Without a job or a fixed income it can be difficult to get a loan. But sometimes you will still have to have your car repaired every day. Or you have to make a certain purchase, but don’t have the budget for it at the moment. It is frustrating when a bank sends you outside without mercy and it seems impossible to take out a short loan. Fortunately, there are other options for getting that loan anyway. We work them out for you.
Borrow money without work or a fixed income
Borrowing money without having paid work at the moment seems impossible, but it is not. A bank wants to see a payslip, a payslip means a fixed income. And that gives the bank more certainty when it comes to whether you can actually repay the fixed monthly amount. Below we describe four ways to get a loan without the payslip.
Take out a mini loan
Taking out a loan without a payslip seems impossible. All loan providers want certainty that they will get their loan back. One of the securities that the bank or the lender wants to have is the security of the (fixed) income. A payslip helps with this, you can then prove that there is at least part of a fixed income. And the bank will be more inclined to grant you a loan. A mini loan can also be obtained without a payslip. You don’t have to report to a bank to get a loan anyway.
There are a number of sites in the Netherlands where you can do this safely and responsibly. Taking out a mini loan means that you have an amount of up to around 1500 euros in your account within a few days. It is very easy because it is not checked whether you have a BKR registration and whether or not you can prove a payslip. Within a few minutes you have insight into how much money you can borrow and then that amount will be in your account in no time.
The providers where you could request a mini loan are, for example, Saldodipje and Ferratum. Make sure that the interest rates are not fixed as you might have been used to with another loan. These interest rates may be higher. Also always check whether you can repay the amount within the agreed time. That way you avoid unnecessary fines.
Via your own bank
If you want to borrow more than 1000 euros, you can also try this at your own bank. In certain circumstances you can still be eligible without income. Until you have heard a ‘no’ it is not yet certain that you cannot get a loan. The interest at the bank is relatively low, which is an advantage.
The bank first wants to know the amount of the loan that you want to take out. They will also check whether you have no negative BKR registration in your name. They will check how much money you normally have and whether you have had work and an income in previous years. For example, if you only want to borrow a small amount, the bank may allow this without seeing a payslip.
How do you increase your chances of getting a loan?
You can start looking for a guarantor. This is someone who acts as a guarantor for you if you cannot pay off the loan. He / she will be responsible for the repayments. In this way you take the risk for the bank to lend you money away. If you have additional capital cover, such as real estate or fixed assets (such as a house or car), you increase your chances of applying for the loan.
Call the municipality
It is possible to borrow money without income through the municipal credit bank. The municipality has a greenhouse from which they can lend money as a ‘bank’ to residents of the municipality in question. It is a social bank that lends money cheaply.
There are two things that you have to take into account.
Firstly: if you earn more than 130% of the minimum income, you cannot claim it.
Secondly, before the loan is granted, the municipality will want to have a clear insight into your personal situation and the purpose for which you want to borrow the money. The municipality will not lend you money if it is not clear to them what the money will ultimately be spent on. In the event of poor accountability, the municipality has the right to refuse a loan.
Borrow from a private individual
You can also borrow without income by taking out the loan with a private individual via a P2P credit platform. You can find such a P2P credit platform online on certain websites. It consists of private investors who determine whether the money is made available. You are not dealing with a bank that asks for payslips or fixed income. That is why this is an interesting opportunity for the self-employed and students to take out a loan.
No bank that comes with strict conditions, but other things that you have to take into account.
- First, the purpose of the loan is of decisive importance for a lender. Therefore explain clearly for what purpose you want to borrow the money. You will have to gain the trust of a lender. They want to be able to read into where their money goes.
- Second: pay attention to the interest rate. The lender may set the interest rate himself. If a very high interest rate is requested, it might be wiser to wait for the next party who wants to provide you with a loan at a lower interest rate.
- Thirdly: such a platform often uses a ‘success fee’ of a few percent because they have helped with mediation. This percentage will be deducted from the amount that you will eventually receive. If we are talking about a ‘success fee’ of thousands of euros, then we can certainly talk to the broker about the amount.