Will the unemployed get a loan?


The phrase “loan for the unemployed” is one of the most popular search terms typed in Internet search engines – this demonstrates the high demand for this type of product. It turns out that there are financial institutions on the market that respond to them and grant loans to the unemployed. However, before we decide on such a move, it is worth conducting a personal assessment of creditworthiness and carefully checking the credibility of the company whose offer we liked the most.

Loan for the unemployed

Loan for the unemployed

The unemployed who are looking for opportunities to raise additional money often visit banks first. However, despite the individual approach they offer to each client, without obtaining documents confirming a stable source of income, such financial institutions are not able to offer any product to the unemployed (even if they had a stable situation and suddenly lost their jobs). This is a reasonable approach, which aims to protect not only the bank, but also the client, who – if it turns out to be insolvent – can easily fall into a spiral of debt.

Loan for the unemployed – Is it for everyone?

Loan for the unemployed - Is it for everyone?

Loan companies represent a somewhat milder approach, which – in many cases – do not require a statement of income (and if they require it, they are not as demanding as banks in this respect). However, this does not mean that they do not verify the credibility of potential customers in any way. Most often they check the available registers of debtors and the database of the Credit Information Bureau. In connection with the above, an unemployed person with a bad credit history may not get a positive opinion from a non-bank institution.

A secured loan – a chance for the unemployed

A secured loan - a chance for the unemployed

Another solution for an unemployed person who needs an injection of cash may be a loan against collateral – e.g. a house or a car. It is a reliable security for a loan company and at the same time a chance to raise money on slightly better terms.

This is confirmed by the example of loans secured by Supra Cass Company. The President of the Board of Supra Cass Company Sp. z o. o. – “our products are individually tailored to the client’s needs and capabilities. The rule is a monthly repayment of at least 1% of the borrowed amount, i.e. by borrowing e.g. PLN 100,000, the monthly installment will be PLN 1,000 (the last installment is the so-called balloon installment). All other conditions are negotiable. “

Importantly, these types of products are also available to people who have a specific business idea and intend to start their own business .

Loan for the unemployed – only with your head!

Loan for the unemployed - only with your head!

Although it is possible to get a loan for the unemployed on the market, it is good to use common sense and think carefully before deciding to take such a step. First of all, you should carefully analyze your financial situation in the long run, answering the question “will I be able to pay back the borrowed money within the set deadline?”

In addition, the detailed verification of the loan company with which we intend to sign the contract is a good impulse. A red lamp in the head should appear in the case of offers that do not require any security – behind this type of ads may hide unreliable companies or ordinary fraudsters who use just rush and ill-considered decisions, among others unemployed persons.