Loans for the unemployed in Canada
Whether you need $10,000 or $50,000 – Alpine Credits is the best alternative for second mortgages in Edmonton
Experiencing changes in your employment status can happen to anyone, intentional or not. The period between jobs can require you to be stricter with your budgeting. While being frugal is an important characteristic to have, sometimes unforeseen circumstances occur, so loans for the unemployed in Canada can provide strong financial support.
What is an unemployed loan?
Unemployed loans can be lump sum loans that borrowers repay over time with interest. They are usually repaid through monthly installments, like regular personal loans. They also don’t have high value because lending to those without employment is risky to the lender.
Their main characteristic is that they are meant to accommodate people with little to no income because of the lack of employment. Since traditional loans require proof of income or employment, unemployed loans provide a short-term financial solution to those without a job.
What can you use an unemployment loan for?
Regular daily spending and more significant investments are possibilities for loans without proof of income. The money is available to help you feel secure in the following situations.
- Medical expenses—whether medication or unexpected hospital bills, unemployment loans can provide financial support instead of putting the charges on your credit card.
- Tuition or cost of online classes—without employment, many people investigate re-educating themselves to try a different work industry.
- Loan consolidation—managing your finances can be challenging without employment, but a relatively low interest loan can repay your outstanding balances so you can focus on repaying one loan.
- Moving expenses—sometimes people leave their jobs to switch locations. A loan for unemployed people can help cover the cost of moving.
- Utility bills—to prevent you from falling behind on monthly housing bills, unemployment loans can help you maintain a steady payment until you start making income again.
- Other sudden expenses—examples of sudden situations include housing repairs or replacing appliances. If you receive a loan, you can use it towards those costs.
Steps to apply for an unemployed loan at Alpine Credits
Alpine Credits offers a unique opportunity to homeowners in Canada. If you have paid at least 25% of your property’s value, you are eligible for a home equity loan from Alpine Credits. Credit score or income status are not the main criteria for approval.
Home equity loans can act as no-income loans while maintaining an interest rate lower than unsecured personal loans or credit cards. With Alpine Credits, the application process will move faster, allowing you to receive your funds sooner rather than later.
- Apply online—the application is simple and accessible online. If you prefer, you can also call a Financial Solutions Specialist to assist you during the process.
- Wait for the results—Alpine Credits is an alternative lender, meaning the application process time is faster than at major financial institutions. You’ll hear back within a few hours.
Once the home equity loan is approved and the required documents have been received, the money will be deposited into your bank account. You can use it for any of your needs while you are unemployed.
Conclusion: Own a home? Get an unemployed loan in Canada
Unemployed people who have property can access a loan through their home equity. A home equity loan operates simpler than traditional or even unemployment loans from other lenders. Some unemployment loans may still require your financial history or debt-to-income ratio.
Home equity loans with Alpine Credits provide a unique opportunity because you do not need to show your previous employment information. The application is simple and will let you access money more quickly than other types of loans. If you own your home, you’re eligible for a home equity loan, so contact Alpine Credits to get your funding.
Frequently asked questions
Approaching alternative lenders who don’t ask for employment verification is one way to find a loan if you don’t have a job. You could get a home equity loan if you own a piece of property with at least 25% in equity.
Yes, some loans in Canada are available for those who are unemployed, but you may still have to provide evidence that you can repay the loan. They range from personal loans to employment insurance loans from the government.
Borrowing money can be challenging without a steady source of income, so many homeowners decide to access their home equity as a form of cash. Many home equity loan lenders do not require bank statements or income history to approve you for a loan.