It's possible to qualify for a loan when you're unemployed, but you'll need solid credit and some other source of income. Whether you are unemployed unexpectedly or by choice (in the case of retirement), lenders will consider extending you a loan as long as you can persuade them you can make regular payments on time.
Sure. A pattern of timely payments on your credit report, with few to no late or missed payments (especially in recent years), can reassure lenders that you manage debt responsibly. Most lenders also prefer credit reports that are free of negative events such as bankruptcies or foreclosures.
Lenders typically set minimum credit score requirements for different types of loans, and they reserve their best loan offers—the ones with the lowest interest rates and fees—for borrowers with FICO® Scores* in the very good or exceptional ranges. Credit scores are calculated using data from your credit reports, so if your credit history is in good shape, your credit score has a solid foundation. But before you apply for a loan, you may be able to give your score a left fairly quickly (within a few months) by paying down any credit card balances that exceed 30% of their cards' borrowing limits, or instantly with Experian Boost.
Yes you can but lenders need to know you'll be able to make your loan payments each month. It doesn't have to be from a paycheck, but you must have one or more sources of income that are reliable and sufficient to cover your monthly expenses, with enough left over to cover your loan payments. See below for a list of income sources lenders consider acceptable.
If you can't provide proof of employment, your lender will want to review your financial records to verify other source(s) of income. While unemployment benefits can represent a portion of your income stream, their temporary nature means you shouldn't rely on them alone. Other forms of income lenders may accept include:
Social Security benefit payments
Pension funds or other retirement benefit payments
Alimony or child support
Government annuity payments