People without a fixed and stable job hardly manage to obtain a loan from banks and financial institutions, since the latter are not willing to take the risk of not being paid back the money they lent.
However, some companies provide loans for unemployed, requesting alternative guarantees to the paycheck.
Loans for unemployed: how to get money?
Banks, especially in this phase of economic and financial precariousness, hardly grant sums of money to customers who are unable to offer guarantees, such as a paycheck for example.
However, there are different guarantees that are still accepted by some banks, such as:
- the presence of a guarantor, i.e. a person who takes responsibility for repaying the money requested in the event that the debtor is unable to do so;
- mortgaging one’s home, with the risk that, if the money were not repaid, the bank could sell the debtor’s house;
- guarantees derived from annuities, such as renting a property or maintenance check.
Which banks are providing loans for unemployed people?
The companies that provide financing also to the unemployed are different, however it is always preferable to evaluate the characteristics and options available on the market, in order to be able to identify the most valid offer.
In addition to the monthly payment, the TAG and the APR will also be indicated. Thanks to these data it will be possible to evaluate the best proposals.
The alternative to banks: promoted loans and social lending
To obtain loans for the unemployed, it is not necessary to turn to a bank, in fact there are alternative solutions, namely the loans and the social lending, or the loan between individuals.
The loan changed
It is a type of financing that can be requested from both a bank and a private individual. A certain sum is granted behind the release of a number of bills equal to the number of installments with which the repayment of the loaned capital is divided, which include an interest share and a capital share.
Interest can be freely negotiated, but on condition that it remains below the usury rate threshold. The debtor must pay the promissory note, within the due dates, and after which it requests an excerpt, and proceeds to the due date or until the principal is fully repaid.
In light of the formula used, if the loan were to be repaid in advance, the lender can demand payment of the sum of the bills that have not yet expired, or grant the facility to discount part of the interest that has not yet accrued.
Social lending or private loan
Loans between individuals work in this way: those who want to get a loan propose a project in an online marketplace. Only after the brokerage firm has established a rating on the basis of which the interest rate is set, are the private lenders deciding whether to support that project and for what percentage.
This is a formula that gives jobless people the chance to get capital. To access the loan between individuals, simply contact the online sites that operate with regular authorization from the Best Bank.