Bills have no trouble stacking up, whether the economy is good or bad. Ironically, loans that are able to help people out in times like these are also the hardest to obtain in times like these. Most financial institutions prefer not to risk their funds to people during recession, unless their client can prove their worth through near perfect credit histories, a strong asset, good income, or a mix of all those traits.

Even so, it is nice to know that private lenders do exist, and all it takes is a little effort to find them. They may not be as well known as the large banks or the big lenders, but that is a good thing in this case since it forces them to be competitive to be known. Each lender has its own set of requirements, but they are generally all fairly easy to meet. Just to be sure, there are some general guidelines to follow to maximize the chances of success.


Regardless of whether or not it is a requirement, employment is vital to obtaining loans. Loans need to be repaid eventually, and a steady source of income is the best proof a lender could hope for. Lenders expect to be repaid after all, so prove that you are able to with a decent job. Lenders will take into account the place you work at, and the amount of time you have worked there. Keep in mind that you will need an income strong enough to support both the loan repayments, and your personal lifestyle to be eligible for a loan.

Credit History

Needless to say, most loans are dependent on credit records as well. Having defaults in there can drive away lenders, and even if it's not required a good credit history could open you up to additional benefits. If this is your weakness then try your best to cover it up with an asset during secured loans, or apply for payday loans where they do not check credit history.


This is optional for unsecured loans, but still a nice bonus to list it on your application. Owning your own vehicle or home shows that you have, at least at some point, a good grip on your financial situation. Having assets listed on your application will boost the chances a little for unsecured loans, and greatly for secured loans. Different lenders have different preferences on what they value, so pick the lender that suits you the best.

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