Unemployment in Poland in June 2018 amounted to 5.9 percent. – GUS reports. In the same month, there were 967.9 thousand registered as unemployed in labor offices. people. And, although it’s the best unemployment rate in 28 years (since 1990), there are still a lot of people with no income source. It is worth asking yourself whether the unemployed person will get a loan?
The law obliges every lender to verify creditworthiness. This means that when you apply for a loan, you usually need to provide an income certificate. For those who are unemployed, things get complicated. Such clients will not provide the relevant certificate. That is why many of them think that the installment loan for the unemployed is out of their reach. Is there any alternative then?
What loan options are available for the unemployed?
A person with no stable income can take advantage of several options to obtain the desired product: installment loan for the unemployed. Let us remember, however, that granting a financial product always depends on the individual situation of a given client.
- Installment loan for the unemployed with a guarantor (a Jew)
A guarantor is a person who undertakes to pay back a borrower’s obligation when he stops paying. A person who is at least 18 years old, has the ability and a good credit history can vouch. Such a person should also have regular receipts to his bank account.
- Installment loan for the unemployed with an institutional guarantor (provided by the lender)
If the borrower has a problem finding a guarantor, the lender can suggest that the borrower find a company that will guarantee it. In the event of repayment problems, the institution acting as the guarantor will offset the original lender’s debt. The borrower will ultimately owe money to his guarantor.
- Installment loan for the unemployed against property
An unemployed person who applies for a loan can also pledge his property – for example a car. It then becomes a guarantee for the borrower that if the loan installments are not repaid, the borrower will receive the borrower’s car as compensation. To be able to take advantage of this type of loan, the car must meet the technical requirements indicated by the lender.
Installment loan for the unemployed – is it safe?
A borrower who does not have a stable source of income should think carefully about whether a loan through a financial institution is the right solution for him. The wrong decision can have consequences such as the loss of valuable property.
It is worth for an unemployed person who needs money to take up a job or turn to his family first. Let loans with a resident, secured with property or institutional guarantor be a last resort – an alternative when there are no other options.