Loans for unemployed and atypical workers: solutions and alternatives
A demonstrable income is the main guarantee taken into account by the banks, but there may be cases in which the loan request is made by those who do not have a permanent job or who do not work at all.
What are the chances of obtaining a loan for those who do not work, or do it occasionally or on the basis of atypical or non-continuous work contracts? In fact we must distinguish the different situations, and try to adapt to what may be the few, or very few alternatives.
Funding for those who do not work at all
The reason why the loan is requested is fundamental. In fact it can be requested for purely personal matters, or to start a business, exploiting one of the laws of self- employment (with facilitated access and more favorable rates, as in the case of Invitalia to give an example), or requesting crowdfunding, or through a proposal for a “project” for private lending platforms.
Sometimes you can find regional tenders that can offer a further economic contribution. Few choices if instead you want to turn to banks (for the same purposes), which in many cases are reduced to microcredit guaranteed by special funds (with the limit of the amount). Alternatively it is necessary to offer solid ‘alternative’ guarantees (real estate, guarantor income, etc.).
Obviously the way is much less complicated for those who do not work but require a small personal loan, using a guarantor.
The loan for those who do not have a “fixed” job
Who employment contracts for a fixed term is normally the limit of funding in the light of the duration of the contract signed, and the corresponding deadline. But the real problem is encountered by those who have work contracts typical of the “precarious” or in the case of project collaborations. What inevitably worries the credit institutions is in fact the discontinuity (often more formal than substantial) in the receipt of income.
Difficulty that can be overcome by entering into credit insurance contracts, which cover cases of lack of work. But we must pay attention to the exclusions, checking that among these there is not really the lack of work linked to atypical contracts (unpleasant situations that unfortunately have happened very often due to the lack of a correct information).
In addition to the aforementioned solutions, it is also possible to refer to more particular types of loans (such as bills of exchange ), but attention must be paid to the timing, given that, with few exceptions (for example the loan on pledge ), the preliminary investigation times tend to expand anyway.