Getting an instant loan even without a bank job is a difficult task in many cases. The banks only grant their loans if you are convinced of the applicant’s creditworthiness. In addition to information from Credit Bureau, the criteria for sufficient creditworthiness are proof of an unlimited employment relationship. If an instant loan is applied for even without work, the applicant must convince the bank with other guarantees that he will be able to repay the loan.
No job doesn’t necessarily mean no income
If the applicant can prove a certain amount of income, for example through rental income, banks are quite willing to grant an instant loan even without work. A bank is not necessarily about a fixed employment contract, but about a fixed and regular income. This can also exist without work.
Social benefits such as Cream Bank, sickness benefit or parental benefit are non-attachable income and are therefore of no interest to the banks. Anyone who can only show these benefits should endeavor to have a guarantor for the loan.
Credit Despite Social Benefits?
If you only have social benefits, you should carefully consider whether a loan is really necessary. Banks have your policy not only for their own protection, but also to protect borrowers. The loan must be repaid through the monthly installments. This monthly charge can be very difficult for recipients of social benefits.
The loans should definitely have a long term, so that the monthly installments are as low as possible. If there is no other way, there is the possibility to get an instant loan even without work if the applicant can show a surety.
He agrees to guarantee the loan. This means that he steps in and pays the installments as soon as the actual borrower does not pay his installments. To be accepted by the bank, the guarantor must be creditworthy. So he must have a regular income, must not have negative entries with Credit Bureau and should not have any large loans to run so that he can still pay the installments in an emergency.
Beware of false promises
Often, an instant loan is advertised on the Internet even without work, which should work without further security. Loan seekers should be careful here. If fees are charged, just so that the application for an instant loan can be checked even without work, this is a sign of dubiousness. You should stay away from these offers, because in most cases the fee is collected but the loan is not granted.