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Loans for the unemployed

Written by admin on April 30, 2020

 

Loans (loans) for the unemployed are products that you usually do not find in the banking sector. An unemployed client is a risky client for a bank or a large financial institution and, because he does not have a job, he has a very low income. It is therefore not guaranteed whether he will be able to repay his loan on time and without problems. Loans of this type are therefore almost exclusively a matter for non-bank financial institutions. This is a loan without a purpose , so the client is not obliged to prove what the loan will be used for. At the same time, the company does not request a clean record from the bank register or proof of receipt.

The applicant for this type of loan must be older than 18 years and usually younger than 65 years. The entire processing of the loan is therefore conditioned only by proving the applicant’s identity card and one other identity card (passport, driver’s license, etc.). At the same time, some companies control personal data, such as the place of residence and its possible change.

Interest rate on loans for the unemployed

Interest rate on loans for the unemployed

The maximum amount borrowed is around 1500 dollars, without the need to secure a loan. For higher amounts, liability for real estate or other property (car, household equipment, etc.) is required. As a rule, this type of product is, due to the riskiness of clients, compensated by a high interest rate. However, it is difficult to find out the exact amount before signing the contract, because most companies determine the amount of interest based on the individual needs of the client. In any case, be prepared for significantly higher interest than for loans with proof of income.

As well as the interest rate, the maturity of the loan is determined individually. Its minimum period is on average around one month, the maximum possible period is around 6 years. The amount of the monthly (weekly) installment is also determined individually. As a rule, the higher the amount borrowed and the longer the maturity, the higher the interest rate.

Study the terms of loans for the unemployed

Study the terms of loans for the unemployed

Almost all companies require unconditionally accurate fulfillment of the repayment schedule. If the client does not pay the installment on time, he will face relentless sanctions and other inconveniences that are associated with it. Thus, although the interest on this loan is fixed, it can still climb to several times its value due to the outstanding repayment. In any case, you can prevent this if you study the contract thoroughly before signing it. Focus primarily on the method of interest rate, ie whether it is defined in the contract as weekly, monthly or annual. Also check the repayment period, its schedule and also the amount of repayments.

Familiarize yourself with the amount of fees related to the processing of the contract, e.g. estimation of property (in case of guarantee), fee for loan processing, etc. Last but not least, get acquainted in detail with the sanctions for late payment and also with the fees associated with a possible early one-time repayment of the loan.

Advantages and disadvantages of loans for the unemployed

Advantages and disadvantages of loans for the unemployed

Unemployed loans have many more disadvantages than advantages. If a potential applicant finds himself in such a difficult situation that he cannot solve it with another loan, he should think carefully about how much he needs and how quickly he is able to repay it, and he certainly does not increase or prolong these factors unreasonably. The fact remains that if the client does not have a regular monthly income , logically he has nothing to repay the loan.

Even before signing the contract, there is a risk that it will be a problem for the client to repay the loan. In extreme cases, this can lead to foreclosure and thus far greater problems than they stood at the beginning of the application for a loan for the unemployed.

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