There could be a time in your life when you’ve taken a break between jobs, wanting to start afresh or waiting to start your own business. In such phases, people keep their expenses under control. However, there could arise a situation in which you may require immediate cash. For such a scenario, one can still apply for a personal loan but those need to secured loans, i.e. they require collaterals. Getting an unsecured loan during unemployment without any asset can be tricky and difficult. So, let’s discuss some possible scenarios that could help us get an unsecured loan during this period.
How To Get an Unsecured Personal Loan While Unemployed?
-Loan with a Co-borrower
-Instant P2P loans
Loan with a Co-borrower
One easy way to get a loan is to get a co-applicant along with you. The co-applicant needs to have stable income which this reduces the risk from the lender’s side. The income of the co-applicant gives the lender assurance of regular repayment, making the loan process easy.
Instant P2P loans
Peer to peer or P2P loans can be availed without the back up of a CIBIL score or without any job in hand. These are platforms that allow you to instantly borrow money by connecting you to the lenders directly. These platforms do not involve any middleman and that’s why they are preferred by many. P2P borrowing is mostly stress-free, but the borrower must still furnish the income method he/she will use to repay the loan.
Important points to remember:
Acquiring a loan without a job or stable incomes is a high-risk transaction for the lender. So, the lender does two things:
- High Interest Rates – Sanctioning a loan to someone with no fixed income or no income at all is a high-risk transaction for the lender. Therefore, to leverage the risk factor the lenders quote higher interest rates than usual. Keep in mind the risk factor for both the lender and borrower.
- Credit History – A personal loan with no CIBIL score could be acquired but that doesn’t mean it is entirely neglected. Your past financial history – loans, credit card history, repayment, settlement everything is checked by the borrower. This also includes verifying the documents provided by you to the lender.
Getting a personal loan under such circumstances could be difficult but that doesn’t mean you don’t try and work a way around. Applying for a personal loan online with us is easy, quick, hassle-free and can be processed right from the comfort of your home. What’s more? Your personal loan application can be approved within just 3 minutes and the loan amount can be deposited into your bank account within just 24 hours! So why wait? Visit Finserv MARKETS, to apply for Bajaj Finserv Personal Loan, today!
Read more on the charges applicable before and after availing for a personal loan
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