Loans for unemployed: guarantees are needed!
Let’s start by clarifying a fundamental concept : if you want to access a loan and you don’t have a paycheck or more generally you are unemployed, you still need alternative guarantees to offer to the bank or financial institution. See facenba.org for an example
It follows that, your first concern must be to find guarantees. This is important, because objectively nobody lends money unless he is reasonably convinced that he can get it back. If you are in this situation, keep reading this article, because in the next paragraphs, we indicate some useful resources to find alternative guarantees.
First of all, I suggest you visit the section of the site “loans without guarantees”. There you will find a great deal of information on what alternative guarantees you can offer to banks and financial companies, so that they can turn on the credit taps.
Remember also that another important factor, the one which is sometimes decisive for having credibility in cases like this, is having a guarantor with good economic strength. So, if someone, he could be a wealthy relative or a friend who trusts you, is willing to sign a surety, the chances of getting a loan certainly increase significantly.
Calculate your sustainable installment carefully.
It is well understood that it is necessary to have alternative guarantees to the paycheck, when you are unemployed, to hit the target and to access loans more easily, before submitting a loan application it is important to establish your sustainable monthly installment and how much to ask for.
What has just been said is very important, if the guarantee you can offer is insufficient to cover the debt, the bank will reject your request and you will lose the opportunity to get the loan.
Hence, it is absolutely imperative to calculate your sustainable installment. The calculation must be made taking into account the type of guarantee you can offer and the result must be congruous with your possibilities.
Keep in mind that more than for you, the amount you request must be considered sustainable by the financial, it is she who risks. Basically you have to prove that you can meet the loan installments and that, if you do not succeed, the guarantees offered are sufficient to repay the residual debt.
Let’s take an example: you want to apply for a loan of 1000 USD and you have a rental income that generates an income of 600 USD per month. In this case, when you apply for a loan, you can get it even if you don’t have a paycheck. So the question is: what is the right amount you can ask for and get? Let’s find out!
The first data is your entry, we hypothesized that this is 600 USD per month, therefore, after removing the taxes and various costs, let’s say that you remain 450 $ (it’s just a guess). To obtain the data on a possible sustainable installment, the calculation of the assignment of the fifth can be useful. The rule says that, you can support an installment whose amount is 1/5 of the net income, in this case it is therefore 90 USD.
Example of an amortization plan for a $ 1,000 Astro Finance loan
Now, going to simulate a loan online on the site of one of the main financial companies operating in Italy. We can see that: $ 1,000 returned in 18 months involves a payment of a monthly installment of $ 58.80. As you can guess, in this case it is plausible that a request for 1,000 USD will be approved. This is because the amount of the monthly installment is clearly less than one fifth of the income, or 90 USD per month.
Furthermore, the approval is plausible because: first there is a rental income, second there is a property that can act as a guarantee. Of course, for such a small amount, avoid putting a mortgage on your property, they would be only trouble in the event of insolvency.
Loans for unemployed: resources and solutions
Having established how to calculate the sustainable installment and therefore the amount of the loan to be requested, it is time to see what the possible financing solutions are. Here then, the best resources available on our site that you can use to achieve your goal, namely to have a loan even if you are currently unemployed. Let’s begin!
What to do if you don’t have a paycheck
As a first resource we advise you to consult the section dedicated exclusively to the theme ” loans without paychecks “, find the link at the end of the paragraph. It is a section very relevant to the topic we are dealing with! You can find many ideas and useful information for you too, who are unemployed and obviously do not have a paycheck.
For further information: section dedicated to loans without paychecks
What to do if you are looking for a loan online
If you are particularly interested in obtaining your loan directly online, we recommend you visit the section of the site where we talk about online loans. Scroll through the list of articles and find the one that is most relevant to your needs. If you prefer, below we suggest a specific article that you find in that category, so that we simplify your search.
What to do if you need a quick loan
If you are in such a hurry to get your loan, there is a really interesting article! This talks about how to get a loan in a very short time even if you don’t have an employment contract.
Go to the resource: how to have approved a loan in 24 hours even without a paycheck
If you want to deepen the subject of instant loans, you can visit the section ” fast loans “. Scroll to the bottom of the article and choose the guide that most interests you. Keep in mind that some of them can be very interesting for you, for example there is the article ” quick loan loans “. In fact, as you will see shortly, the changed loans are one of the other possibilities for those who are unemployed.
What to do if you have goods to use as collateral
As we mentioned before, the unemployed can obtain liquidity through the ” changed loans “. In this case, the general concept is that if you have collectible assets, the bank can offer you the loan as long as you sign bills. These will be as many as the installments agreed in the loan agreement and will be returned to you, one by one, every time you pay an installment.
To learn more: section dedicated to the guides on the loans changed
To simplify the search, if you are interested in this type of loan, we suggest some articles that can be really useful to you. The first is the one dealing with the issue of loans exchanged between individuals. These, for the unemployed, are very often a real possibility to obtain a loan.
In addition to loans with bills of exchange, you can access credit even if you have valuable assets. These are ” pledged loans “. If you have valuables such as gold, diamonds and watches, some banks – after a proper estimate made by their experts – accept them as collateral.
The solution of online private loans
Another interesting article is the one where we suggest some solutions for loans between individuals, some of them are managed entirely online. In recent times they are taking more and more ground and are a truly innovative solution. Definitely worth evaluating!
Solution for housewives
If you are a woman or man who works at home for the family, another resource that may interest you is the one where we explain how to get a loan when you are a housewife. Again, some tips or tricks can make a difference.
Financial companies that provide loans to the unemployed
We have come to the heart of the article, that is, having learned all of the above (guarantees, guarantor, sustainable installment and types of possible loans), it is time to see closely which banks and financial companies provide loans to the unemployed with a demonstrable income.
