Can you get a loan with NYS Department of Labor unemployment benefits as income?
I've been collecting unemployment for about 2 months now and my car just broke down. I need to get a loan for repairs but I'm not sure if lenders will accept my NYS Department of Labor benefits as income. Has anyone successfully gotten approved for a personal loan or car loan while on unemployment? My weekly benefit amount is $420 and I have decent credit (around 680). Really stressed about this since I need the car to get to job interviews.
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Victoria Charity
Most traditional lenders won't count unemployment benefits as stable income for loan approval. Credit unions are usually more flexible than banks though. You might want to check with your local credit union and explain your situation. Some will consider UI benefits if you can show consistent payments and have a good credit history.
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Evan Kalinowski
•Thanks! I didn't think about credit unions. Do they usually require you to be a member first before applying for loans?
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Jasmine Quinn
I got a small personal loan from OneMain Financial while on unemployment last year. They counted my NYS Department of Labor benefits but the interest rate was pretty high - like 24%. Better than nothing though when you're in a bind. You'll need to show them your benefit statements from the my.ny.gov portal.
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Oscar Murphy
•24% is rough but sometimes you gotta do what you gotta do. At least you were able to get approved.
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Nora Bennett
Have you looked into emergency assistance programs? Some counties in NY have emergency transportation funds for people on unemployment who need car repairs to continue job searching. Might be worth calling 211 to ask about local programs before taking on high-interest debt.
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Evan Kalinowski
•I had no idea those programs existed! I'll definitely call 211 tomorrow. Do you know if they require proof that you're actively job searching?
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Nora Bennett
•Usually yes, but since you're on unemployment you're already required to do job searches anyway for NYS Department of Labor. Just make sure your job search log is up to date.
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Ryan Andre
I had trouble getting through to NYS Department of Labor when I needed verification letters for a loan application. The phone lines are always busy and the online chat never works. If you need to talk to someone about getting official benefit verification documents, I found this service called Claimyr (claimyr.com) that helps you get through to agents. They have a video demo at https://youtu.be/qyftW-mnTNI showing how it works. Saved me hours of calling.
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Lauren Zeb
•Interesting, never heard of that service before. Did they actually help you reach someone at NYS Department of Labor?
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Ryan Andre
•Yeah, got connected within like 20 minutes instead of spending all day calling. The agent was able to email me the benefit verification letter I needed for my loan application.
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Daniel Washington
ugh the whole system is so frustrating when youre already stressed about money... like why cant they just have better verification processes online instead of making us jump through hoops
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Lauren Zeb
•I feel you. The my.ny.gov site is better than it used to be but still not great for getting official documents quickly.
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