The unemployed do not have an easy situation when it comes to finances, especially when applying for a loan at a bank. However, for non-bank companies, it is possible to get a loan for the unemployed. Click on one of the links below and check our list of companies where you have the best chances of getting a loan!
Unemployment often affects people unexpectedly, seriously shaking their financial situation. Sudden expenses can surprise you even more by suddenly attacking with doubled strength. In such situations, sometimes the only way to get back is to get a commitment from a company that provides such services. However, this is not so simple in the case of the unemployed – the loan falls out at the very beginning. Banks do not provide their services to people who are not employed. Non-bank institutions offering payday loans and loans are different. However, they also set a number of requirements for the unemployment loan to be granted.
Many loan companies do not require income certification, but you only need to make a written statement about how much you earn. However, this does not mean that you can cheat – in case of doubts about the customer’s creditworthiness, the lender may require additional confirmations.
Lack of income – what does it mean and when it doesn’t block our way to credit?
First, let’s define who the banking institutions call the unemployed. This is anyone who has no fixed income. It is this criterion that disqualifies the unemployed if they need to take a loan. And this despite the fact that the above definition may relate to completely different situations, only seemingly fulfilling its conditions. For example:
- Someone is unemployed, but has regular income from a flat rented to someone, is a scholarship holder or obtains the benefits of share dividends.
- The would-be borrower works abroad, but he does not have the appropriate certificates to confirm this fact in writing.
- An unemployed person who is unemployed and receives financial support from his family.
- Someone who is actually unemployed and has no job or source of income.
Installment loan for the unemployed – what conditions should be met?
Non-bank institutions, which usually specialize in granting payday loans and loans, are usually open to the unemployed. They usually do not require the presentation of a document certifying our income, and for each first customer who is unemployed, the following simple, meaningful conditions are set out.
- We must be at least 21 years old.
- You must be a citizen of the Republic of Poland.
- It is also mandatory to have a valid Polish ID card.
These conditions, as you can see, are not excessive and open the way for loans to many people who are unemployed.
Loan companies are repealing the gate closed by banks for people who do not have permanent employment, but have selected, allowed other sources of income that are not remuneration for work. Their amount is determined individually by each bank, but it must strengthen our financial capacity and potentially without problems talk about repayment of the loan in the future. In addition, the unemployed with another permanent source of income must have an impeccable history in credit databases and not appear in any register of debtors. If we do not meet these conditions, or work in the dark, loans with no income seem to be the only option.
What can be a source of income?
A constant source of income, as we have already mentioned, does not have to be paid work on the employment contract. Non-bank lenders are much less restrictive in this respect than banks and allow many sources of income. The conditions are clear – they must come in every month and – as we mentioned above – they must have a certain amount.
Here are some examples of sources of income allowed by lenders:
- Under a contract for specific work.
- Due to the mandate contract.
- Derived from social benefits ( including 500+ ).
- Derived from court-awarded maintenance.
- Profit from the apartment rental contract.
- Paying for occasional work (if only tax is paid on it).
- Profitable from any other taxable activities.
Of course, we must remember the principle that after deducting expenses we still meet the requirements of the lender. Therefore, we cannot have any unpaid liabilities or other debts. It may happen that it will be easier for us to get a loan for the unemployed in installments due to the longer repayment period.
Online unemployment loan – what if we don’t have income?
If the unemployed has no source of income – nothing is lost. There are other ways to get a loan. Here are examples.
- A loan can be taken against a car – it is a form of securing the payday loan and installment loan in the form of our property. The car lien consists in the fact that the lender becomes its owner in 51%. This status expires when the commitment is fully reimbursed. If the lender does not repay the amount due – the loan company has the right to take over the car in full and put it up for auction. The funds obtained will be used to pay the outstanding liability. The car is secured by the payday loan or installment loan – the lender will become its owner in 51% until the commitment is repaid.
- The loan can also be taken with a surety – this is a method based on a third party surety for us. There may be any person known to us who then assumes the role of a geranium. All you need to do is sign the relevant documents in the company of the borrower and the lender.
How to take out a car loan for the unemployed?
Applying for a car loan is extremely simple and generally speaking it does not differ much from the procedures for traditional payday loans and loans. It looks like this.
- We fill the application with our personal data – name, surname, address, PESEL number, telephone number, e-mail address and number as well as a series of ID card.
- We approve our application and are waiting for a decision.
- If the decision turns out to be positive – the loan agreement, car transfer agreement and power of attorney enabling us to enter the loan company as the temporary co-owner of our car are given to us.
- When these documents are signed – you should go to the communications department, which is compatible with our place of residence. There, we submit a written application to enter the loan company as a co-owner of the car into our registration certificate.
Loan for the unemployed – what is the risk associated with it?
It is worth remembering that from the position of the unemployed, a loan is a risky commitment that we must think carefully about.
- On the one hand, this is a great opportunity for people who have an urgent expense and need cash immediately. At the same time, having no chance of a bank loan.
- On the other hand, lack of work may prove to be a key obstacle to paying off your commitment. If there are other expenses or we lose the benefit, alimony or income from renting an apartment – then we can fall into a dangerous spiral of debt. It is worth knowing the APRC, i.e. the Real Annual Interest Rate, because many loans have this ratio at a relatively high level. This can significantly increase the expected cost of the loan, which we should be solidly prepared for.
Before we apply for a loan for the unemployed – let’s think carefully and recalculate our financial situation. One should always take into account the fact that the loan will have to be repaid and any delay in repayment may increase its costs. This is even more troublesome for those without work.