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.
Advantages of Taking an Unsecured Personal Loan While Unemployed
Even if you don’t have a stable income you can still apply for Bajaj Finserv Personal Loan. Of course, the personal loan interest rate, tenure of the loan, and other factors that are different from loans offered to income earners, but that won’t stop you from getting the financing you need.
No need for collateral:
For Unsecured loans, you do not need to pledge your personal or business assets as collateral.
No need for cosigner:
A cosigner is an individual who applies for a loan with you and agrees to pay off the debt if you are unable to make payments. But you do not require a cosigner for this loan you can simply apply for it by yourself.
Unemployed individuals can get a loan under this scheme:
You can resort to a loan even if you don’t have a steady income, you’re in between jobs or taking a much-needed sabbatical, you can get immediate liquidity with the help of unsecured loans if an urgent need arises.
Quicker loan approvals:
You get instant personal loan approval along with more flexibility than secured loans, with lenders tending to offer repayment terms of anything from 1 month to 3 years.
Minimal paperwork saves all the hassle of submitting numerous documents. With an unsecured loan, you are required to submit only the set of documents that are required to apply for 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 for low 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 Bajaj 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!
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