In the past, it was customary for creditors to provide loans to the unemployed. But today the situation is much different. The loan to the unemployed is no longer granted. Unless, of course, he implements certain statutory conditions for express credit lending. Then, even without formally meeting all the conditions, loans to the unemployed can be granted just like others.
It was already clear in 2014 that fast credit will no longer be provided to the unemployed. Then the number of indebted people started to grow. At the same time, the number of late contributors has increased. The unemployed have become the most obvious target to fill these gaps. After all, they usually have no income at all, and loans without official income are issued less and less frequently.
Loans to the unemployed have become more limited to some lenders
In most cases, people need to turn to private individuals to borrow without a job. Now, long after the crisis, it is already easier to borrow without a job. This does not mean that they are issued as easily as regular instant credits.
Nevertheless, the chances of getting such credit today are higher than before. However, the terms of such loans should still be discussed.
This is particularly important because the status of unemployed is not unambiguous at all: formally unemployed people can still obtain stable and official income in other ways. In that case, the loan is no longer available.
Conditions for granting a loan to the unemployed
Before discussing these terms, we should look at the process of granting fast credit in general. You can get a loan online by registering at any of the credit companies’ websites throughout Lithuania. You will then be asked to enter your personal information. After following these steps, you will need to verify your identity, which you can do with the smallest possible transfer to the creditor’s bank account. This is to make sure that the loan to the unemployed person is not in violation of the law even before it is ascertained that it is solvent. After all this, you will be given all the loans online for the unemployed before your very eyes. However, not all of them will be accessible to you equally easily, even if you meet all the terms and / or conditions (see below).
And here you see the below mentioned current conditions under which credits are granted to unemployed people. Just to mention that these conditions have certain clauses that allow you to get a loan for the unemployed even if you do not meet these conditions. However, they are individual and only valid for instant loans. In the meantime, consumer credit to the unemployed is not available under virtually any circumstances.
- Even if you are not in employment, a person can get instant credit if they have another source of income. Let’s say you’re officially unemployed. However, if you get a stable passive income – instant credit may be available. But this income must be stable and high enough. It will not be enough for the creditor to show that you have received several hundred euros in income in the last two months. Such revenue must be generated over a longer period. They must also be stable. It is not enough to generate passive income over a long period of time, because it must be even.
- But getting a stable non-employment income may not be enough. Credits to the unemployed must not have any other debts. Even loans to debtors may be denied if the unemployed person has too many liabilities. Having too much debt, even with high income, may not help you get a loan for the unemployed.
- Be clean and orderly credit history. Never forget that you are (non) paid credit is always recorded. They are not only visible to the creditor you owe/have owed. All creditors have access to this data. Therefore, if you are ever “stuck” in repaying a loan or making a credit payment, it may come back in the future. This makes it particularly difficult to provide a loan to the unemployed.
Once these conditions are met, you can safely apply for a loan for the unemployed and expect the best. This does not necessarily mean borrowing, but it is worth trying. The worst thing that can happen is just that your application will be rejected. But this can only be the decision of one creditor. With a stable income and good credit history, credit for the unemployed is certainly possible.
To this, we can add that even with unsatisfactory rates you can borrow. How? Loans for the unemployed are granted to people who are not official lenders. For this reason, they are not required to comply with the laws governing such donors. This way, they provide quick loans to the unemployed easier and faster.
How do I get loans for the unemployed?
There is no doubt that by far not everyone will meet the above conditions. After all, most unemployed people without work-related income do not receive any other income. Unemployed people who receive other income are usually not even formally treated as unemployed. That is, they do not belong to the Labor Exchange.
In these circumstances, loans for unemployed people are much more accessible than in other cases. You can then turn to a whole range of lenders to get online loan deals at the best terms. True, even if such a person receives great offers, they may not be as good as other clients simply because, formally, you have no work-related income. In such cases, loans to the unemployed can only be granted on terms that are at least slightly worse. Unless there are free loans. In such cases, instant credit is provided to the unemployed at no less favorable conditions than others.
What if Quick Credit for Unemployed is Unavailable? What to do if you can’t borrow from creditors? There are two ways out.
- Try to borrow privately. This is an increasingly common method of borrowing. Especially when fast credit is not available. There are two ways for private borrowing. One is borrowing from relatives or acquaintances. This way, not only can you borrow without a job, but with low-interest rates (or no interest at all!). After all, your loved ones won’t take your last shirt off! Another way: borrowing from private financial capital. These are people who lend out of their own pocket privately. Just be aware that such borrowing may not always end well. Borrowing from the wrong person and not paying your loan on time can be a nuisance. Therefore you should know where you borrow from.
- Generally not in debt. Such a solution is most painful in the short term. But in the long run, this may be the best decision you will ever make. Of course, sometimes a loan to an unemployed person is simply necessary. Postponing it is simply impossible. However, in some other cases, you can simply brush your teeth and cut your costs as much as possible.
Those who want to refinance their debts are much easier. In such cases, some of the terms (for example, the amount of indebtedness) fall because it is a service specifically for the indebted. As a result, online loans for the unemployed are much more readily available than in other cases. So, even if you have a lot of debt, you may not only be able to get financing but also end up paying less. In such a situation, credit for the unemployed can not only hurt but even help with their finances.
Whichever solution you choose, the truth is that loans for the unemployed today are not as readily available. Just filling out a loan application and hoping for the best is not enough. Today, it is necessary to meet certain statutory requirements. Failing that, a quick loan may simply be unavailable. In this case, other alternatives should be sought. Two of them we discussed above.