When it comes to availing personal loan, the steady income source is an important decisive factor to look at. Why not, based on an income, personal loan application will be either get approved or get rejected. However, how can your avail 무직자대출 a loan if somebody is unemployed? Does it mean unemployed personal can’t avail loan?
Find alternative income source
This will include benefits such as unemployment, disability, retirement, alimony and child support. You can draw from the assets like savings account, investments or trust fund. And you are also allowed to put down the partner’s income, which you have an access too, among various other income sources.
Get cosigner
Suppose you get the cosigner for loan, then that person assumes the responsibility for repayment in case you fail paying for it. During this approval process, lender bases the decision on cosigner’s credit & income.
Give collateral
There’re many secured loans that need you put up something highly valuable as a collateral to receive this loan. Suppose you default, lender will take the possession of collateral and recoup the loss. As lender has got the alternative way of getting paid, they will not care much about the income.
Benefits to a loan without job
- Getting loan may mean fast access to the funds – this can be very useful in emergency or if you do not have any time to save
- Loan will provide fixed rate of interest and fixed term, thus this must help in budgeting. Unlike the bank overdraft and credit card, loan will not offer open line of the credit hence there is not any temptation of borrowing
- Loan can be used for consolidating various other expensive debts
- Meeting the loan repayments on right time can boost the credit rating – it means lower cost borrowing
Points to Know:
Acquiring the unemployed loan without job and stable incomes is the high-risk transaction especially for a lender. Thus, the lender will do 2 things:
High Rates of Interest – Sanctioning loan to somebody without fixed income and no income is the high-risk transaction. Thus, to leverage risk factor lenders quote much higher rates of interest than normal.
Credit History –Personal loan can be acquired however that does not mean it is neglected. The past financial history –credit card history, loans, settlement and repayment everything will be checked by borrower.
