Unemployed

Many people wish to apply for installment loans, but are thinking twice because they think they will not get approved. The good news is that many banks offer installment loans for unemployed people. However, you do need to have an income to ensure that you can repay for the loan.

Is collateral required to apply for installment loans?

This depends on the policy or loan that you are applying for. Generally, however, you only need to have a source of income to be able to repay the loan.
Even people with bad credit may find installment loans advantageous. Since you get to repay the loan little by little, you have the chance to rebuild your credit as well. By meeting the scheduled payment, you are creating good payment history that will eventually improve your rating.

In other words, whether you are unemployed or with poor credit, applying for installment loans and getting approved is not impossible. As long as you know for yourself that you have a backup plan and a means to repay the loan, you should be able to pursue the application.