Borrowing money without income is possible in these ways.

You have little or no income, but still want to borrow money? There are a number of ways to do this. For example, you can knock on the door of friends or family, apply for a mini loan, ask the municipality for credit or write to a private company. All these options have advantages and disadvantages. Read on here to find out what you need to know about borrowing without a fixed income.

Certain lenders

Certain lenders

What is it?

Some lenders do not check your expenses if you want to take out a loan with them. Discover the full overview of online lenders here.

The pros and cons

Always compare the cost of the loan. The larger the APR (annual percentage rate), the more expensive the loan becomes. Because borrowing also costs money!

Friends or family

Friends or family

What is it?

Borrowing without a fixed income is easy with friends or family. They temporarily help you out and lend you what you need. Often this is without interest.

The pros and cons

A big advantage is that you work with people you trust and that you don’t have to do complicated paperwork. One drawback is that emotional factors can come into play and pride can hold many people back. Therefore, make sure you put the payment in advance on paper.

A mini loan

A mini loan

What is it?

A mini loan can be quickly applied for online from various providers without a payslip. The amounts can vary from 100 dollars to 100,000 dollars.

The pros and cons

The advantage of a mini loan is that it is quickly arranged and can work well for small important expenses. Keep in mind the disadvantage that the costs can run high if you only pay back after the expiry period. Therefore, calculate well when you expect income and can pay it back.

The municipality

The municipality

What is it?

Borrowing money without income is possible through the municipal credit bank. This is a social bank that lends very cheap money.

The pros and cons

As mentioned, the municipal credit bank is very cheap and therefore attractive. However, you may not earn more than 130 percent of the minimum wage to use it and the municipality does want to gain insight into your personal situation.

A private individual

A private individual

What is it?

There are private companies on the market that lend money to people with little to no income. You probably know them from the commercials on television.

The pros and cons

With private companies you can get money relatively easily, even larger amounts, without having to know too much about you. On the other hand, the costs are often higher than with, for example, the social bank. And it is wise to ensure that you can pay back on time.

How can you best borrow money without income?

How can you best borrow money without income?

Across Lender is a company that helps people with few resources to get the loan they are looking for. For this we have made an online loan simulator with which you can see in one overview what the cost prices of interesting providers are. Then you immediately know where you stand.

Leave a Reply

Your email address will not be published. Required fields are marked *