Personal loans for unemployed people are a chimera, as everyone talks about them, they support their existence, but hardly anyone has seen them. Do they really exist, then? In reality, this form of personal loan actually exists, and includes all types of personal loans that allow the granting of variable capital repayable with a medium / short-term amortization plan. There are, in fact, some credit institutions that offer the loan solution for the unemployed precisely to meet the increasingly stringent needs of numerous people who today, due to the severe economic crisis, lose or do not find work.
What characterizes the loan for unemployed people are the conditions of the loan itself, as, like all other forms of credit, it needs to have a guarantee in the repayment of the disbursed capital. In this case, the lending institution cannot certainly make use of a pay slip – the person to whom it grants the personal loan does not have a job, is unemployed – so request other forms of guarantee, which can be among the most varied. In any case, this information is sufficient to give a little hope about the existence of this form of financing: let’s see together the details, the characteristics, the conditions for requesting, granting and returning the sum lent.
The loan for unemployed: WHAT ARE THEY?
Personal loans for unemployed people are special forms of credit that allow them to obtain variable capital, usually no more than 15,000 USD, based on their own needs and to repay them with a short-term amortization plan, generally not exceeding 5 years. This particular form of loan cannot rely on the guarantee of repayment of a pay slip or a fixed monthly source of income, for which the lending institution must request additional guarantees that may, even for a short time, guarantee a regular recovery of the sum of money lent, as for example the figure of the guarantor, which guarantees for the subject the restitution of the disbursed capital.
First, the credit institution that grants the type of personal loan for unemployed offers variable capital with a higher interest rate than other forms of credit, as the risk of insolvency is not to recover the money, even if for most of the minimum amounts, it is much higher than a person who has a fixed and continuous pay slip. Furthermore, it is good to know that some credit institutions more easily grant a loan to unemployed persons, who have no source of income, but possess a property of equal or greater value than the sum loaned to be subjected to a mortgage, so that in case of insolvency, the lending institution can recover the money disbursed.
The loan for unemployed: GUARANTEE TABLE
From the premises it is easy to understand how to obtain a personal loan for unemployed people it is necessary to have two main requirements and not to have high demands in the amount of money to be requested, considering that the duration of the amortization plan is much shorter than that granted to a subject that fixed monthly remuneration, as it presents a greater guarantee in the regular repayment of capital. To summarize and better understand what are the requirements to access the loan for unemployed, also observe the following table:
|CAPABLE OF CAPITAL
||UP TO 15,000 USD APPROX
||UP TO 5 YEARS
||PROPERTY FOR MORTGAGE
The loan for unemployed: WHO TO REFER
To directly request the loan from the bank and evaluate all the conditions for the issue and return of the capital, a table is presented below which lists all the major credit institutions that grant the type of personal loan for unemployed, show each time the advantages and characteristics distinguish them, such as the amount of the monthly installment, the amortization plan, the interest rate and the guarantees required.
The example presented in the table below examines the request for a personal loan for unemployed of 15,000 USD, the maximum sum that we have indicated in the funding premises, with a 4-year amortization plan, or 48 monthly installments: the guarantees offered are minimal, as there is no pay slip or a demonstrable income, so the interest rate is also high and the sum to be repaid is increased (DATA DRAWN UP IN JANUARY 2014)
The loan for the unemployed: BEWARE OF THE BUFFALO!
As mentioned in the introduction, there are not many banking institutions that grant the type of personal loan for unemployed people, but all have special characteristics or conditions that make them not easily accessible to all. The four credit institutions that we have listed in the previous table are the only ones that really allow access to credit to unemployed subjects, or those who do not currently have an income, allowing to obtain even a small amount of capital to be repaid with an amortization plan short term.
The disadvantage is the interest rate, which as we have seen, in choosing a revolving card, can reach up to 20% but you still have the possibility of accessing the amount of money you need, especially if you are there indebted. And it is precisely on this situation of need that the credit institutions count, but also the confused and evasive information of sites that sponsor lines of credit for unemployed people, which are instead granted to those who have at least a demonstrable income or a work contract atypical or fixed-term.
Loan for unemployed: BUFALE CASES!
This is the case with Bankate’s SuperFlash loan proposal, which is promoted as a form of loan for unemployed young people and foreigners. Nothing could be further from the point of view if we go to check the conditions for granting the credit, we will find that from the title it is indicated that the loan is dedicated to young workers up to 35 years. In fact, the Istituto di Bankate does not offer any type of loan to private individuals who do not have guarantees or a demonstrable income, at least unless it is a loan of honor or loans dedicated to the entrepreneurial sector, but they are part of of a different type of credit.
This is important to understand that no credit institution lends money unless it has a return guarantee and an unemployed person does not have this guarantee. Beware therefore of generous proposals and rely exclusively on banking institutions which, as unemployed, grant you a loan, requesting other guarantees for repayment of the capital: this is the serious credit institution, which although has a high interest rate, does not touch the rate of wear and does not hide surprises during the regular return of capital.
TO REFLECT: the informative video
Just to reflect on the conditions of the loan and on the more or less easy granting of access to credit today, we propose below a piece of the film “The scam of the loan” in which we highlight some details of the credit always current: ” l ‘gold is converted only with the exchange currency “.