Today, there are at least 300,000 officially registered unemployed in Lithuania. This number would be even greater if we included unregistered or foreign citizens of our country in the calculation.
Not only do jobs not appear over time, but they steadily decline as technology advances. Loans without official income can be a real boon in such circumstances. Unemployment benefits are very low in our country, so living without a permanent job is actually difficult.
What if it is impossible to make a living from the income?
The only way out is to apply for an income-free loan. When applying for loans, you always look at the official income. State benefits are often excluded from this category. Therefore, even if you have some income, it may not be treated as officially. Therefore, it should come as no surprise that many unemployed people are actively seeking such loans even though in theory they are getting some income. Generally speaking, a loan without any official income is most in-demand along with a loan with a bad credit history.
Finding a loan without income is essentially the same as finding a loan for the unemployed: in both cases, you want to borrow without a steady source of income. It may be difficult for the unemployed to get a loan because of the new regulation. Under it, instant credit can only be available online with a steady income, which is often equivalent to a regular job. Without the latter, the loan may not be issued. Sometimes creditors take a more lenient approach and take into account state benefits. Therefore, regardless of income status, loans for the unemployed are still available. Just getting them may require a bit more perseverance and not give up after the first negative answer.
It is particularly important to consider how borrowing is done. Online loans are much more likely to be granted than, say, consumer loans. Also, be aware that credit can only be obtained without leaving any collateral. This may seem paradoxical, as leaving collateral should guarantee credit security and no risk. However, creditors will ignore you if you have no official income. In such cases, even having a security deposit will not help. In this situation, you will only be granted unsecured loans.
Loans for unemployed people even without an income?
Unemployment is a relative concept. This is the kind of person who has no permanent job. But in theory, the unemployed can have their own sources of income. Individual activity income, earnings from unregistered sources or individual work – all of which can generate significant income. Nevertheless, according to official sources, such a person may not have registered income. Therefore, when looking for a loan for the unemployed, it can be treated as a non-income person. In such cases, instant credit may be the last straw for such a person to resort to. All other loans have much stricter issuing standards.
This is an important reason why non-performing loans are most sought after by fast credit providers. Previously, there was no need to look for such loans: All lenders tended to accept a quick loan application. As a result, instant loans to the unemployed could be granted without debate. Everything started to change later as the number of indebted began to grow. The individual’s income and cash flow were then taken into consideration. There was simply no desire to increase indebtedness, as this would eventually lead to insolvency. The proliferation of such people would be of no use to anyone. As a result, creditors began to look closely at the details of their potential clients’ personal finances.
The unemployed suffered the most as loans to the unemployed were not as easy as before. But the unemployed were not the only ones to suffer: non-income loans, in general, became much more difficult to access. This should come as no surprise as it was a rational choice for creditors to keep their business going.
But that certainly does not mean that quick credit is not provided to the unemployed under any circumstances. On the contrary, there are many circumstances in which no-credit is granted without asking many questions. First of all, it is worth mentioning that some companies can obtain credit for the unemployed. It simply does not pay much attention to the status of the workplace and is willing to lend to the unemployed. In such companies, loans are granted regardless of credit history or the existence or non-existence of stable income.
There is another mitigating condition that will definitely increase your access to credit without any problems. These are frequent loan promotions that make it easier to borrow for those who can’t usually do so.
Income loans along with various promotions
The best way to get a loan without income is to look for different stocks. There is a very simple reason for this: getting such loans is the easiest. The main reason for denying a loan to a consumer is the excessive likelihood that it will not be repaid (on time). In such cases, it is traditionally offered to borrow at a higher interest rate. But instant credit providers do not have that choice because their interest rates are practically the highest they can be under the law. As a result, in such cases, the creditors have no choice but to refuse a loan.
Those who are looking for loans from people who can get both easier and cheaper have many more privileges. True, when it comes to getting a loan from people, you should accept the idea that you can’t do it with a promotion. People are simply not inclined to offer any concessions when they make loans because their loans are so much cheaper. But if you have seen such a loan with a stock – grab it without hesitation as you will definitely not find it cheaper.
Instant credits are “special” because an application for them can be rejected, otherwise, it would only offer higher interest rates. This is a flawed specialty. However, an important feature of such loans is the competition between creditors. We are used to seeing consumer credit being provided by some of the largest banks. In such a competitive environment, many things are not happening and services are developing very slowly. The same goes for a credit union.
But it is a bit different with instant credit because there may be dozens of different companies here at a time. All of them compete with each other to attract consumers to their side. In such an environment, services are forced to continually improve and be as attractive to customers as possible. As a result, consumers are offered their first free loan, which allows them to borrow interest-free. Such loans will always have a better chance of being repaid and are therefore easier to grant. Therefore, it is best to borrow equity-related loans, because in that case, you will have the best chance of getting a non-income loan. This should help to resolve financial problems more quickly.