Cash Loans for People with No Job That Have Guaranteed Acceptance

If you’ve been made redundant, are long-term unemployed or have a temporary job, it’s notoriously difficult to borrow money from a bank. Despite the fact that financial institutions won’t lend you money, people with no jobs can still get guaranteed loans from a pawnbroker or member of your family.

Regardless of whether you have a history of bad credit or don’t have a job, you should avoid lenders who use credit scoring to assess your creditworthiness. No credit check loans for unemployed people are not a source of long-term borrowing, but can help you to deal with emergency situations.

Guaranteed Pawn Shop Cash Loans for People with No Job

Pawnbrokers offer quick cash loans for unemployed people with no credit checks. The reason that they’re able to offer you finance is because you provide them with collateral, such as gold, jewellery, artwork, collectibles or electrical goods, to secure the loan.

Your collateral will be assessed by an internal expert and they’ll advise you in terms of how much you are able to borrow from them. This will typically be up to 50% of the item’s value in order to ensure that there is sufficient equity to cover the value of the loan and any interest that accrues.

Interest rates and the borrowing term of guaranteed loans for people with no job varies between providers. However, you’ll usually find that the maximum borrowing term is 30 or 31 days and that each $100 you borrow accrues $20 to $25 of interest.

You’ll immediately receive your cash along with a receipt documenting the terms of the agreement. The pawn shop will hold the collateral until you redeem your quick cash advance by settling the principal and any interest that has accrued. If you fail to redeem your collateral, it will be sold to pay off the loan.

Low Interest Family Loans for the Unemployed

If you don’t have any collateral to offer your creditors or you’re looking for a cheaper source of fast emergency cash, ask a member of your family whether they’re prepared to help you. Provided that you have a good relationship and their financial position isn’t similar to yours, they may be prepared to assist you.

Many family members charge no interest whatsoever as the underlying intention is to get you out of a hole, not to profit from the arrangement. Even if they do charge interest, the cost of borrowing will be lower, meaning that you’ll be able to extend the term of your same-day unemployed loan.

The main danger for people with no jobs of getting cash loans from a member of the family is default. If you are unable to pay back the money you owe, this could place a strain on your relationship. If you do experience difficulties maintaining the repayments, it’s better to discuss the issue. Don’t just ignore it.

Advantages and Disadvantages of Loans for Bad Credit

Although you’re out of work, there may be legitimate occasions where you need a same day loan for bad credit to get you out of a short-term financial hole. This would include reasons such as paying the rent, buying food or fixing your car.

The danger of guaranteed cash loans for people with no job is that there is a temptation to see them as a source of easy cash. The absence of credit scoring, due to the risk of default, means that they are expensive. If you are struggling to cope with your bills, seek advice from a free credit counseling service as borrowing more money is unlikely to improve your long-term financial standing.

Improve Your Credit the No-Nonsense Way

Having bad credit is one of the worst feelings a person can have. It affects your ability to buy the things that you really want, and now it also affects the interest rates on you major purchases like a house or a car. For some reason it also affects your insurance rates.

There are steps you can take to improve your credit score.

But before you do anything, you must retrieve a copy of your credit report. There are three credit-reporting agencies that will give you a copy for free. You should request a copy from all three because there might be some slight differences between them. You don’t have to worry you won’t be triggering any alarms by getting your credit report three times.

Typically companies that grant credit pull your report from one of the three agencies, but not all three. Make sure you also receive your credit score with each report. The three companies that you will need to contact are: Experian, Transunion and Equifax. There are a number of different ways you can obtain your credit report, but one way is by going to http://www.credit.com.

The first thing that you should do after you have received your credit reports is to study them and look specifically for errors. You may find an old credit card transaction from 10 years ago that you know was paid off. You usually find that the three credit reports don’t match exactly the first time that you do this. When you find an error contact the agency that is reporting the mistake and get them to correct it. Usually they will tell you their particular way of doing this. Sometimes it is a form to fill out and sometimes you can do it over the phone. This is a must if you want to increase your credit score.

If you don’t have any errors on your credit report than you should file them away for proof at a later time. You should become familiar with the credit report and how each one looks. They each are similar but are laid out in a different style. If you study it thoroughly you will see that each one will make more sense.

One trick to improve your credit score is to look at the list of inquiries that companies make that send you offers for credit cards and loans. You should look at the end of your credit reports. There should be a list of credit card agencies, loan companies and mortgage companies that you will notice you have been receiving junk mail from. The trick is to opt-out of these credit offers by removing yourself from their lists. This may take some time but it does slightly affect your credit score. A slightly better credit score can mean dollars down the road not wasted on interest rates.

A surprising thing that you can do is call your creditors that you have a balance with and try to negotiate a lower interest rate or try to work out a plan to pay off the balance more quickly. Talking to your creditors is a great way to save yourself money and to improve your credit score. Many creditors will be cooperative if you only ask, but most people never ask so they lose out on this money saving secret.

After you have done the steps noted above you should recheck your credit score. It usually takes between 30 to 60 days before changes will take place so don’t expect the changes too quickly. A good rule of thumb is to check your credit rating every 90 days. That way you are always sure that they are accurate and that no one is using your credit without your knowledge.