Applying for a loan without regular income can make it harder to get a loan than applicants with a steady income. This page provides you with information on loan services and an updated list of lenders who can lend, even if you have uneven income due to unemployment, study or the nature of your job.
Borrow when it matters
Everyday life is not just a celebration if income is low or income is irregular. In these situations, unexpected expenses such as pet illness, temporary unemployment, car repairs, or repairs can push the cash situation to the extreme.
Borrowing even a small sum can already provide a great deal of relief in the midst of the worst situation. Fortunately, unemployment and income inequality are no longer a barrier once you know where to look.
Remember, however, borrowing is not a substitute for income. So even though the loan amount can provide relief for a while, the loan must be repaid. That is why, in addition to a loan, you should also focus on finding steady income streams. If you know you can’t pay
Borrow from a bank or instant credit?
When applying for a loan from a bank, you often have to prove your income when applying for a loan or to provide security against a loan. If your earnings are not regular, bank loans will be rejected almost before the application is even accepted. Even many instant credit companies require regular income at the application stage.
This is bad news for an entrepreneur, apprentice, or gig worker, for example, whose income may fluctuate from month to month. Fortunately, loan repayment services are already available for almost every need.
However, looser loan requirements mean higher risk for the lender and higher interest rate for the applicant. However, applying for a loan is easier because you do not have to send attachments against the loan when applying for a loan.
Borrow without attachments and collateral
Loan supplements mean proof of your previous income or of owning something valuable that you can use to secure the loan. It may take some time to get the attachments if they are not immediately available. It also takes time to certify attachments at the borrower’s end.
When applying for a small instant loan for a sudden need without collateral or vouchers, the interest rate on a loan is almost always higher than if you had a regular income or had collateral.
However, obtaining a loan decision is much faster when no additional attachments are needed. You can get a loan decision even after filling out your online application. However, by law, it is not possible to cash in between 23-07, but when you apply for the night, you may already have money in your account by 7am the following morning, provided all the conditions are met. However, in some cases, it may take a few days before the funds are credited to your account.
What you need when applying for a loan:
- The legal age limit must be exceeded
- Finnish bank account and online banking codes
- E-mail Account
- Finnish home address
- Credit information in order
Lend to the unemployed
If you are unemployed and need a loan, quick loans are often the only option. See the table for a suitable loan and apply for a loan, even if several companies are at the same time. You can apply for a loan in multiple places, and if you get more than one approved decision, you can accept the best deal based on the offers you get.
Quick loans, when used properly, offer flexibility and relief in problem situations. But if the problem arises from a need that is not instantaneous and you know in advance that you will not be able to repay the loan, you should not apply for a loan on a light basis. If your payment plan is realistic and you are able to repay the loan, for example, by finding a new job or getting enough short-term work, you can apply for the loan without hesitation.
In Finland, the majority of the unemployed receive some form of labor market support or other state security. Often the aid is only a few hundred, but it is a sufficient basis for granting a loan to some companies that provide instant loans. However, the loans granted to the unemployed fall within the range of USD 50 to a maximum of USD 2000, although less often the loans granted to the unemployed exceed USD 500.
If you received a loan in the past and suddenly became unemployed, you may want to contact your lender and negotiate possible installment-free months for unemployment. Many lenders see sudden unemployment as a special situation and may offer some concessions to help you recover.
Uneven income and borrowing
Do you do casual work, part-time work, commission-based work, or do you regularly raise money as an entrepreneur in your personal account?
When applying for large loans, regular income is often essential. Often the previous year’s tax decision or pay slips are used to boost revenue. On this page, we have compiled a list of loan services that can provide a loan without regular income. You may have applied for a loan once, but your application may have been rejected due to the irregular nature of the income or the income was not high enough. However, you can try applying for a smaller loan amount or applying for a loan in a different place.
How much loan can I get?
Most loan services allow you to apply for an unsecured loan up to USD 2000. However, the unemployed and people with irregular income are often not granted the full amount.
Unemployed people and those with irregular income often receive loans of up to USD 500 or USD 1000, depending on the situation. If your original application is rejected, you can apply for a loan with a different amount.
How can I get a loan without collateral and proof of income?
Companies that provide quick tips often only check their credit information before approving a loan decision. So, if you have a good credit history, meaning you have no defaults, you can apply for a loan.
Brief conditions for approving unsecured consumer loans:
- Credit history
- Income (low-income can also get a loan)
- Other liabilities
The higher your income and the less your other debts, the better your credit worthiness and the bigger your loan can be.