How can I get a bank loan if I'm unemployed?

I feel like I read somewhere about this, but I can't remember if it was actually true or just mentioned in passing. I was wondering if any banks here in the US offer loans to people who are unemployed (not me, obviously), and if anyone knows which banks in the States give out loans without needing a co-signer?

Thanks

With a creditworthy co-signer, it’s actually possible

With JPMorgan Chase or Zabiti, you can pull off a mortgage if you have a co-signer who’s got a steady job. You still need to show some kind of income yourself, though—freelancing or whatever counts.
At JPMorgan Chase, they actually let you get a mortgage without any income or guarantors at all. They just secure it against the property and a deposit. Not sure how other banks handle that.
Generally speaking, the smaller players, like Wells Fargo, tend to be way more restrictive and offer much worse terms.

Hey there.

So, I’m currently unemployed, have basically zero work history on paper, and I don't plan on landing a traditional job for at least another year.

What are my actual odds here? What do I need to do to land a loan for something like 100 $0.00?

I’ve honestly never given this much thought, so I’m pretty clueless about how banks actually operate since I haven't needed anything from them yet. Any advice or suggestions would be huge. 🙂

I'm not looking to blow this money on nothing; I want to put it toward a business venture—nothing stupid, just a solid opportunity that I'm confident will turn a profit within a year or two. That way, I can easily cover the interest.

If a loan like that is a total long shot, what else should I be doing? Should I be looking into something like an insurance policy or something similar to build up credit? I really don't have a clue, but I pick things up fast. 😎

Appreciate any help. 🙏

You don't actually need to be employed to land a loan from a bank... all you really need is to find one or two suckers to act as co-signers who will either pay back the debt for you or at least guarantee the bank that someone is going to come through with the cash eventually 😉

Fuzzablon said:You don't even need a job to score a bank loan. All you gotta do is find one or two suckers to co-sign for you so they can cover the debt or just guarantee the bank gets paid back eventually. 😉

Oh yeah, I forgot to mention—I don't want to use co-signers either. 😬
I’m not about to bug anyone into backing me, especially since I wouldn't want to be anyone's guarantor myself. 🙄

So, no co-signers.

Maybe if I pay into some kind of insurance or savings account first, they'll grant me a loan in a year or so? I'm not in a huge rush.

I heard something about stuff like that actually being a thing. Any thoughts??

Look, if you don't have a solid credit score (and let’s be honest, you don't), plus you haven't got any collateral, or maybe some real estate to put up for a mortgage, or even a crazy co-signer willing to back you... well, who on earth would actually hand you a loan? I mean, would you personally just hand over your own cash to someone in that spot? 😈

George Bryan Hughes61 said:Look, if you aren't creditworthy (and let's be real, you aren't), have no co-signer, no property to put up for a mortgage, and no crazy partner to back you up... who in their right mind would give you a loan? Would you even lend money to yourself? 😈

I’d probably just keep it for myself. 🤣 Jokes aside, there's no way I'd ever do that.

Is there any way to score a better loan or something after saving up at a bank for a while? Any tips?

Sure, but only if your credit score actually allows for it! 😁

In order to get approved for a loan, the bank has to be 110% certain that you can actually pay them back.

If you manage to save up $30k and you're looking to pick up a house or an apartment priced at $100k, you shouldn't have any trouble at all, since you could probably secure a loan for up to $120k...

but if you actually need that cash to fund a business or something similar, there's really no way you're getting more than $10k or $20k unless you already own some real estate or have someone willing to back you up with their own property...

If you’re genuinely looking at taking out a loan to get a business off the ground, my advice would be to sit down and hammer out a solid business plan first; once that's set, you might want to look into approaching the Federal Reserve or perhaps a Small Business Administration lender to see what kind of support is available.

No collateral, no co-signers, no mortgage... it’s a tall order.

If you're looking to get a business off the ground, check this out:
http://www.sba.gov/

The only type of loan where they don't bother checking your credit score is a Lombard loan. For example: you’ve got a life insurance policy with a cash value of, say, $3,000. You pledge that value as collateral, and boom—you get a $3,000 loan. Or, if you want to be even more efficient about it: just hand over $3,000 as a deposit to the bank and use it as collateral to secure a $3,000 line of credit. It's basically just moving money from one pocket to another, isn't it?

Kimberly Nguyen said:Hey everyone.

I'm currently unemployed, have basically zero work history, and I don't plan on finding a job for at least another year.

What are my chances, and what do I need to do to land a loan for, say, 100 $0.00?

