Online loan without income

by Louise Clayton

It would have been unthinkable a few years ago to be granted a loan without income or with a negative Credit Bureau. In the past, only borrowers with a high income, a positive Credit Bureau and a high credit rating were allowed to borrow.

In order to win new customers for themselves, numerous banks have revised and changed their access requirements, in particular the growing number of online banks has intensified the general trend and caused significantly more competition between the individual providers. With the proliferation of the Internet in private households and the increasing number of online banks, borrowers have also become more likely to find an online loan without income.

The online banks in particular are proving to be the ideal contractual partner for a borrower with no income due to the low interest rates and flexible contractual terms. If you want to find an online loan without income at the best conditions, you should not avoid the loan comparison on the Internet, especially the significant increase in offers has made the comparison significantly more difficult, loan calculators on the Internet today help to find the best loan offer for a borrower without income.

Secure online credit without income at the best conditions – this should be taken into account when comparing

Secure online credit without income at the best conditions - this should be taken into account when comparing

Especially people without income who only have unemployment benefit 1 or unemployment benefit 2 should pay attention to the interest when comparing several loan offers. In general, a distinction must always be made between target and effective interest. As a borrower, you should never be misled by a low borrowing rate, the borrowing rate is just an adjusted form of the interest rate, in which neither individual factors nor fees etc. are taken into account.

However, the effective interest rate is of crucial importance for the total loan costs. In contrast to the borrowing rate, the effective interest rate also takes into account individual factors such as the borrower’s creditworthiness, the term and loan amount as well as the fees charged by the bank for the provision and management of the loan. Unemployed people in particular, who have no earned income, should be able to provide positive Credit Bureau information, as this provides information about the payment behavior of the borrower.

Last but not least, borrowers without income should choose a loan with a short term and a low loan amount. Banks estimate a low risk and a capital commitment when lending, which means that especially borrowers who opt for a low loan amount can benefit from low interest rates.

Find online loans without income at the best conditions – use loan calculator and save a lot of money

Find online loans without income at the best conditions - use loan calculator and save a lot of money

By using a loan calculator, borrowers without an income can make a comparison taking individual information into account. The low comparison effort is very often offset by high savings.