{thumbnail}
{title}
{summary}

When you are unemployed, it can seem like everything is an uphill battle. You may feel discouraged because there are few reasonable options for you and your family. One thing you may be considering is a personal loan to get you through this tough time. The obstacle here is finding a lender willing to give a loan to someone who has no steady source of income. However, hope is not lost. It is possible for you to get a personal loan in your financial state. It may not have the best terms, but it will be far better than trying to get a payday loan or title loan.

Exhaust All Other Options First
It should be said that just because you are out of work does not mean that you should be borrowing money to get you buy. Anyone who is employed or has the means to make an emergency fund with at least six months’ worth of expenses should do so before they are put into the position of needing to borrow money should they become unemployed. I realize that this may not be an option for many, and emergencies do arise whether you are employed or not.
Before you even consider taking out a loan, you should make sure you have exhausted all of your other options. If you won’t be able to pay back the loan, you could end up in a lot more trouble than you are already in, and you should want to make sure you don’t build up so much debt that you won’t be able to pay it off later. From here on, I will assume that anyone looking to take out a loan during difficult financial times has already used their credit cards, asked for loans from friends and family, and done everything else possible to get by. There are many other options in these situations, so you should look into all of them before you make your decision.

Look Into Different Loan Possibilities
Trying one of the following types of loans could be a solution to your problem in the short term.

1. Make a large down payment. If you are able to make a down payment of about 30% of the loan, there will be many more lenders willing to give you a loan even if you are unemployed. While this may not be an option for many, it will help the lender feel more comfortable giving a loan to someone with no steady source of income.
2. Get a home equity line of credit. This type of loan is similar to having a credit card with a revolving balance. You can use any home that you won as collateral for the loan, and the credit can be available again as long as you have paid off the loan. Proof of employment is not necessary, but if you default on the loan, you run the risk of losing your home.
3. Consolidate your debt with a debt consolidation loan. These loans will help you pay off your existing debt, but they won’t provide you with additional cash that might be necessary for you to get by during this tough financial time. You can pay back all the creditors who have given you money in the past, and you might even be able to get a lower rate than you had before.
4. Use a pawnbroker or pawnshop to get a secured loan. If you have something very valuable, you can give them to the pawnbroker or pawnshop as collateral for a loan that is a percentage of what the item is worth. You will then have a specific amount of time to repay the business, at which point you will get your expensive item back. Again, you will run the risk of losing that item if you aren’t able to repay the loan, so think twice before you decide to take out this type of loan.

Don’t Lose Hope
Being unemployed can put a lot of stress on a person and their family. Just because you have to make this difficult decision now doesn’t mean that all hope is lost. Keep looking for a job and find one as soon as possible, even if it is temporary or you have to settle for something less than you had before. Any job is better than no job, and with a little hard work and dedication you can work your way to the top again in no time.

Vanessa Lang is an author who writes guest posts on the topics of business, marketing, credit cards, and personal finance. Additionally, she works for a website that focuses on educating readers about payday advance loans.