The chances of getting a loan when unemployed is not quite bright but then it is also not something that is impossible. Firstly, one should not get panic, as there are lenders who give out Smslån utan inkomst to people but they have eligibility criteriaon the basis of which they make a decision. So, even if you are not employed and are not currently working anywhere, you still stand a chance to get a loan.
Criteria that lenders consider
- Regular income-You need to show some regular income even if you are unemployed in order to make loan payments.
- The credit history- Lenders would check whether you have been paying regular payments in the past, and see if there are any negative items or not in your credit history.
- The credit score- It is important to have a good credit score to save you when you are unemployed and are in need of financial help.
Can one get a loan with an alternate income?
If you show the lenders that you have some kind of alternate income or any other form of income to make monthly loan payments then it is possible for you to get a loan. Lenders would want to review and check your financial history to verify the income source. The forms of income that lenders accept are:
- Pension funds
- The income from social security
- Disability income
- Housing income
- The government annuity
- Housing income
- Any kind of employment offers and contracts
- Inheritance property
- Partner’s income
- Income from trust
- Alimony from divorce
- Income from Public assistance
What is important to know before taking a loan?
First and the only thing that is important for you to know before taking a loan is that one needs to repay it. Lenders consider your ability to pay back the loan while reviewing your application. Whether you would be able to make the payments or not depends a lot on the amount that you are planning to borrow and the income type that you would show as you are unemployed. Every lender has different requirements, some of these requirements can be:
- Shorter loan length- The money can be paid back faster
- Hugh rate of interest- This means that you might have to end up paying a higher interest charge.
- Automatic payments-Such payments are deducted from the bank itself.
Getting a loan when unemployed people is not difficult, but it is imperative to know the criteria for applying for such loans. In case you do not fulfil the criteria then getting a loan can be difficult. For instance, if you have a bad credit score then you might not qualify for getting a loan. Make sure that you are eligible for a loan of this kind.