Immediate loans for the unemployed are granted despite the fact that there is no income at risk of redemption. However, it goes without saying that every lender, regardless of the institution, wants to be sure that they will get their money back. If the unemployed are in an unexpected life situation, which requires higher spending as quickly as possible, many see the only way out in an instant loan.
Immediate loan for unemployed without guarantor and requirements:
An instant loan for unemployed people without a guarantor is a loan that has to be processed immediately after submitting the loan application and is approved and paid out within a very short time (24 hours to 5 days). All requirements and alternatives to salary are checked.
One of the most important prerequisites is very often a positive Credit Bureau information or at least only entries to a certain degree may have been made. If the applicant owns property, securities or building society contracts, as well as savings, these can be used as security for the immediate loan. If the applicant has life insurance, the value of which is at least equal to the amount of the requested instant loan for unemployed people without guarantors, this can be assigned to the bank as security, thereby approving the instant loan.
If no real assets or financial products are available as security for the lender, guarantees are often accepted. If there are no guarantors available to the applicant or if the guarantee is drawn in doubt of legality, this option is also not available to the applicant. A large number of credit intermediaries or credit exchanges as well as banks only issue an instant loan to unemployed people without a guarantor if the application contains a working co-applicant who has sufficient income.
Offer for instant credit for unemployed through working co-applicants:
Lenders for an instant loan for the unemployed require a working co-applicant who is already specified in the loan application and thus the application for an instant loan for the unemployed is made by two people. The co-applicant must meet the requirements of an open-ended and dependent employment relationship and a resulting regular income. The co-applicant is also examined as a borrower.
A co-applicant is not a guarantor, but another borrower of the same application. All borrowers in the application are jointly and severally liable if the loan is approved and paid out. The lender can contact any borrower involved for the purpose of repayment. However, a co-applicant will only be accepted if he also has an economic interest in the loan. The co-applicant is a co-borrower. The co-borrower is considered an equal partner regarding the payment and use of the loan. In contrast to a “co-borrower”, there are no claims from the loan contract for a “co-borrower”, but he is only obliged to repay the loan.
The co-borrower’s liability basis presupposes that the co-borrower receives his own benefit from taking out the loan. For example, this can be the repayment of own liabilities or other financing. If there is no discernible advantage for the co-borrower, it is assumed that the co-borrower should not be part of the mutual relationship of the contractual services. The wording of the lender, such as “co-applicant” or “co-debtor”, which may possibly pretend to be a co-borrower, but is ultimately a co-borrower, does not change the consequences of the nullity of the legal transaction according to bank.
If the applicant can meet the requirements for an instant loan for unemployed people without a guarantor and can accept the sometimes very high conditions, there is a good chance of a promise. Providers of an instant loan for unemployed people without a guarantor are credit intermediaries on the Internet, banks and also foreign banks (Swiss banks) who do not require Credit Bureau information about this. The applicant for the instant loan for unemployed people without a guarantor is advised to weigh up the necessity, the responsibility towards the co-applicant and the ability to repay a loan.