Can you really get a loan while unemployed in South Africa?
It's a tricky one because if you understand how loans work, then you'd know the main qualification requirement is income.
So a short answer is NO! But there are other solutions you can try to make money while laid off.
Let's get started.
Can You Get A Loan If You're Unemployed?
It's not possible to qualify for a loan if you're unemployed in South Africa.
The reality is that how are you going to pay back the money with interest? Offering you a loan while not working is a definite loss to the bank - and they don't like losing money.
Even though you might have a good credit score, it's not going to be easy for lenders to decide on offering you any money if you're not working.
Other companies may promise you a loan when you're unemployed, please do not even consider it because you'll certainly be scammed.
What you need to focus on is finding new work or other ways you can make money in your area.
How Can You Make Money While Not Working?
There are a couple of ways you can make money online and offline.
1. Find New Work
Being laid off is not the end of the world, you have a skill that another company may want to use.
Don't give up and start looking for new work opportunities.
Start by updating your curriculum vitae with recent skills, achievements, and work experience.
Then head over to online job boards and start applying for job openings in your field of skillset.
2. Sell Unwanted Stuff
You can pawn or sell unwanted stuff to make money.
Perhaps you have a laptop or cellphone that you're no longer using. You can sell those for a quick cash boost while you're still looking for a new job.
You can use social media and other platforms such as the following to sell your stuff:
These are the well-known places where you're guaranteed a legit sale from real users.
3. Join Uber/Bolt Driver Portal
You can join Uber or Bolt as a driver and start making up to R5,000.00 per month. If you're joining with your own car, then you could make about R17,500.00 per month with Bolt or Uber apps.
Follow these step by step guides on how to join each app:
4. Rent Your House
If you have a big house with plenty of space, you can rent a portion of the house, for additional income.
House renting is a huge industry in cities that are close to businesses ad manufacturers. If your house offers access to places of work and entertainment, then you'll be able to make enough cash on the side.
You could also move out to outside rooms and rent the whole house to a family. You'll have guaranteed income while still unemployed.
5. Start a Business
Perhaps you've always wanted to own a business, this could be the right time to start selling your services and products.
While some businesses require a lot of capital, perhaps, yours will need a small capital to get started.
Find a skill or product that's greatly in demand and offer your services to customers with professionalism.