Can a unemployed person get a loan?
Usually you need a regular job to get a loan, which, in the opinion of many lenders, indicates that the loan is more likely to be repaid. In some cases, for example, a pension is also considered to be a regular income when a loan can be granted.
Collateral rescues many borrowers because they make it easier to get a loan. But what if there is no guarantee for the bank? “Regular income” often means a continuous employment relationship. Sometimes it may also be possible to discuss case-by-case, for example, certain subsidies if they can be counted as regular income.
How can a unemployed person get a loan?
You may need a loan for a car or vacation, for example. For this purpose, consumer credit is often offered, for example, by banks and express brokerage firms. When applying for a loan, you must keep in mind the basic facts, such as comparing the total cost of the loan and assessing your own solvency.
Even the unemployed can get a loan with a credit card
For many, a credit card is a way to finance smaller and sometimes even bigger purchases. In practice, you often have to have a regular income in order to get a credit card. That’s why it’s worth trying to anticipate your life by getting a credit card before it’s the most urgent need to hit.
Some cards have no annual fees after the first year. For example, the Norwegian card is like this.
Student credit card easy
So, the regular income required for credit cards is usually a prerequisite for getting a credit card. However, there are exceptions, such as student status. It may be easier for a student to get a credit card than for an employee, as they are often not required to earn a regular income. Just consider getting a credit card during your studies.
It’s also worth keeping an eye on different offers. For example, a student without a job or credits can get Good Finance’s MC Gold while ordering a student card. You can get both cards for free.