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Personal Loans

Secured vs. Unsecured Personal Loans: Understanding the Difference

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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At one point or another, most people will need to borrow money for a large expense such as college tuition, purchasing or remodeling a home, or buying a vehicle. Although it’s possible to save up enough cash to pay for these big expenses, many choose to finance their purchase and pay it back over a period of time using either a secured or an unsecured personal loan.

Unfortunately, it’s not always easy to determine which type of debt is best for your unique financial situation. For new borrowers, the differences between the two can be confusing. What’s required of a borrower when they take out a secure or an unsecured loan? When might it make sense to use one versus the other?

Secured vs. unsecured personal loans

Secured loans and unsecured loans have several differences, but the most important to remember is that secured loans are literally “secured” against items owned by the person needing the loan, while unsecured loans are not. This collateral could be anything that holds equity and is owned by the borrower.

For example, you might use your car, boat, home or property you own as collateral on a secured loan. Unsecured loans, on the other hand, only look at a borrower’s ability to repay their loan based on their income, current debts and credit score.

However, this isn’t the only way that these two loan types differ. Let’s do a side-by-side comparison to get a better idea of what each of these loans requires from borrowers, and how they work.

 Secured personal loansUnsecured personal loans

Credit check needed?

Sometimes. Secured loans don’t have as strict credit requirements because the lender is already using something of monetary value to secure the loan. So, if you don’t have fantastic credit, but you own a car, lenders may be more lenient.

Yes. Unsecured loans don’t use any collateral to secure the loan. Typically, lenders require a credit check to ascertain your ability to repay the loan.

Typical interest rates

Interest rates will vary on secured loans, but are often relatively low – around 5%. However, some secured loans (like title or payday loans) have much higher interest rates associated with them (often hitting, or exceeding, double digits).

Interest rates can range from 4% to 36% APR. This large range in interest rates is dependent on the type of loan (for example, interest rates for federal student loans are lower than personal loans or lines of credit), down payment made by the borrower and ability for the borrower to pay off the loan (judged by their credit score).

Examples

  • Secured credit card

  • Mortgage

  • Auto loan

  • HEL/HELOC (for home repairs and improvements)

  • Payday loan

  • Title loan


  • Personal loan

  • Business loan

  • Student loan

  • Credit card



Collateral required?

Yes. The collateral provided by the borrower “secures” the loan.

No. Unsecured loans are based entirely on your credit history and ability to repay the loan.

Best for?

Secured loans can help you to complete expensive and necessary purchases if you have poor credit history. However, some secured loans (like payday loans) are predatory in nature, and have high interest rates that could further hurt your credit if you’re unable to repay them.

Borrowers who have good credit and the ability to pay back their loan on a purchase.

What are secured personal loans?

Secured personal loans are offered by a wide range of lenders, and are intended to help borrowers who may or may not have a solid credit history make necessary big-ticket purchases or rebuild their credit.
This debt works in a relatively straightforward way. A borrower applies for a secured personal loan through a bank, credit union or a nonbank lender. The lender then assesses what the borrower has to offer as collateral for the loan. Based on the value of the borrower’s collateral, the lender will approve them to borrow a set amount of money. However, if the borrower fails to keep up with payments on their secured personal loan, the lender is permitted to repossess the borrower’s collateral at any point in time.

For example, if you take out a secured personal loan to pay for a home renovation using the car you own as collateral, your lender can come and take possession of your car if you fail to make payments. If you’re a borrower who can be counted on to make payments on time and to pay the loan off in full within the set time frame, this may not be intimidating.

However, many people seek out secured loans because their credit score alone isn’t enough to obtain an unsecured personal loan from a lender. This might be through no fault of their own, or it could mean they have had trouble repaying their debt in the past for a wide range of reasons. Be cautious when offering collateral for your secured personal loan, and make sure that you’ll be able to afford the loan’s repayment terms (including interest).

