Taking out a loan online without a job promises at least higher chances of success than if the loan is drawn from a classic major or house bank. These banks usually have stricter controls and a somewhat stricter evaluation of their creditworthiness, which is why there is no way of obtaining a loan without a regular income from a job.
This becomes possible, if at all, only when the borrower brings additional security into his loan contract. This collateral can be presented in the form of attachable assets, for example a car that has already been paid off or a property that has been fully paid off, or by adding another person to the loan agreement. It must then be decided whether the borrower has a co-applicant or a guarantor deployed, and the person who is actually willing to take this risk must first be found.
The co-applicant has a partial claim to the loan amount paid out, which is why this procedure makes no sense if the borrower needs the requested amount in full. Liability is then based on the principle of solidarity, i.e. one party is automatically liable for the other party and its debts, with a guarantee it is very similar. An online loan without a job is more likely with a guarantor, at least if he has an attractive credit rating.
Fully exhaust all collateral
The guarantor’s credit rating is a crucial factor because it ensures that the bank can call on another person to repay the debt in an emergency. This situation is inevitable, especially if the borrower does not have a permanent job, otherwise the lending would represent too high a risk for the lender. Obtaining a loan online without a job is also still possible via private lenders, because there are numerous online lenders because they see lending as a profitable investment.
Unlike many banking products, lending to private individuals promises a significantly higher return, since foreign lenders usually charge at least an interest rate of 8 percent pa to foreign borrowers, which is above the actual banking standard, but in no way marks the upper limit.
In some cases, a loan without a job is only granted online if an interest burden of around 15 percent is imposed, as the lenders are well aware that lending is the only way for many unemployed applicants to take out a loan. There are better conditions for unemployed people from their own family and friends, as the good relationship often means that loans are issued without any interest burden and with flexible repayment.