Unemployed credit: conditions and amounts

Job seekers may find it difficult to get credit. If many banks refuse to finance this category of population, other solutions exist outside the banking system. In this article, we will tell you all about getting unemployed credit.

Is it possible to take out a jobless loan?

Is it possible to take out a jobless loan?

Being unemployed implies a decrease in financial resources. This situation can lead job seekers to take out a loan, especially when it extends over a fairly long period.

For an unemployed credit applicant, it is difficult to obtain a loan from their banking organization. If a person earns insufficient income or is destitute, he or she is likely to have their loan request refused by the bank.

Indeed, banking establishments want to ensure the solvency of the subscriber before signing any contract.

Fortunately, some specialized financial organizations can grant you loans.

Apart from the credits granted by CAF, the unemployed can use:

  • Loans between individuals;
  • Personal microcredit;
  • CAF microcredit;
  • The Employ Mod credit.

If all the procedures attempted fail, the unemployed can turn to platforms where the loans are granted by individuals.

What projects do lenders agree to finance by granting credit to the unemployed?

What projects do lenders agree to finance by granting credit to the unemployed?

If some unemployed individuals choose to apply for credit, it is in order to provide for their daily needs while waiting for the situation to improve.

You can, for example:

  • Finance daily improvement;
  • Go to professional training;
  • Repair essential furniture;
  • Consider buying a car;
  • Etc.

Concerning in particular the CAF, a credit of 1,500 dollars can be subscribed by invoking the purchase of a vehicle with the aim of finding work. If, on the other hand, it is a question of replacing the vehicle by another, the loan can go down to 1,250 dollars.

It should be noted that you can also use your other social credits to finance:

  • Funeral expenses;
  • Medical care ;
  • Lawyer’s fees;
  • Etc.

In all cases, the plans of the subscriber must converge on one and the same goal: professional reintegration.

If the traditional banking establishment accepts to finance the project to return to work of an unemployed person, it is then advised to opt for an assigned loan.

Organizations specializing in the funding of individuals in precarious situations can grant:


  • A zero rate loan (PTZ) consisting in equipping the house;
  • An interest-free loan of honor to overcome a temporary financial crisis;
  • A personal microcredit that can be partially guaranteed by the public authorities.

Loan between individuals

Loan between individuals

The loan between individuals (PAP) is an alternative to the traditional banking system. It consists of a loan of money between two natural persons without any recourse to a credit institution.

This bankless loan is subject to the legal rules of loan contracts and functions like real consumer credit. The lender agrees to lend the money and the borrower to return it to the dollars loan

A loan between individuals can be made free of charge or give rise to remuneration, within the legal limit of interest rates . 

It must be of a minimum amount of $ 760 and a maximum of $ 5,000 and is governed, like any credit, by borrowing conditions and rates in force.

The interest rate must be set by both parties and must not exceed the prevailing usury rates.

For example, the wear rates for the first quarter of 2020 apply up to:

  • 21.07% for loans of amounts less than or equal to 3,000 dollars;
  • 11.75% for loans of amounts between 3,000 dollars and 6,000 dollars;
  • 5.71% for loans of amounts greater than 6,000 dollars.

The wear rates are revised each quarter by the Agree Bank.

In France, Fine Bank is the only loan site between individuals to be approved by the prudential control and resolution authority (ACPR).

There is no shortage of fraudulent extortion attempts on the Internet. You must only trust platforms known and authorized by the ACPR.



Microcredit is a loan intended for people excluded from traditional bank credit, namely:

  • Social minimum recipients;
  • The unemployed;
  • Low-income people.

The microcredit allows you to borrow small sums adapted to your income. These amounts must be between $ 300 and $ 5,000.

The duration of the loan is quite long and is between 6 months and 4 years, sometimes longer.

The cost of credit is set by the lender. It is between 1.5 and 4% and does not apply any administrative fees.

For unemployed people, microcredit has several advantages:

  • No booking fees;
  • No early redemption indemnities;
  • No loan interest.

Indeed, microcredit is open to everyone because it does not require any special income conditions.

However, you need to have a personal plan to:

  • Social integration;
  • And / or professional integration.

The microcredit applicant should not apply to a bank but to a social support network. The latter acts as an intermediary and aims to help the applicant to prepare their file before presenting it to an approved bank.

It could be :

  • A house for employment;
  • A district management;
  • A communal social action center (CCAS);
  • From a social association.

CAF microcredit

The Caisse d’Allocations Sociales (CAF) can issue you many different and varied loans.

In this case, the microcredit will only be granted to households receiving benefits from this organization. CAF issues a low-interest credit because it can then withdraw reimbursements from the benefits it pays to its beneficiaries.

Your CAF can assign you, under the condition that you have at least one dependent child:

  • An emergency loan;
  • A social loan.

If the relief loan is not repayable, the social loan often takes the form of a consumer loan and has a low interest rate.

Your CAF can also give you help with improving the habitat. This loan is reserved for owners or first-time buyers.

Finally, CAF can also issue the following loans to you:

  • Equipment loans (furniture or household appliances);
  • A zero-rate loan of honor;
  • Help to improve the habitat related to a child’s disability;
  • Basic work loans;
  • Exceptional financial aid.

You should know that not all departmental CAFs have the same policy. However, they are all based on the family quotient.

How to convince your bank to grant you a loan without employment?

How to convince your bank to grant you a loan without employment?

All credits, even the smallest sums, are granted subject to income conditions.

If you are unemployed, you are not the best person to obtain consumer credit.

That said, there are no legal prohibitions preventing unemployed people from applying for credit. Especially since certain expenses and funding can help individuals find a job.

The first thing banks look at when considering a loan application is debt capacity. If it is too low, no credit will be given.

If you cannot present stable and regular income, you can approach your argumentation from another angle.

Here are some arguments that can convince the bank to give you credit:

  • You are a homeowner and have no current mortgage, and therefore no rent to pay;
  • You are still in your indemnity period which falls within the credit period;
  • You have an investment product, such as life insurance.

In all cases, the usefulness of the funding will be examined.

In general, if your purchase is not essential or if it is not related to a possible resumption of activity, your request is unlikely to succeed.

To find out all the rates in force for your credit application, you can use this fast and free simulator or contact our team of Across Lender experts directly.

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