There are so many reasons why you might need to take out a loan at some point in your life. Maybe your car broke down right before you were supposed to get paid or you’re just a little short on covering your entire rent amount this month. Whatever your reasons for a shortfall of money, loans are available to help bail you out.
But what if you don’t have a steady job that provides you with regular pay? What if you only do some side jobs right now that only pay you in cash and therefore leave you with no pay stubs to verify your income? Or what if you’re simply unemployed at the moment? Is it still possible to get a loan when your employment situation is uncommon?
Can You Get A Loan Without Employment Verification?
Yes, you can. There are actually loans without employment verification available that allow borrowers with no documentation to support a steady job to get access to the cash they need to cover a pressing expense. While taking out an unsecured income loan with little to no income might not necessarily be the ideal thing to do, but it may be the only way out if you find yourself needing the money right away.
What Is A Loan Without Employment Verification?
Simply put, these types of loans do not require that you submit any sort of documentation or proof of employment. There’s no need to supply pay stubs or employment letters from your boss in order to apply for study in Qatar.
Borrowers who seek out loan options like these are obviously those who don’t have a standard 9-5 job or who are currently unemployed. There are several online lending companies that offer these types of loans to borrowers who are in an uncommon employment situation. Get 1 hour loans no employment verification canada.
Types Of Loans You Can Get Without A Job
As mentioned, many of those who want a loan without employment verification are those who are unemployed or those who don’t have a regular income. Some may be living on government benefits such as the child tax benefit, maternity benefits, employment insurance, and other non-traditional forms of income like RRSP withdrawals. Luckily, there are many lenders who don’t require you to have a job, so long as you have some sort of income coming in.
However, those with non-traditional income and bad credit are likely to been seen as high-risk borrowers. This, in turn, will lead to high-interest loans with short repayment periods. As such, you may get the loan you want, however, you’ll be paying a much higher cost for it.
- Personal (Installment) Loans Without Employment Verification – Personal loans are usually a better option than payday loans as they come with lower rates, higher loan amounts and longer terms.
- Guarantor Loans With Employment Verification – Another way you could qualify for a loan without employment verification is by getting a guarantor loan. A guarantor loan is basically a loan that you add a cosigner to. A cosigner is someone who agrees to take responsibility for your loan in the event that you default on it.
- Payday Loans Without Employment Verification – Payday loans are small loans with very short terms and high-interest rates. You can usually borrow up to $1,000 to $1,500 with Payday lenders. These loans are repaid within 1 to 4 weeks and have an APR that ranges between 300% to 600%.