How to Get a Loan With No Job History

Obtaining a loan can help you pay for unexpected expenses such as car repairs, or it might let you take a vacation. Financial institutions typically require a job history and a proof of a steady source of income from applicants for traditional loans. However, you may qualify for a loan without a job history if you can meet other qualifications.

Instructions

1

Pay down your debt. According to Loan.com, owing 10 percent or less on your current credit cards and open loans will help you qualify for a new loan. Pay down your credit card balances at least 30 days before applying for a loan to ensure your creditor has time to report your lower balance.

2

Gather a list of your assets. If you own a home, vehicle or other valuable property, you may be able to use these assets as collateral for your loan. Create a list of your personal assets and their value.

3

Create a list of any other sources of income you receive monthly, such as income from side jobs, alimony or child support. Gather receipts, copies of checks or other documentation you have to verify this income.

4

Get a cosigner. A cosigner gives the bank some security by promising to pay your outstanding balance if you default on your loan. Ask a friend or family member who has a stable source of income and a high credit rating to cosign on your loan.

5

Visit your bank and request a loan application in person. Having an established and positive relationship with the bank may help you qualify for a loan.

6

Complete the loan application. Be sure to include information about your assets, any alternative sources of income and your cosigner's information.

7

Open a secured loan if you are unable to qualify for a traditional loan. You will need to provide some type of collateral, such as property or a car.