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.

Unfortunately, as with many things in life the answer is not as clear cut as many would like it to be.  In truth there are such things as personal loans for people with no job but you have to know where to look for them and what to look for when you find them otherwise they can be a seriously expensive mistake to take one out.

The easiest type of personal loan for people with no job would be a simple secured loan, with the loan security not perhaps your home as there is no assumption that you have a home, although having stated that the security of a home would be a powerful asset to be able to pledge.  However loans secured on properties tend to be quite large and the repayments still required so the absence of a job would preclude any silver bullet type loan from being granted.  No, the type of loan being envisaged here is essentially the loan from a pawnbroker, for which you pledge a possession of yours that has some value.  In essence you pledge the item, leave it with the pawnbroker and agree to pay the original sum plus a financing charge at an agreed date in time.  If you fail to make repayment the broker will sell your item.  Harsh, but nevertheless allows you access to personal loans with no job.

The other sort of loan you might consider are specifically unsecured personal loans for people with no job, which are essentially very short term loans for which no assets are pledged but for which repayment, plus a financing charge would be required in a short time, perhaps as little as a few weeks.  The danger of these type of loans is twofold, if you do not find yourself stumbling into the hands of a loan shark then you will still suffer extremely high rates of financing for the privilege of borrowing the money and you should take great care before taking out such finance.