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

I find myself pondering a similar dilemma.
I have a very healthy—perhaps even substantial—income stream, though it isn't something I can easily document through standard channels.
My plan would be to secure a loan by leveraging a property valued at roughly $65,000 to $75,000—using it as collateral for a mortgage or something similar...
So far, I haven't bothered reaching out to any major institutions, like Chase or Wells Fargo, to see what they might offer.
Does anyone here happen to know where my best shot lies for securing a loan—whether it's residential, small business, or just some other long-term arrangement—on a 10 to 25-year schedule?
I would truly appreciate any advice or guidance you all might be willing to share.

looks like there are still a few of us left

Good grief... how many of us are actually left in here?

Check out a securities-backed loan. I once took one out against my savings in USD, and the whole thing was settled in just two days. That was four years ago, and even though I had a bruised credit score back then, it worked. Now, somehow, my wife managed to pull the same move for the same amount. You can even use bonds, mutual funds, or other assets as collateral.

🙂 Thank goodness we finally have some actual substance to work with here!
Personally, I’ve managed to scrape together a decent little nest egg—though, unfortunately for my travel plans, it's all sitting in U.S. dollars.
Would you be so kind as to share which specific bank or financial institution offered this? I'm also quite curious about what the interest rates look like.
Best regards, 🙂

Look, pretty much every major bank out there—we're talking Chase or Bank of America—will offer you these Lombard loans based on your fixed-term savings, provided you go to the same institution where your cash is actually parked (and usually they'll bump up your interest rate by maybe 2-3% more than what you’d get on a standard CD)

They'll let you borrow up to 90% of whatever you've got locked up; but honestly, if you ask me, taking a loan against your own savings is just a bad move. Why would you ever pay a bank interest to use your own money when the yield on the deposit is so mediocre anyway? You aren't losing anything significant by just keeping it there instead of paying them those extra few percentage points for the privilege.

Now, if you want to get smart about it, look into Lombard loans backed by your home equity or perhaps some holdings in mutual funds or ETFs if you have those sitting in your brokerage account. That's where the real play is.

I know from firsthand experience that JPMorgan Chase will approve a mortgage based on freelance income.
When I was looking around, Wells Fargo was offering home loans to merchant marines and people working for international corporations...

P.S. What’s with this "unemployed" label? Sounds more like someone who just can't find anything to do and prefers lounging around the house...

Just a quick question!!

So, imagine someone is officially unemployed, right? They're listed as jobless on paper, but they're actually picking up cash under the table for odd jobs here and there.
The thing is, they desperately need maybe $20,000 to $25,000 $0.00 to get a new business off the ground.

What kind of chances do they actually have of scoring a loan?

Or, I don't know, maybe even some private loans??? But where would you even go for that?

Because, I guess, the plan is to have everything paid back within 6 months.!!

feralangler55 said:Just a quick question!!

So, imagine someone is officially unemployed, right? They're listed as jobless on paper, but they're actually picking up cash under the table for odd jobs here and there.
The thing is, they desperately need maybe $20,000 to $25,000 $0.00 to get a new business off the ground.

What kind of chances do they actually have of scoring a loan?

Or, I don't know, maybe even some private loans??? But where would you even go for that?

Because, I guess, the plan is to have everything paid back within 6 months.!!

Nowhere is the best answer. They should just work harder, save up, and in 6 months they'll have their own $8333 if things go as planned. Because the only people willing to lend money like that are loan sharks.

Does anyone know if there’s anywhere in the States where I might be able to get a loan specifically for someone who's unemployed, or maybe some kind of short-term loan up to $1667??
Things are getting pretty rough over here—I just lost my job, and well, life doesn't just stop because you're out of work. I guess I'm just wondering if there's any kind of solution or even a slight possibility out there...
If you guys happen to know anything at all, please, could you let me know? It's getting pretty urgent 😕
Thanks so much for any help you can give!!

Look, let’s be real here: without a steady, reliable paycheck, you aren't getting a loan from any bank in this country. Period. It’s simple math. If you don't have an actual job, how are you even putting food on the table? And more importantly, where on earth are you planning to pull the money from to pay back a massive loan? It just doesn't make sense.

So, I've been working until now—well, I *was* working. My company basically went under, and now there’s just no paycheck coming in. Meanwhile, the utility bills are still piling up on my doorstep... is it even possible to get some kind of mortgage loan or something similar to bridge the gap? I actually own my own place, so I was wondering if I could use that equity to secure some kind of credit or loan?

Look, let me tell you something about how things work here: when you go to JPMorgan Chase, they aren't just going to hand you money for nothing. They’re going to demand proof of steady, reliable income before they even consider approving any kind of loan.

And even if you’ve signed up for an indefinite period 😉

Just some off-topic thoughts here, but honestly, things are bound to shift eventually... permanent full-time gigs are probably going to become a thing of the past, and if banks like JPMorgan Chase want to stay in the game, they’ll have to pivot, which means we'll likely see a massive surge in mortgages and those typical American-style loans... but anyway, moving on...

...you're better off just borrowing from friends or family—it's basically interest-free. Or just sell some junk you've got lying around the house... there are plenty of ways to swing it. Do some side hustle work, manual labor, a quick repair... offer a service...

off
honestly, I still can't wrap my head around why they’re making that a requirement... since everything seems to be shifting toward fixed-term contracts anyway (which I don't mind, personally), and even those indefinite ones aren't exactly bulletproof when it comes to layoffs or being let go

I think I might have figured out my next move, but I definitely need to run it by some people first,
so here’s the situation: I’m currently between jobs, but I’ve got this vision I want to bring to life. To make it happen, though, I need some capital. I own a two-story house with an accessory dwelling unit in the backyard.

My plan is to renovate the whole property and set it up as a multi-unit rental with individual rooms. My big question is, can I actually secure a loan while I'm unemployed? The total value of the property is sitting somewhere north of $220,000.

Thanks for any insight, cheers!

If you don't have any creditworthiness, you know damn well you can't get anything done...

Kimberly Nguyen said:If you don't have any creditworthiness, you know damn well you can't get anything done...

hmm, yeah... fair point. thanks for the heads up. 🙂