Loans for the Unemployed

Learn if it’s possible to get a loans for the unemployed without a bank account. Matthew is unemployed but he wants to start his own business. Wow, that’s a good idea. Matthew from New York USA asked;

Hi Grace, I want to get a loan. I want to build my business and use my loan as my business capital. Is it possible that the banks can grant me a loan even though I am just starting my business. I do appreciate your response to this queries.

Matthew GY, New York USA

Date Received: July 28, 2015 @ 3:15 pm

I received this message last night while I am reading some other inquiries. I noted that InvestmentTotal.com has no topic about loans. So, let me thank Matthew for giving me an idea on what to talk about in my blog aside from stocks, mutual funds, credit cards and personal finance.

What is a Loan?

A loan is a sum of money borrowed by an individual that has agreement to paid back with a corresponding interest. I believe you understand what is a loan all about. If you get a loan, make sure you will use it to make more money. Do not get a loan and buy something. Instead, apply for a loan and invest. That way, you are using leveraging. Using other people’s money to make money.

Loans for the Unemployed

It is a good deal if you will open a bank account and put some money there. You can easily apply for a start-up business loans if you have a bank account. It is a fact that banks love those people who borrowed money from them to fund their businesses. Prepare the following before you apply for a loan.

• You must have a bank account from where you want to apply for a business loan.
• Prepare the lot title or car certificate of registration, deeds of sale etc.

Small and medium enterprises are taking advantage of a small business loans from the banks or other financial institutions. But, banks will investigate if you are really operating a business. Almost any banks need collateral like cars, land property or some investment funds.

What do you think? Do you have any ideas on how to apply for an easy loan for an unemployed person but willing to start his own small business? Kindly share your ideas below. Thank you!