One of the benefits of a secured personal loan is that it can be used for nearly anything. Many people, for example, use the equity they already have in their home to finance a home repair loan (HELOC). Others use secured loans to finance vehicle purchases or to fund the launch of a business.

Regardless of what you’re using your secured personal loan for, it’s important to read through your loan terms carefully. Secured personal loans are notorious for being charging high interest rates and can sometimes have predatory rates or practices.

If you’re pursuing a secured personal loan, keep a few things in mind:

  • Whatever you choose to put up for collateral for your loan can be taken by your lender if you fail to make payments.
  • You may be able to get a lower interest rate with a secured personal loan because the lender is taking on less risk when you offer up collateral.
  • Some secured personal loans are predatory, and they come with hefty fees and high interest rates – make sure to shop around and do your research before signing on the dotted line.

What are unsecured personal loans?

Unsecured personal loans are different. They don’t require any collateral from the borrower. However, because there’s nothing to “secure” them, or to protect the lender should you default on payments, they tend to be harder to obtain.

Unsecured personal loans usually require a credit check, and the interest rates associated with the loan are largely dependent on whether or not you have decent credit. If the lender feels they can trust you to repay the loan based on your current finances and you have a history of paying back your debt on time and in full, you may qualify for a lower interest rate. However, if you don’t have a good history of repaying your debt, or you don’t have income available that would support the loan repayment, you could get stuck with a higher interest rate.

That being said, unsecured personal loans certainly serve a purpose. Student loans, for example, are a form of unsecured personal loans. They require no down payment or collateral, often have reasonable interest rates and help students to fund their education. A variety of lenders including banks, credit unions and nonbank lenders (typically found online) offer unsecured personal loans.

It can be frustrating for borrowers to try and obtain an unsecured loan because restrictions (like a minimum credit score, a high income or a cosigner) are often more strict than those associated with secured personal loans. It can be helpful to keep in mind that for a lender, an unsecured loan is a notably higher risk than a secured personal loan. Essentially, they’re taking a chance on the fact that you’ll pay the loan back in full with interest, and have no real way of knowing for sure that you’ll be able to do so. This is also why interest rates for unsecured personal loans are significantly higher than those you can find with secured personal loans.

If you’re pursuing an unsecured personal loan, you should keep a few things in mind:

  • You’ll need to budget for potentially higher monthly payments than a secured loan.
  • You will need to have good credit to obtain an unsecured personal loan.
  • You may not qualify for the loan unless you have a cosigner who can help lessen the amount of risk a lender takes on by lending to you.

If you’re unsure about where to find a personal loan, you can see offers from LendingTree. With it, you’ll input basic personal information and what you’re looking for out of a loan. If you qualify, you’ll get to review personal loan offers from various lenders.

Should you get a secured or unsecured personal loan?

The actual question on most borrowers’ minds is: Which loan is right for me? The truth is, both secured and unsecured personal loans pose some risk for you as a borrower. However, there are several things to take into consideration when deciding which is best for you.

Ability to repay

Consider everything that could impact your ability to repay this loan. Is your job secure? Do you have upcoming expenses that will tighten your budget? If you’re concerned about repayment, putting up something you own that’s necessary for day-to-day survival (like a home or a vehicle) for a secured personal loan may not be in your best interest. Of course, if you’re worried about your ability to repay a loan, there’s a good chance that you should reconsider the loan amount – or whether you should apply at all.

Total interest and fees

Although unsecured loans often have higher interest rates, secured loans may have notable hidden fees if they’re predatory, like a payday loan. Weigh your ability to repay loans each month, taking note of the interest amounts. It usually serves borrowers to shop around before committing, and that may mean looking at both unsecured and secured loans to determine what works best for you.

Future financial goals

Do you plan to pay this loan off quickly? Do you have other financial goals in the near or distant future that this loan could impact? If you want to pay a loan off quickly and are confident in your ability to repay, locking in low interest rates with a secured loan might make the most sense.

Worst-case scenario planning

It always helps to consider the worst-case scenario when applying for a loan. If you fail to repay your loan, what’s going to happen? Whether you apply for a secured or unsecured loan, your credit will take a hit.

