We certainly cannot count on help from a bank. All banks must operate in accordance with the Banking Law, which is exceptionally restrictive toward prospective borrowers. Before we can borrow money from a bank, it will carefully check us. Loan companies are much more flexible in this respect.

Why consider loan companies?

The aforementioned flexibility stems from the fact that loan companies are financial institutions operating in accordance with the Civil Code. They do not have to concern themselves with the provisions of the Banking Law, and therefore have a much broader scope for action. This is precisely why the offers of loan companies so often differ considerably from one another. They can respond to customers’ expectations, and there is no shortage of those.

Poles borrow enormous sums every year. Many customers who previously received a negative decision from a bank have a chance of obtaining money precisely in the form of a loan. Increasingly often, loan companies are also approached by people without a regular income, which is why their offer is expanding to include, among other things, loans for the unemployed.

When does an unemployed person have a chance of getting a loan?

The fact that we do not have an employment contract does not at all mean that we have no income. For a bank, of course, that is how it appears, but a loan company looks at the matter differently. For such companies, income also includes payments from a contract of mandate or a contract for specific work, social benefits, income from renting an apartment, and so on. When submitting a loan application, we should list as many regular sources of income as possible. This will enable the company to estimate whether, after lending us money, we will be able to repay it. When applying for a loan for the unemployed, we will not have to present an income certificate, as would be required by a bank. We must, however, be at least 21 years old, have Polish citizenship, and possess a valid identity card.

In addition, we must not forget about other factors that affect our credibility as a customer. Ideally, we should have no overdue liabilities, and our name should not appear in the BIK database. If, unfortunately, we are also listed in debtors’ databases, the only option that may be available is a no-income loan, but the terms are often unfavorable.

Is a loan for the unemployed risky?

Since we do not have an employment contract, our financial situation may change from one day to the next. That in itself is risky. Loan companies also see the potential risk, and such loans usually carry higher interest rates. A loan may be necessary in the event of an unexpected expense, but it must be approached with caution. Before submitting an application, we should carefully consider whether it is financially worthwhile for us and whether we will be able to repay the liability on time, so as not to run into further problems later.

More information at https://www.splatachwilowek.pl/czy-wiesz-ze/pozyczki-bez-dochodu-czy-bezrobotny-moze-wziac-pozyczke/