Getting a 5000 Dollars Loan While Being Unemployed. How Hard is It?

Written by Paul on March 3rd, 2014

We said it before and we will say it again, we live unpredictable, ever – changing times that can have disastrous effects (from one day to the next) on our ability to plan ahead and build safety – nets for the future. Unemployment is a phenomenon we won’t get rid of too soon, even if the latest numbers show a slight economical recovery and an increased stability in the overall market place. However, the ones who are currently unemployed are going through rough times as bills tend to build up, debts are accumulating, families still need to be supported and sudden, unforeseen¬† events occur without people’s capacity to manage them, like health problems, cars not working anymore, children needing anything from basic nurture to educational accessories and so on. Unemployment and bad credit go hand in hand, while statistics show that unemployed single parents have perhaps the worst days of their lives due to the effects of the recession and their risk to reach the poverty categories. It is easy to tell all those people to get a job, find something to work and gain a stable income, adventure themselves in personal ventures, projects and enterprises, but the truth is few people can make money without having money (even getting yourself a solid profile on some freelancer portal or taking online surveys from your house come with a fee – which is not always comfortable for the unemployed), so the problem still stands: how hard is to borrow some money to solve an immediate problem or to smartly invest in your future? How hard is getting a 5000 dollars loan while being unemployed?

Getting a loan with bad credit is one thing. Getting a loan being unemployed may be impossible

Some banks and financial institutions will send people home or online deny them a loan request if they show signs of bad credit, as nobody is assuming unnecessary risks. Being unemployed is a heavy boulder hung on your neck, as the majority of mainstream lenders will indeed grant you quickly a quick cash loan if your papers are in order and by papers we mean some employment history and the certification of you having an income. In the case of you not being good on paper, however, there are some means to get a loan, as you can use collateral in order to secure a personal large loan, usually extended to a few years: a house, a car or personal assets which can be evaluated by a bank’s experts to decide on how much they can lend you. But being unemployed and having valuable personal assets that might stand to a bank assessment? These things rarely happen (it’s only in the movies that you see a person starving and yet keeping a precious, high – valued piece of jewelry, just because that jewel belonged to the family for generations. In real life, such asset can actually bring you a high profit and save your future, not to mention that if you sell it right, you won’t be needing to get a quick 5000 dollars cash loan to make it through the day and having to pay high interest to the money).

What is to do then?

Even if the situation looks terrible, there are always solutions, provided you are fully aware of the implications. There is always the solution of legit, reliable pawn – shops if you indeed have a few assets that won’t stand a chance in the face of a bank’s evaluation but can get you through the jungle in the hands of a pawn shop appraiser. There are also the quick cash loan companies that might grant you a quick 5000 dollars loan, provided you do your homework and research right and you choose the reliable ones (that won’t rip you off) from the scams who can’t wait to feed on your desperation. You may not present many guarantees and a loan borrower while being unemployed, but if you look thoroughly and don’t haste your decisions, you might get the breather you so so much need.

 

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