If you have a secured loan, you could potentially lose your house, your car or other assets you’ve put up as collateral for the loan. You may also need to take out another loan to cover this debt and end up in a vicious debt cycle. If you can afford to lose what you’ve put up as collateral, this may not be the end of the world. However, if you can’t – it’s likely not worth the risk.

Final thoughts

Applying for a loan can be challenging, but it’s important to know that you have options available to you. Researching the difference between secured and unsecured loans can help you determine which is best for you based on what you can afford, and which loan type fits best into your long-term financial plans. Your relationships with some financial institutions could also positively impact the loan terms you receive.

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on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dave Grant
Dave Grant |

Dave Grant is a writer at MagnifyMoney. You can email Dave at dave@magnifymoney.com

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Pay Down My Debt

Is Debt Consolidation a Good or Bad Idea? Here’s What to Consider

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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Even though most people try to stay out of debt, sometimes it’s hard to avoid. Over time, you might start to accumulate a number of different loans that served different purposes. This is commonly seen with student loans. In order to afford an education, students may take out debt each year to pay for tuition and other costs.

However, this problem isn’t exclusive to those who owe student loans: in fact, many people run into the frustrating dilemma of having multiple consumer loans in repayment.

To clean up their repayment process — and to possibly get a better interest rate or repayment term — some people turn to debt consolidation. But is debt consolidation a good idea? And if so, when is it right for you?

What is debt consolidation?

Debt consolidation is a process that rolls all of your existing debt into one, convenient loan. This means you could go from having multiple loan payments from different lenders with different repayment terms, to having one payment each month with a single lender.

The debt consolidation loan (often a personal loan) is used to pay off all of your other loans. This can be viewed much like a balance transfer — you’re transferring the balance of all of your loans to one bigger loan.

The lender providing your loan typically provides you with a lump sum payment to repay all of your debt, or it works directly with your other lenders to pay off your loans for you as part of the consolidation process.

You can consolidate a wide range of debt types, including:

Debt consolidation can only really work if you can secure a personal loan with an interest rate that is lower than what you are currently paying on your debts. That way, you’ll save money on interest over time after consolidating.

Finding a lender can be difficult. You may consider local banks and credit unions. But online lenders may have better rates and terms. To help you shop lenders, consider LendingTree’s personal loan tool. Using the tool, you’ll enter some personal information plus what you’re looking for in a loan. Afterward, you’ll receive loan offers, which you can compare to find the best deal for your credit score.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

When is debt consolidation a good idea?

Debt consolidation isn’t for everyone, but there are several scenarios where this course of action would make sense for your unique financial situation.

You have a high credit score that could secure you a lower interest rate.

If you’re considering debt consolidation, you’re looking to get a better deal on your new, consolidated loan than what you already have. If you’re paying high-interest debt (such as credit cards or payday loans), consolidating at a lower interest rate could save you money on interest. (Find out how to view your credit score here.)

You have an isolated reason for getting behind on your debt.

Sometimes life happens, and we end up with debts that are unavoidable in the moment. A medical emergency that your savings couldn’t totally cover is an excellent example of this type of unavoidable debt. If you’re working to put a plan in place to stay out of debt in the future and are looking to simplify your debt repayment, consolidation may be for you.

Your consolidated loan offers additional benefits.

This might mean a shorter repayment term or fewer fees to ensure you’re making the most out of a new loan.

You’re exhausted by tracking all of your different loans.

If you have a number of different loans and are running the risk of missing a payment or overpaying due to high interest, it might make sense to consolidate them all to simplify your financial life and help you pay down your debt more quickly.

When is debt consolidation a bad idea?

Although debt consolidation can be a huge help in many cases, there are certain situations where it doesn’t make sense to consolidate your debt.

You have a spending problem.

