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While considering taking a loan you have to make sure you will be able to make your EMI payments regularly on time as this is what lenders will want when they decide to sanction a loan. If you don’t have a job or a good credit score, it’s less likely that you will qualify for a loan. But it is not entirely impossible to get a loan under these circumstances. Lender will be reluctant to give you loans without proof of income and with a bad credit score. You might be able to take a loan for a small amount where you can pay back faster, but the catch is that you will have to get the loan at higher interest rates.

Having a bad credit history will also put some restrictions. You might not get a higher loan amount or a lower interest rate. To have a better chance of qualifying for a loan, you can try the following:

  • You can pledge collateral and obtain your loan. This way the lenders have the assurance of having security in case you fail to pay
  • Having a guarantor can help you qualify for a loan
  • You can make a big down payment to gain the trust of your lender. This way, they will know that you are credit responsible
  • Take debt consolidation loans to pay off your debt. Once your debt is cleared and your credit score is back on track, you can apply for the loan you want
  • In absence of a job income, you can show alternate income like pension funds, investments etc, which can prove that you can make monthly payments.
  • You can take short term loans like payday loans, where income documents wouldn’t be necessary
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