Let’s start with Astro Finance’s no paycheck loans, in this case, if you are a freelancer you can easily get your loan. If, on the other hand, you have a different income, we recommend that you contact Astro Finance directly and see if there is a solution for you. Here is the link to the contact page.
Another financial company that provides online loans also for unemployed people is Bankate. You have surely heard of it! They enjoy, like Astro Finance, an excellent reputation! In this case there are excellent opportunities to communicate with the financial company. In fact, on the Agos website, in the information pages, under “Personal loans” we found this short article that we report below.
On the guarantee front, personal loans are usually granted without collateral outside the certification of a fixed income, although, sometimes, the presence of a co-obligation may be requested which, by signing the loan contract, loans to the Company. financial guarantee guarantee for the punctual and complete fulfillment of the obligations deriving from the contract itself, being the guarantor of the payment of the monthly installments of the loan granted and anything else due in accordance with the clauses governing the contract.
As you can see, apply for and get the loan even if you don’t have an occupation. What matters is having demonstrable and constant revenue.
Always on the same line as Astro Finance and Agos, there is Caloper. It is a company specialized in consumer credit but which has also been providing personal loans for many years. The concept is always the same, that of having an income. Just on Caloper we have an article where we provide you with all the information and advice to approach this financial in the most correct way, we advise you to take a look! Here you are following the link.
Non-repayable loans for unemployed
Here we enter into a slightly different discussion, but always relevant to the theme. I’m talking to you about unsecured loans for unemployed people. Basically they are funds made available by the European Union which are paid through national calls which are managed by INVITALIA through the various member banks located in our territory. We specify that these initiatives have a beginning and a deadline and therefore it is necessary from time to time to go to the site and check if there are active calls.
When available, these funds are disbursed with the aim of promoting self-employment and therefore are available for all those who intend to open their own businesses.
Many of the funds are intended for the development of southern Italy, and young people aged 18 to 35 are the ideal candidates to access this type of loan.
Tip: if you are unemployed and you have decided to pursue an entrepreneurial career and to do so you need a non-repayable loan, ask a good accountant for information. Above all, he is looking for a commercial firm that specializes in managing the application procedures for these loans. There are many documents to fill out and submit. To do it alone is impossible if you are not familiar with the subject.
Non-repayable honor loans are also an opportunity for unemployed young people. They are easily granted to start small start-ups. So they allow you to start building a future as an entrepreneur.
Even aspiring freelancers currently unemployed can aspire to get a non-repayable loan. It is therefore possible to submit a question if you intend to open a studio or more generally open a VAT number to start the business.
For further information: non-repayable loan for freelancers
Finally, another useful resource to be able to intercept some loan opportunities, we also recommend the Contribieuropa.com website. This online resource is very interesting: who knows, it won’t take you in the right direction. You can consult it in its free or paid version with advanced functions.
Loans for unemployed young people
Much useful information is the same as the paragraphs you find above, therefore, we can only add that young people can have more opportunities to have a loan that helps them get out of the unemployed limbo.
Loans for unemployed: revolving cards
Revolving cards have been designed for all those who face small household expenses and need immediate liquidity. The card has a credit limit that usually does not exceed $ 1,500 and the money spent will then be reimbursed to the lending institution in small monthly installments.
The downside of these cards is the interest rate which often reaches 18%, therefore at the limits of usury. There are different types of revolving cards, the most convenient are those dedicated to young people, as the liquidity granted has advantageous interests.
For further information: revolving card without demonstrable income
With this article, we have tried to offer you as much information as possible about the prema of loans to the unemployed. We have therefore understood that, even if with difficulty, this type of loan is possible as long as you have a demonstrable income and possibly a good guarantor who signs a guarantee.
We also understood that we need to organize ourselves well before proceeding with a request. You need to have clear ideas about the size of the loan that we want to request to be sure we can support the monthly installments for the duration of the loan.
Another important thing that we have covered is how to calculate the monthly installment. Going back to the paragraph above, doing so means being able to make a request that we know is sustainable in the long run. This is fundamental for the success of the practice.
We then went on to analyze all the possible solutions that can be implemented in the various contexts. This gave us the opportunity to point out so many in-depth articles that we hope will be really useful to achieve your goal.
In order not to miss anything, we have pointed out some banks and financial companies that provide these loans. Of course you know that we are right on a borderline situation. You have certainly understood that solid guarantees are needed to have a loan. So if you decide to contact the financial ones, try to prepare yourself better before applying for the loan.
We have also seen that, thanks to new technologies, we can obtain these loans directly online. Keep in mind, however, that being a borderline situation, sometimes the preferential channel is the one where there is an interlocutor. So be wise, contact the bank by phone first and only after receiving the right information, proceed with sending the request.
Loans were also discussed, whether they were disbursed by banks or private individuals. Here we want to suggest you the utmost caution : avoid doing this with unknown people. Financials, relatives, friends and acquaintances are fine but, absolutely, avoid ending up in bad waters by turning to people who are not highly recommended.
Then there are the Revolving cards, also in this case we recommend caution. They have really significant costs and are currently the most expensive way to borrow money. Perhaps the only advantage is that it is a revolving credit. Whenever you pay an installment, the amount reimbursed excluding costs and interest becomes available again. It must be said that managing one’s finances in this way especially when one is unemployed is not wise.
Finally, we have touched as far as possible – it is very difficult to find updated information – the topic of non-repayable loans and honor loans. As you surely remember, the main road we have shown you is to contact a consultant who specifically deals with managing these practices. He will know if there are currently calls and which ones are right for you.