Could you benefit from a personal loan, and yet you’re sure you wouldn’t be approved for one because you don’t have a fixed income? Quite a normal thing to think. We are all used to assuming this, because it would be perfectly logical for lenders to reject applications from people who are unemployed and who don’t really have a fixed income to show for. Yet, do they always?
As it turns out, they don’t. As you can see on this page, some lenders are quite willing to give out loans to certain people even without income verification, meaning you could actually stand a chance. Lenders have recognized the need for people who are not employed to borrow money from time to time and they have decided to provide them with such an opportunity. There are limitations and requirements, though, which we will discuss below.
Before you continue, though, let’s make one thing clear. If you’re a minor who’s been dreaming of getting a loan for one thing or another, let me tell you right away that you won’t qualify. Sure, there are instances in which lenders to give out money to those people who aren’t employed, but there are no instances of minors borrowing money that way. Not having a fixed income is one thing, but not meeting the most basic requirements is a completely different thing.
Can You Get a Loan Without Income?
Do you meet the most basic requirements, though? Apart from the age and the proof of residence, there are a few more to consider. Income among them. And, even though we’re talking about the ability to take out a loan without fixed income, that is, a lån uten inntekt, there are still important requirements you’ll have to meet. You can’t expect the lenders to just take you up on your word and trust that you’ll repay the money you’ll borrow.
They still have to protect themselves. And, they are definitely doing so. Meaning, not every single person without a fixed income will qualify for a loan. If you’re wondering whether you qualify, let me tell you about some of the groups of people that can definitely easily borrow money even when not meeting the fixed income requirement. You’ll quickly see why that isn’t so complicated for them, and you’ll understand that the lenders, even though they offer such opportunities to a lot of unemployed people, still don’t really give out loans to those individuals with zero income.
Freelancer
Are you a freelancer? If yes, then your income is unsteady and often comes from various different sources, but here’s the point. You still have income, even though it’s not fixed. If you can prove that to the lender with the help of certain documents, such as tax returns where you have registered your income, a lot of lenders will be ready to cooperate with you. Any other types of documents that prove you’re earning money should be enough to qualify you for a loan.
Student
Are you a student living solely on student loans? If yes, then you can’t expect your loan application to be approved, which should be perfectly logical. So, while some students can qualify for borrowing money this way, the simple fact is that not all of them can. What could qualify you, then?
Say you’re a student working part-time. You have some income, and the lenders will assess it and possibly give you a loan offer. That’s how you can qualify. So, if you’re a student that has a part-time job alongside his or her studies and that could benefit from a loan, don’t hesitate to contact some lenders and check if they would be ready to work with you.
Self-Employed
For a long time, self-employed individuals have, just like freelancers, have worked under the assumption that they can’t exactly get any kind of a loan due to the nature of their work. That has to change, though, because today’s world offers opportunities to those people as well. So, if you’re self-employed, and even though that means you don’t really have a fixed income, you’ll still be eligible for loans. Your business statement and your tax returns are the documents you have to provide when applying, so that the lenders can check everything and approve you. Keep in mind that you’ll probably be qualified for a lower amount, given that your income is considered uncertain.
Retired
If you’re retired, your pension will be considered a stable payment, which qualifies you for a loan. Naturally, the amount you can get will depend on the amount of your pension. And, naturally, your age will also be taken into consideration, and most lenders will set the upper limit to 70 years. Or, more precisely, by the time the loan is repaid, you can’t be more than 75 years old, so that’s another requirement to keep in mind when thinking of applying.
Receiving Disability Benefits
Are you receiving disability benefits? This means that your payments come on a regular basis and that you will be pretty much equated with those people who have a fixed income. Therefore, you’ll be able to borrow money, and the monthly payments you’re receiving will determine how much you can actually borrow.
Receiving Unemployment Benefits
If receiving unemployment benefits, it may be a greater challenge for you to get a loan. That’s because those benefits are only being paid temporarily, and the lenders don’t consider that to be stable enough. Yet, there is a possibility for you to qualify if you can provide security for the loan, meaning you’ll have to offer some of your assets as collateral and thus increase your chances of getting approved.
How to Do It?
Now that you know that getting a lån uten fast inntekt is a possibility, you’ll want to understand how to actually do it. Depends on which group you’re in, from those mentioned above. For some people, the process will be easier, such as those receiving disability benefits, or pension payments, because that’s considered stable by the banks. Other people may face greater challenges when it comes to finding those lenders that are willing to provide them with the borrowing opportunity they need, but that doesn’t mean they won’t succeed.
No matter which group you’re in, though, the actual process will be the same. First off, you’ll need to find the right lender, and that’s the most complicated and the most time-consuming step, so let’s pay some attention to it. How can you begin the search? With your browser, of course. Searching online should be your first step, not only because this is the easier searching method, but also because some lenders could be offering the option of applying online, which will automatically turn the whole process into an easy one, and that’s certainly something to love.
Plus, when browsing the Internet, you can get basically all the information you need about the lenders you’re checking out, starting with their experience level and the terms of their loan opportunities, and ending with their reputation and trustworthiness. Checking out websites that have been made for the purposes of simplifying the searching process, you’ll get to easily find those lenders that are ready to work with people who don’t have a fixed income, as well as to easily compare their specific offers, which is a rather big deal. Thus, focusing on finding such websites and getting your information that way will be of great help, as you won’t have a hard time coming across lenders that will be willing to cooperate with you.
Having found your lender, you’ll need to prepare the necessary documents, right after communicating the requirements with them, or after learning about those requirements by visiting their official sites. When everything is properly prepared, the application process will begin, and if you go for the online option, it will be quite simple, as you’ll just need to follow a few quick steps that you can complete with the help of your computer. That’s the part that’s up to you.
What’s not up to you, however, is the waiting period. While usually not long, you should be patient and ready to wait. After the lenders do their part and check your application, you will get approved, after which the money will be deposited into your account. Quite simple, isn’t it? Even though you’re officially without a fixed income.