Can I apply for a loan when we are not employed? The answer to this question is affirmative. The financial situation of people without employment is not so obvious. The mere fact that someone is unemployed does not mean that they cannot have any other source of income. There are many payday loans without employment on the market. But to get them, you usually need to meet several other conditions.
Instant work without employment – what does it actually mean?
To begin with, it is important to explain what we basically mean by employment. Of course, this is not any interpretation of the concept, but based on the provisions of the Labor Code. As it turns out, payday loans can relate to many different situations that lenders have anticipated and accept as sufficient for the loan.
So what does the Labor Code say about employment? Pursuant to Article 22 thereof, § 1 employment is the same as entering into an employment relationship. This is a situation in which the employee undertakes to perform the tasks specified by the employer, in the place and time specified by him. In turn, the employer undertakes to pay remuneration for this work.
The key concept here is the employment relationship, as we have already written, identical to employment. In fact, it is established on the basis of an employment contract, appointment, appointment, election or cooperative employment contract. What about other types of contracts? The mandate contract, contract for specific work or agency contract are civil law contracts regulated by the Civil Code, not the Labor Code. Therefore, in the event of their turning back, one cannot speak of entering into an employment relationship, and thus of employment.
The loan is adapted to the individual situation
Usually, when applying for a loan from a banking institution, you will need to document your employment. Of course, this is a verification of creditworthiness, which the bank will carry out, analyzing the amount of earnings. In principle, it is not possible to receive a cash loan without it. Not only that, the amount of income will also determine its granting. If the bank finds it too low in relation to the amount on the application, it may also refuse to grant it.
This situation is completely different in the case of non-bank institutions. It is difficult to generalize and clearly define it here, because different companies offer different offers. Depending on the specific situation of the person applying for a non-bank loan, you can choose the most optimal one. Let’s start with the loans that are relatively easiest to obtain. All the time, of course, the offer payday pay without employment.
Cash loan as proof without proof of earnings
Before we get to payday loans without employment, it is also worth referring to the situation when, despite being employed, we cannot receive a loan. This is usually due to too low – e.g. according to the bank – earnings. If we cannot get a loan there, we need to analyze the offers available on the non-bank market. Here, entities offer a cash loan as proof without proof of earnings. Procedures for checking customer credibility may be different in this situation. Most often it is employment checking. We will then be asked to agree to verify the state of affairs. For example, the lender can call our employer to confirm that we are actually employed.
Instantaneous pay provided under other contracts
As we have already mentioned, employment concerns an employment contract. So the first and most reasonable question is: can you get a payday loan without being employed under a contract of employment? And here the answer is most positive. Over half of the entities operating on the non-bank loans market offer payday loans without employment. More important than an employment contract is the ability to document your income at all.
These may be related to various other contracts. First of all, these are civil law contracts, namely: contract for specific work and commission. And this is not all. Other incomes that are even derived from business operations are also taken into account. It can also be a pension, the collection of which can be documented.
Another type of offers available on the market are loans that do not require the submission of any documents, including contracts and certificates. What matters to the lender is whether we have a regular source of income. This source can be, for example, the rental of real estate. Maintenance and maintenance payments may also be granted. Verifying a steady cash flow is not difficult. The borrower should provide an account statement from his bank account, which will confirm this.
Loan with no documented income
The ability to document your income, regardless of its source, is very often the critical requirement for loan companies. The reason is obvious. The borrower’s stable income is a guarantee of repayment of the debt, and therefore the necessary collateral. Despite this, payday evidence for income is not available at all. There are many entities on the market that offer it.
On the basis of the completed loan application, the borrower declares the amount of his income. Very often, providing their source is not required. The information provided is considered by the lender to be true. But in this case, the company protects itself by checking the financial credibility of the potential customer. It involves verification of debt. For this purpose, the Credit Information Bureau database is primarily checked. Companies can also refer to data that is available from the Economic Information Bureaus. All of course, after prior approval for such verification by the person interested in taking out the loan.
Online payday loans
Payday loans, which are repaid in installments, are a slightly different offer. Here, loan companies are much more cautious. The customer’s creditworthiness is important to them. First of all, a positive credit history checked in BIK and BIG is of great importance. Secondly, constant income is also usually required.
What about permanent employment then? Can an installment loan be granted without providing an employer? While the first two conditions for financial credibility have been met, this type of offer will certainly be found.