The recent economic crisis has made it even more difficult to access the credit to people without payroll. If you are unemployed, insecure, housewife or a student, in fact, you will be asked in most cases to offer a guarantee, such as a guarantor or any secondary income such as possession of a property. But how to get a Payday loan for unemployed? And how to do if no guarantees can be given? Let’s find out together!
What are loans for unemployed people
Loans for unemployed people are financial products designed specifically for those who do not have demonstrable work income and who need liquidity. Generally, credit institutions or financial institutions offer a maximum sum of 15 thousand euros and the amortization period does not exceed 5 years. Furthermore, Payday loan applicants must, in most cases, have certain guarantees in order to ensure that they can repay the Payday loan.
The guarantees accepted by banks and finance are generally owned real estate, demonstrable secondary revenue or the presence of guarantors.
Payday loans for unemployed with guarantor
If there is a guarantor there is a greater chance of being able to access the Payday loan. Typically this is a parent, relative or otherwise trustworthy person who shows a solid financial condition. In this case the guarantor becomes responsible for the financing and in case of insolvency he will have to pay.
Payday loans for unemployed persons with assets as collateral
The presence of owned real estate is considered a solid guarantee by the financial and credit institutions. In this case we talk about mortgage Payday loans and the amount of credit depends on the value of the property. In addition to real estate it is also possible to apply for Payday loans on pledge. That is, small Payday loans whose maximum amount varies according to the asset held.
Payday loans for unemployed people without guarantees
As already mentioned, when a Payday loan is requested, any bank or financial institution will ask for a guarantee in order to be able to provide the Payday loan without the risk of insolvency. Fortunately, however, over the last few years the situation has improved somewhat and with regard to small amounts of money it is possible to have a Payday loan without necessarily having a demonstrable income. In this regard, various types of Payday loans are available for unemployed, such as private Payday loans, also called Social Lending.
Payday loan between private individuals
The Payday loan between individuals consists in proposing to the intermediary company a project that will be evaluated with a score. On the basis of the latter an interest rate will be determined and once the project has been approved, whoever will, among private lenders, decide to lend the money.
Getting a Payday loan for unemployed, therefore, is possible. Obviously, before granting a Payday loan, the banks and financial companies assess the financial position and the risk of insolvency of the applicant well. If possible, therefore, it is better to have a guarantor, otherwise it is advisable to request small sums to the institutions willing to give credit even in the absence of particular guarantees. The important thing is to respect your commitment and show your willingness to pay. In fact, even the banks have had to bend to the economic crisis and as a result are more willing to grant Payday loans to the unemployed than in the past.