steady income. This may increase the chances of your application being approved. A co-borrower is liable for repayment if you default on your Equated Monthly Instalments (EMIs). Having someone to share the compensation responsibility with you makes the lender feel more confident in your ability to repay the debt.

Pledge collateral as security

Before applying for a personal loan, try to pledge collateral as security to assure lenders about the loan repayment. Collateral is an asset such as gold, a car, or real estate that you can sell as security to repay the loan. However, it’s important to check with the lender first to see if they offer asset-backed personal loans and to understand what types of assets they accept. Also, remember that if you default on your loan payments, the lender can seize your help and auction it to recoup its losses.

Important points to remember:

Sanctioning an instant personal loan to a person with no job is risky for the lender. So, to compensate for the risk, a lender generally does two things:

  • Higher personal loan interest rates –

Lenders may charge higher interest rates when loaning money to a high-risk borrower to hedge the risk factor. This is because lenders need to protect themselves if the borrower cannot repay them.

  • Credit history –

The lender checks your financial history, such as credit card history, loan repayment and settlement, and more.

To sum up

If you don’t have a job but still need a personal loan, opt for any of the abovementioned options. And whatever route you decide, check the interest rate, fees, and terms and conditions to choose the right lender.

Related Posts

Why Hemang Jani is bullish on these 2 vehicle shares
Stock

Why Hemang Jani is bullish on these 2 vehicle shares

Yes, Bank has ended up greater like a No Bank. When they came out with Q4 numbers, they admitted...

by Angelina Greer
September 22, 2023
Stock marketplace replace: 152 shares hit fifty two-week lows on NSE
Stock

Stock marketplace replace: 152 shares hit fifty two-week lows on NSE

Around 152 shares fell to touch their fifty two-week lows on NSE in Thursday's consultation. Among the shares that...

by Angelina Greer
September 22, 2023
Stock marketplace update: 143 stocks hit fifty two-week lows on NSE
Stock

Stock marketplace update: 143 stocks hit fifty two-week lows on NSE

  Around 143 shares fell to the touch of their 52-week lows on NSE in Wednesday's consultation. Among the...

by Angelina Greer
September 22, 2023
Telecom, retail, GRM might also deliver RIL a lift
Stock

Telecom, retail, GRM might also deliver RIL a lift

  ET Intelligence Group: The Reliance stock is poised for gains after India’s most precious business enterprise beat profitability...

by Angelina Greer
September 22, 2023
What’s subsequent for YES Bank inventory as ninety one% earnings fall sends it underneath e-book price?
Stock

What’s subsequent for YES Bank inventory as ninety one% earnings fall sends it underneath e-book price?

Yes Bank’s 10 in keeping with cent slippages in June zone, maximum for any area in last 10 years,...

by Angelina Greer
September 22, 2023
Stocks fall, S&P 500 and Nasdaq post worst week considering the fact that past due May
Stock

Stocks fall, S&P 500 and Nasdaq post worst week considering the fact that past due May

Stocks fell on Friday and posted weekly losses as investors digested a slew of company income reports and remarks...

by Angelina Greer
September 22, 2023
Next Post
Here are 20 no longer-to-be-ignored food and drink this May

Here are 20 no longer-to-be-ignored food and drink this May

  • Home
  • Disclaimer
  • DMCA
  • Cookie Policy
  • Contact Us
  • Terms of Use
  • Privacy Policy
Mail us: admin@rilretg.com

© 2023 rilretg - All Rights Reserved.rilretg.

No Result
View All Result
  • Home
  • Business
    • Stock
    • Market
    • Technology
  • Health
    • Exercise
    • Diet
    • Fitness
      • Sports
  • Food
    • Dessert
    • Recipe
    • Drinks
    • Fast food
  • Money
    • Gold
  • Fashion
    • Kids
    • Lifestyle
  • Travel
  • Music
  • Services
    • Care Services
    • Cleaning Services
    • Customer Service
    • Errand Services
    • Home Services
    • Office Services
    • Online Services
    • Transport Service
    • Writing Service
  • Pages
    • Privacy Policy
    • Disclaimer
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
    • Terms of Use
    • Contact Us

© 2023 rilretg - All Rights Reserved.rilretg.