Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

Can I get a loan with no income?

Is it possible for an 18 year old to get a loan when they have no current income?

I am enlisted into the Army, and I only need a loan of about $300. But the repayment period needs to be over 31 weeks.

Update:

I am sworn into the Army. All contracts are signed and I have my job. I am not leaving until August though. So I would have a way to pay the loan, just not at this time.

Thank you for the replies, though.

Update 2:

To add a little more unnecessary info. I have been doing yard sales to earn money. I've also been actively applying to places with no luck. I have doubts that I'll get hired, considering how many people want jobs badly.

I am not really close with family. My mom has no job and my dad is an evil person when it comes to money.

I'm sure I'll find the money somehow. Thanks.

12 Answers

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  • 1 decade ago
    Best Answer

    Not a chance.

  • 1 decade ago

    I don't think so because if you dont have any income how are you going to pay the loan back. Banks are too fussy over things like that, even if it is a very small loan. Thats about the time they'd give you to pay off a loan of $30,000, not $300. Sorry for your luck. Maybe you can just borrow it from someone, like a close friend or a loaded relative ;)

    Good luck!!

    Source(s): My cousin works at a bank.
  • 1 decade ago

    Are you already in the army or are you about to go into the army. Because if you are already in the army, than you do have income. If not, than you won't be able to get a loan of any amount. If you are already enlisted in the army, you can get an advanced pay from PSD where you pay it back over your next few pays.

  • 1 decade ago

    It's very doubtful, especially at this time. I would go through my bank, or if you're a student, a student loan. But I would very much advise AGAINST payday loans or cashcall loans! The interest is 50% and that's ridiculous!!!

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  • EK
    Lv 4
    1 decade ago

    Age doesn't really matter.... Can you buy gas with no money? Not likely for someone to lend you money with no way of paying it. Would you lend money to someone who has no way to pay? Have you asked a friend or family member? They are going to be your best option at this point.

  • 1 decade ago

    why would anyone lend someone money without knowing they can pay it back? U can always take out a car title loan or check advance, but the interest will kill u.

  • Anonymous
    1 decade ago

    Most likely no...sorry.

    If you go through ANY bank they are going to want to see your income.

    If you say you have none, they that stops the process right there.

    I can think of some other ways you can make $300 quick.................I mean odd jobs or something.

    Family?Friends?

  • No, one of the qualifications is a means to repay the loan (income).

  • 1 decade ago

    no dude just figure out a way to earn that money. its not that much so it wont be hard

  • Anonymous
    1 decade ago

    Not a chance!

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