Salary is the main requirement for lenders to receive a loan. It is the income profile that decides the sustainability, or not, of the repayment plan and therefore of the monthly installment. What to do then if the applicant does not have demonstrable income? Can financing still be obtained? Here’s how small loans for unemployed people work in 2018.
Unsecured Loans: How Loans for the Unemployed Work
The absence of documents that can attest to income makes the process of applying for funding complex. At the same time the crisis made work precarious and therefore new products emerged in the loan market, designed for particular categories such as the unemployed, housewives and students.
Small loans for unemployed people have small amounts, given the characteristics of the beneficiary of the loan. This type of product is often available online but also at traditional branches of financial companies. Typically they are funding from the flexible repayment plan.
There is a high risk for the lender, therefore cheaper interest rates are applied compared to common personal loans.
Loans without paycheck 2018: who to contact and what guarantees to present
In most cases, banks do not provide credit lines for the unemployed, even if of limited economic size. There are exceptions to this rule but it is still essential to present solid guarantee elements.
In the search for small loans for unemployed it is more useful to contact financial, whose offer is more sensitive to the needs of this category of consumers. The unemployed person must have the signature of a guarantor.
The guarantor profile implies a demonstrable salary and adequate to the characteristics of the repayment plan. The guarantor intervenes if the beneficiary of the loan does not respond promptly to the repayment commitments, defined at contractual level.
The applicant for small loans for the unemployed can provide, in order to strengthen his position, documents relating to alternative income to income. Among these we find any profits deriving from a rented property and financial income. As a guarantee, a property can be provided.
Applying for loans through capital lender is easy. An online loan application is sufficient to address both banks and private investors at a serious level. Of course, the borrower decides who gets the loan.
Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.