Debt consolidation shouldn’t be used as a method to free up more cash flow to continue spending. If you find that your debt is largely consumer debt, and that you have no intention of reevaluating your budget or your lifestyle to support your debt repayment journey, consolidation isn’t going to make things better — it’s just going to act as a short term fix to your lifestyle problem.

You’re digging yourself a deeper hole.

Although it’s commonly the case that a debt consolidation loan will come with better interest rates and repayment terms, this isn’t always true. If consolidating your debt is going to force you to repay your loans at a higher interest rate, you’re better off keeping your multiple loans (even if it’s frustrating to juggle them all simultaneously).

You have an average or below-average credit score.

The interest rate you’re able to secure is largely dependent on your credit score. If your score is less than stellar, you’ll have to pay close attention to what interest rate you’re offered, and whether it’s actually a better solution than simply staying the course and paying down your multiple debts.

You’re stuck with new fees.

Sometimes, debt consolidation services have an origination fee of between 1% to 8%. If your ultimate goal is to save money through debt consolidation, this may not work for you.

Don’t just assume that debt consolidation is the answer you’ve been looking for — do your research first. You might find that sticking with your numerous debts and paying them down at their reasonable interest rates makes the most sense until you’re able to get your spending habits in check, or until you’re able to raise your credit score by consistently paying them down.

What are the risks of debt consolidation?

There are several risks and downsides to debt consolidation that you need to be aware of:

It might damage your credit score.

When you first consolidate your debt, you may see a minor dip in your credit score: this is because the lender you’re applying with will do a hard credit inquiry after you fill out your application. If you apply with multiple lenders, multiple hard credit inquiries will push your credit score down. However, you can avoid this problem by getting pre-qualified with multiple lenders, and only filling out an official application with one of them to reduce the number of hard credit inquiries on your credit report.

You may be unable to continue to use lines of credit you previously had available.

By using a debt consolidation service, like a personal loan, your total credit utilization doesn’t go down. So, even though your credit card is magically paid off by your new consolidated loan, that doesn’t mean you get to start racking up more debt. Doing so will cause your credit score to go down, and you may end up in an even stickier situation than you were in before.

You may pay more interest over time.

You’ve likely been paying back your existing debts at a high interest rate for a given length of time. Sometimes, people pay back multiple debts for years before they consider consolidation. Then, when you apply for consolidation, they might extend your repayment term even further — meaning you’re technically paying “extra” interest for the convenience of consolidation. However, you can fix this problem by working to pay your debt back before your repayment period is up and, in turn, driving down your principal (and the total interest you have to pay).

You may have fees.

Some debt consolidation loans have origination fees to process your new loan. Watch these fees closely to make sure they’re not unreasonably high — if they are, consider looking into another debt consolidation method.

You may get a shortened timeline for repayment.

Debt consolidation isn’t usually intended to be a long-term solution. Instead, debt consolidators shorten your repayment timeline. This can be incredibly helpful if you’re looking to get out of debt quickly, but it also may mean higher monthly payments and an increased likelihood that you’ll default on your loan.

3 alternatives to debt consolidation

If you’ve looked into debt consolidation, and have determined it isn’t the right choice for you, you have several alternatives to consider.

  1. Home equity line of credit (HELOC). A HELOC is where you borrow money against the equity you’ve built up in your home. However, if you’re worried about being unable to repay the loan, you may want to select a different alternative option as your home is technically collateral if you’re unable to pay your HELOC. (Learn more about using home equity to consolidate debt here!)
  1. Balance transfer. A credit card balance transfer is often a great option for people looking to consolidate their credit card debt. Many credit card companies offer 0% interest for a set period of time, which means you could potentially knock down a notable portion of your debt principal before having to pay interest each month. Be sure to read the terms and conditions regarding any fees or deferred interest clauses. (Check out our pick for the best balance transfer credit cards.)
  2. Debt refinancing. If you’re more concerned about getting a lower interest rate on your loans but aren’t worried about managing multiple payments, refinancing might be an option to consider. Through refinancing, you’ll be able to apply for a lower interest rate through your existing lenders, based on your previous repayment history.

