One of the basic and fundamental requirements for obtaining a loan is the presentation of a regular income document, which demonstrates the possibility of taking on the burden of the monthly repayment installment. However, those who have no income may still be able to obtain a Credit despite unemployment.

The Valid Document

If you do not have a valid income document to act as a guarantee, the request for the loan could be a little more complicated than expected. However, many financial institutions have accepted to work in a more flexible way to meet weaker categories such as the unemployed, the exiled, the fired, housewives and students, offering some options to get around the obstacle and be able to grant small loans also in these situations. It should be borne in mind that, probably, given that the financial institution’s risk margin rises exponentially in the case of loans for unemployed, interest rates will be less advantageous than those of standard loans.

Evaluate

Banks tend not to evaluate, a priori, practices that do not present regular income documentation, with a few exceptions in which important guarantees can be availed of. The financial institutions are the most suitable institution to apply for a loan for the unemployed, as they are more flexible as a way of working and operating. To obtain a loan for unemployed persons, the signature of a guarantor is required, who presents a regular pay slip, for an amount sufficient to guarantee the repayment of the monthly payment agreed upon in the contract. Alternatively, the applicant can use, if he has one, an alternative document of income, even occasional, or a rent or the collection of a rent for a property. Another guarantee, accepted like a financial income document, is considered to be the simple ownership of a property. For example, exhibiting the property contract of the house of residence does not require any other guarantee.

Here below you will find all our guides and resources regarding financing to those who do not have a permanent job with payroll or are currently unemployed:

Loans without payroll for those who have no job: find out how the loans work without a paycheck, and how it works if you can’t give a guarantee to the bank / finance you want to borrow money from.

Personal loans for housewives: Find out how to get a personal loan if you are a housewife (or a housewife).

Loans with promissory notes: loan payments in 2019

The best resource available on the web dedicated to loan changes. Learn all about the loan with bill of exchange.

Student loans: our guide dedicated to middle and university students on how to get a loan for study reasons

2019 online micro-loans: there are possibilities to obtain credit even without a fixed job, including loans to unemployed people provided by the Community. We have made an article on this subject dedicated to microloans on the internet.

Unfortunately in recent years, due to economic crisis and European constraints, banks and financial institutions have tightened their grip and therefore it is more difficult than before to obtain a loan without a pay slip if you are a student, a housewife, a precarious worker or a person who has found himself out of work after closing their company.