Loan for the unemployed – how to get a loan?

Familiarize yourself with the offers of loan companies and decide which loan for the unemployed is right for you.

Some financial institutions offer loans for indebted unemployed, so you may be able to borrow money even if you haven’t paid your previous obligations.

Loan for the unemployed – who can grant it?

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The so-called quick loans for the unemployed are usually offered by non-bank institutions called loan companies or parabanks. Unlike banks, these companies often do not require income or employment certification.

Your creditworthiness is not evaluated, nor are the GFI databases checked. Thanks to this, you can find payday loans for the unemployed in the loan companies’ offers.

Fast Loans for the unemployed and credit Lending companies do not perform so-called banking operations, therefore they cannot grant loans. Loans are reserved only for banks. All other non-bank institutions and even private individuals can grant loans (including loans for the unemployed).

The main differences between loans and borrowings are as follows:

  • the loan agreement must be in writing. The loan (also for the unemployed) can be confirmed by an online application, bank transfer or even in words;
  • the loan is usually payable – commissions and interest are added to it. The loan can be free because its cost is set by the lender;
  • loans are governed by the banking law and loans by the Civil Code;
  • in order to grant a loan, the bank checks its creditworthiness and history – loan companies do not have to do it.  

Loans for the unemployed – how do they work?

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Loans for the unemployed are granted in the form of payday loans. How does fast loan for the unemployed workers and how to get it? Check it out:

Warning! Each loan company can set its own conditions for granting loans, so always check the offers that interest you!

Subsidies from the Employment Office If you think that a loan for the unemployed is not the best solution, you can use state support. You can get a grant from the employment office, e.g. for starting your own business. Subsidies are allocated from the Labor Fund and – unlike loans – are not refundable (provided you meet certain conditions).

If you want to learn more about subsidies for the unemployed, look for them on the website of the relevant Employment Office.

Is a loan for indebted unemployed cheap or expensive?

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Loan companies can decide on the costs of granting loans themselves – set interest rates, commissions and other fees (i.e. APY loan). This means that the price you will have to pay for borrowing money can be much higher than at a bank.

A quick loan for the unemployed is a loan granted on special terms that are hard to find in banks – and this can come at a price. However, greater freedom in determining costs also means that loans for the unemployed do not have to be more expensive, and on the contrary – they can be free!

Loan companies often prepare various promotions to encourage new customers to use their services. They lower the interest rate, give up commissions or offer free loans to new customers. If you want to find such offers, use the payday compare tool on the Glass family portal.

You can set search parameters (e.g. amount or time of borrowing) and compare offers from different companies on one page.