Make sure you look at all of your options when trying to consolidate your debt — you never know what you might find, or what’s going to work best for your long-term financial goals. If you do choose to pursue debt consolidation, make sure to shop around with different lenders. Being able to compare different interest rates, fees, and repayment terms, can help you ensure that you’re getting the best loan as you start to move toward debt free living.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dave Grant
Dave Grant |

Dave Grant is a writer at MagnifyMoney. You can email Dave at dave@magnifymoney.com

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Personal Loans

Can I Get a Personal Loan With No Income? Yes, Here’s How

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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According to the Bureau of Labor Statistics, America’s unemployment rate was 3.7% in September 2018. Although this number may seem relatively small in the grand scheme of things, this hasn’t historically been the case. During the market crash of 2008-2009, America’s unemployment rate swung from 4.7% to 10.1% in a matter of months.Long-term unemployment can be emotionally and financially challenging. Although most people actively work to avoid getting into debt, especially while they’re unemployed, sometimes their financial situation leaves them with no other course of action but to take out a personal loan.

Unfortunately, many lenders require that borrowers have some proof of income before they’re willing to pass out personal loans. However, in some cases, you may be able to secure a loan – even without the proof. Let’s walk through the steps you’ll need to take to get a loan when you’re unemployed.

Can I get a personal loan with no income?

Yes, you can get a personal loan without income. At the end of the day, lenders are looking for borrowers who can prove that they’ll make repayments. It’s true that having a consistent source of income certainly helps prove that you’re eligible for a loan, but it’s also true that you can “prove” your worthiness as a borrower in other ways.

If you don’t have a full-time job that’s providing you with a consistent income that would be used to repay your personal loan, you’ll need to meet the lender’s alternative eligibility requirements.

These might include:

  • Proof of alternate income. Any of the following may qualify when you apply for a loan: Social Security benefits, a pension, child support, funds from your retirement account distributions, unemployment benefits, disability, employment offers for a job that starts in the future, housing income, capital gains from your investments, income from a spouse or partner, trust income, savings or cash that you’ve built up, VA benefits or a government annuity.
  • Automatic payments. Your lender might require that you have payments automatically deducted from your bank account to help ensure that you’re always paying in full and on time.
  • Security. If you’re struggling to get a loan while unemployed, your lender might ask for you to provide collateral for the loan. This would mean taking out a secured personal loan. Lenders often accept cars (as long as they’re paid in full), property or any other assets that you own outright as security.
  • Find a cosigner. To get a personal loan while you’re unemployed, you may need to find a cosigner. A cosigner is essentially a third party who applies with you for your loan. If you fail to make your payments, the lender may turn to them for the money they’re owed. A cosigner isn’t always a perfect solution, and asking family or close friends to cosign a loan could potentially cause some tension if you can’t repay it. However, if you’re confident that you have the funds set aside to repay your loan, or that you’ll find employment soon, this may be an option worth considering.

Remember that lenders don’t just look at your current income during the loan approval process. They’re also looking at your credit history and your credit score. If you’ve always been consistent with repaying your debts in the past, you have a good (or better) credit score and you’re not utilizing very much credit in comparison with your current income, you may be able to secure a personal loan with fewer issues – even if you’re unemployed.

Beware these risks of borrowing with no income

Although it’s possible to receive a personal loan when you’re unemployed, that doesn’t always mean it’s in your best interest to do so. Lenders are taking a risk by lending you money that you technically don’t have (and may not have for the foreseeable future). As a result, they’re likely to give you a less attractive loan offer.

