Have you ever taken out a line of credit and what are the pros and cons of taking out a line of credit or borrowing a loan?

I am thinking about taking out a loan because I have no money but I need money to afford some stuff. So I can apply for an employment program. Is it a good idea?

3 Answers

Relevance
  • n2mama
    Lv 7
    4 weeks ago

    And where are you planning on getting this loan that you have no ability to repay? Because any lender like a bank or credit union would not be likely to approve a loan to someone without an income or job. Perhaps if you had something of value you could put up as collateral, such as a house, you might be able to secure a loan. If you have a car that you have a clear title to you could get a title loan. But of course, if you default on the loan, they get to take your collateral, so you could lose your car (or house) with that.

  • Eva
    Lv 7
    4 weeks ago

    If you are unemployed and/or have no income you can't get a loan. You have to be able to show the ability to pay  it back. You certainly aren't going to be able to get an unsecured loan.

  • Anonymous
    4 weeks ago

    No job no loan.     

Still have questions? Get answers by asking now.