Borrowing money if you have no income is basically a bad idea. But sometimes you are in a situation where it is really necessary. Maybe you have a rental delay of a few months and the collection agency is banging on your front door. A first option is to borrow the money from your friends or family. It is usually not about thousands of USD and they do not like to face you with problems like this. Often you don’t even have to pay interest. Another advantage is that you don’t need complicated paperwork because you know them and trust you. The disadvantage is that emotional factors can play a role; Make good agreements about the amount and how and when you will pay it off. Losing friendships or fighting within the family is not worth it.
Money at low costs
If you have a low income (no more than 130 percent of the minimum wage), you can ask the municipality for credit. There is such a thing as a credit bank in every municipality, a kind of social bank where you can borrow money at low costs. The municipality naturally wants to know more about your personal situation. You can also borrow money without income from certain private companies; they are regularly advertised on television. The costs are higher, but there is no check on your situation. You can also give items as collateral to receive a loan, even if you have no income. Once the loan has been paid off, you will receive it back. There are also lenders who, in certain cases, are willing to offer a mini loan.
Mini loan – cheapest credit
A mini loan is usually no more than a few hundred USD, and the costs are higher because it is more risky for the provider. When choosing a lender, pay attention to whose cheapest credit you can take out. There are differences between providers and you have the task to do your homework and choose the best loan for your budget. You mainly look at the annual percentage rate – that is, the interest and borrowing costs added together as an annual percentage. By clicking on a provider you will be taken to his website and you can perform a simulation to see what your monthly payment is. It is therefore important to compare a number of providers to see what the differences are. Borrowing money without income is therefore possible, but you must see it as an emergency leap
If you are unemployed, the options are limited, but an unemployment benefit is also a kind of income. Because you want to pay off the credit as quickly as possible, a cheap loan is of course what you want. So take some time off by logging in to your laptop, surfing to different websites and performing a number of simulations. This way you can see which provider offers you the cheapest loan.