Here are a few downsides to loan offers you may see while you’re unemployed and taking out a loan:

  • Shorter repayment terms. Typically, if you don’t have income to prove your ability to repay a loan over a long period of time, your lender will want to lower their risk. One way they do this is by offering loans to the unemployed with shorter repayment terms. This means you’ll get the funds you need, but you’ll be required to pay them back much faster than had taken out a traditional loan while you were gainfully employed.
  • High interest rates. Again, lenders aren’t out to get you if you’re unemployed – they just need to protect themselves against the risk of lending to someone who may not be able to repay the loan they’re offering. One way they do this is by offering you a personal loan with higher interest rates. High rates combined with a shorter term means that you’ll be paying a significant amount of money back to your lender over a short period of time. This ensures that they’ll get the amount they gave back from you (with interest), and they’ll receive it quickly.
  • Automatic payments. Many lenders require that automatic payments be set up when a borrower is unemployed. This could mean that they take funds directly from your bank account every month for payment, but it could also mean that they take funds directly from your other income sources (like your pension) each “pay period” to ensure that they get paid first. If you have the funds to repay your loan and cover your bills, this may not be an issue. But as things get tighter the longer you stay unemployed, this becomes a bigger issue.
  • Hefty fees. Although many lenders already have notable fees attached their personal loan offerings, it’s even more important to look at the fees in your loan offer if you’re unemployed. Fees are another way that a lender can protect themselves against the risk of lending to someone without an income. If you’re not careful, you could end up paying back a high interest loan over a short time period, with extra fees to boot – hardly an ideal situation for someone who’s lacking cash flow.
  • Predatory lending. As much as you may not want to believe it’s true, there are plenty of lenders out there who take advantage of the unemployed. By offering personal loans with egregious repayment terms, interest rates and fees, they could potentially drive you so deeply into debt that you’re unable to pay your monthly bills. Thinking long term, these types of predatory loans could also have a dramatically negative impact on your credit score.

Getting a loan when you’re unemployed isn’t always easy, but it doesn’t have to be a terrifying journey either. As long as you keep a watchful eye out for these non-ideal repayment terms and know what you’re getting into, you’re off to a good start.

Alternative options to a personal loan

Although it’s possible to qualify for a personal loan with no income, that doesn’t mean it’s a given. Many borrowers may run into a situation where they don’t qualify for a personal loan while they’re unemployed, which can be incredibly challenging if their situation is dire and they need cash now.

There are several reasons you may not qualify for a personal loan while you’re unemployed:

  • You have no source of alternate income to show the ability to repay
  • You have no assets (like a well-padded savings account, or a paid-in-full vehicle) to offer as collateral for the loan
  • You have poor credit history
  • You have a low credit score
  • You’re already utilizing a large portion of the total credit you have available to you

Although it’s impossible to guarantee whether you’ll get approved or denied a personal loan while you’re unemployed, these factors will play a large role in the lender’s final decision. If you aren’t approved for a personal loan, you’re not entirely out of options. First, you can look into alternative lending services that can help give you the boost of cash you need rather quickly:

  • Home equity line of credit (HELOC). A HELOC allows you to essentially borrow against the equity you have built up in your home. If you’ve already paid down a significant chunk of your mortgage, this might be an option for you to look into. Typically, you can borrow up to 85% of your home’s value minus what you owe on your mortgage.
  • Secured loan. A secured loan is one where you offer up collateral for loan funds. You may put up your car or other property for this type of loan.
  • Short-term loan from a family member. Borrowing money from family can be uncomfortable and potentially damaging to both your personal and financial life. However, if you’re confident in your ability to repay the loan, and your relative is willing to offer you favorable terms, this may be a path you pursue. You’ll need to discuss the total amount of the loan, what interest rate they’ll charge you (if any) and what the length of the loan’s repayment term will be. It’s wise to draw up a formal contract to protect both of your interests.

Conclusion

You have several options for borrowing funds, even when you don’t have an income to rely on for repayment. However, there are several other options to consider before you seek out a personal loan or alternate lending option.

Consider these other ways to get cash in a pinch:

Going into debt should never be your first course of action. Although you can get a loan without an income, pursuing these other ideas first until you’re able to secure another full-time, well-paying job is usually in your best interest.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dave Grant
Dave Grant |

Dave Grant is a writer at MagnifyMoney. You can email Dave at dave@magnifymoney.com

TAGS:

Get A Pre-Approved Personal Loan

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