Even if the economy is booming and many people have a job, there are still some who have to live without income because they either cannot find a job or cannot work due to illness or disability. But these people also have wishes and dreams that they would like to fulfill. If the money saved is not sufficient for this, a loan usually has to close the financial gap.
However, it is not so easy to get a loan without your own income. Even if you have had an account with the house bank for many years, it will definitely reject the loan request. The collateral is lacking and it is difficult to repay the loan without income. In such a case, other well-known banks will not add a loan for their own income. Every bank wants their loaned money back and will keep the risk of default as low as possible.
Side effects in the banking industry
Now you do not have to despair immediately if the house bank has rejected a loan without its own income. There are other donors who might be willing to do so. However, you have to meet very special conditions. A second applicant will be more likely to convince the lender of a loan than if you want to take it out alone under the conditions mentioned.
However, the second applicant should have an income. In this context, it is good if the income comes from employment that is subject to social security contributions and has not been limited in time. Temporary workers, trainees or employees in a temporary job are unfortunately not included here. Furthermore, the Credit Bureau must be without negative entries. If there has been a default in the area of payment obligations, this reduces the chances of a loan without your own income.
Right and fit the application – what does it mean?
And it is not important that the second applicant has an income. Both – the income as well as the Credit Bureau – must be right and fit the application. In addition, the loan amount should not be excessive. Without income you cannot expect a loan with many thousands of dollars. Rather, you will have to operate within a fairly manageable framework and will only be able to use a small loan. But a little money is still better than no money at all. And maybe with this sum the wish can be fulfilled.