If you have a good solid job and have not had any problems in the past which have led to your credit score being lower than you would like, then the opportunity to borrow money from banks, or credit unions are likely to be easy to come by. Of course the problems really come when you do not have a job and cannot demonstrate to the bank or lending company exactly how you intend to repay the loan you are asking them to advance to you. It is surprising how difficult personal loans for people with no job can actually be.
So, what are the important aspects of being able to get hold of a loan in these circumstances. Well, the fact of the matter is, whether you like it or not, this is all about risk. As you are in the unfortunate position of not having a job to prove your ability to repay you represent a risk to the lender; the risk of default. This does not mean that no lender will ever lend any money to you, only that you need to be able to address the risk that you present to them and satisfy them that you will repay the loan on time and in full.
The problem is that proving your risk worthiness is not all that easy if you have no steady income to point to. As an alternative therefore you really have to be able to point to something else and, in effect, dont worry, if I do not repay you then at least you can get your money back that way. In almost every case, “that way” will be some form of collateral, some thing that the lender can take title to and in the event of a default they will endeavor to sell the item in order to recover their outlay.
The exact item that you end up pledging will of course depend almost entirely on the amount of money that you need to borrow. As a general word of advice if you are out of a job then it may not be a good idea to borrow a large sum of money, rather stick to smaller sums that you can more easily repay. You would not want, say to risk you house on a large loan that you had little chance of repaying.
In any event hopefully this has explained the problems associated with getting personal loans for people with no job and that you can put the response of lender, especially if they are negative, in context.