I've never really thought about this—never had to look into it—so I'm pretty clueless about how banks work. I'd appreciate any advice or suggestions here. 🙂

I wouldn't just blow the money; I'd invest it in a business venture (not some stupid idea, but I won't get into specifics right now) that would GUARANTEED turn a profit in the next year or two. That way, I could easily cover the interest payments.

If a loan like that is a no-go, what should I be doing instead? Maybe paying into some kind of insurance or something so they'll give me money later? I honestly have no idea, but I'm a fast learner. 😎

Appreciate the help. 🙏

Man, what can I even tell you!
Getting a loan from a bank is going to be an uphill battle.
Your best bet is to actually get a job and start showing some steady income first.
Once you've got that, the cash will come eventually.
Banks play it safe—they protect themselves three times over.
They want real estate, collateral, or insurance coverage.
They make sure they collect 95% of what's owed...
With how aggressive lending is getting lately, you better think twice about whether you actually need this.

Are you currently contributing to a home savings plan, or have others been depositing into one for you? The catch is that you can't simply withdraw those funds on a whim; typically, you need to be actively employed to access them. However, there is a clever workaround: you can leverage those savings by converting them into a Lombard loan, which effectively solves your liquidity problem. You'll find that repayment terms generally range from five to fifteen years. For instance, if you take out 100 $0.00 over a five-year period, you're looking at roughly 200 dollars. That breaks down to about 2,500 dollars in the first year.

Of course, this assumes you even have a housing fund to begin with.

What happens if you're working abroad on a fixed-term contract but want to take out a mortgage back in the States to buy an apartment here?
Does it just depend on which bank you go to? For instance, would things be easier if the bank you're applying to also has branches in the country where I'm currently working?

Brandon Thomas89 said:What if you're working abroad on a fixed-term contract and you want to take out a mortgage back in the States to buy an apartment here?
Does it just depend on which bank you go to? For instance, what if the bank you're applying to also has branches in the country where you're currently working?

From what I gather, you can definitely get a loan, BUT there's a massive catch—you’re going to need a co-signer or a guarantor who pulls a decent salary right here in the US.

Brandon Thomas89 said:What if you're working abroad on a fixed-term contract and want to take out a mortgage back in the States to buy an apartment here?
Does it vary from one bank to another? For instance, what if the bank you're applying to also has branches in the country where you're currently working?

Major banks have specific programs tailored for expats and maritime workers. These involve unique terms, and every application is handled on a case-by-case basis.
It’s much simpler if you have a co-signer in the US with solid credit.
Without one, expect them to ask for life insurance, a larger mortgage margin, or even a significant deposit.
Shoot me a private message with the specifics of what you need.

Seriously guys, these kinds of half-baked threads drive me nuts. "I have nothing now and won't have anything soon because I can't be bothered to work. I've got a killer idea but zero cash. How do I get rich...?"
Man, there's no way this person is being serious in their first few posts. How else do you explain it? It’s not even about being an optimist at this point.

Look, kid, I've got a different suggestion for you... Build a REAL business plan—and when I say real, I mean a document that actually commands respect—and go hunt down an investor. You put in the sweat equity as a co-owner, and they provide the capital you're whining about. Then you split the profits. But you have to be incredibly, intensely professional to land someone like that. Honestly, looking at your opening post, I'd say you aren't even close to that level, nor do you seem ready to actually grind; you're just daydreaming.

Buddy, roll up your sleeves, grow up, and good luck. Stop asking mindless questions that you could answer yourself with two minutes of basic logic. Nobody is handing out magic wands here.

If this thing is such a goldmine, write a business plan (seriously, is this just a broken record on this subforum?). If you don't know how to write one—or if you're just too lazy to try—then just give up. Go find a shovel and spend the rest of your life telling your grandkids how you *could* have made it big if you hadn't been so damn lazy.
Later.

Gosodo

Does anyone here know how to secure a decent loan—whether through a major bank, a mortgage lender, or something similar—if I don't have any documented income within the US? To be clear, I do have significant earnings from a contract with an overseas firm, and honestly, it’s well above the average American salary, but since it isn't a standard domestic paycheck or a traditional pay stub, I can't officially prove my income to local institutions. The funds hit my US bank account directly, accompanied by a payroll voucher sent via email.
I currently own a condo, but I need something much larger; things are getting cramped now that the kids are growing up fast.
Is there any lender out there who actually grants credit without obsessing over standard proof of income?

Thanks in advance to all the helpful members here ready to lend some advice.