For most people, the question of getting a personal loan is simple. They are regularly employed, and they know that their application will get approved upon submitting it, so all they have to do is find the right lenders and agree on the borrowing terms, after which they receive the money and use it as they please. Things are, however, not always that simple.
This is what a personal loan is: https://www.cnbc.com/select/what-is-a-personal-loan/
Why are things not always that simple, though? Well, somepeople may not have the fixed income that immediately qualifies them for a personal loan, which makes them wonder. Should they give up on the idea of borrowing money this way in the first place, or is there actually a way for them to borrow the money even if they don’t have a fixed income? That is the big question.
Given that you are here, you are probably in that group of people that don’t have a fixed income and you are, thus, wondering what your next course of action should be. Giving up? Or trying to find a way to make this happen? This is what we are here to find out right now, so keep on reading to get your facts straight and finally understand whether you can get a consumer loan without a fixed income, as well as what it is that you should do if such a possibility actually exists.
Can You Get a Loan Without a Fixed Income?
Most banks in Norway have a clear set of requirements when it comes to giving out loans. The person applying has to be older than 18, as well as to have lived in Norway for at least 3 years, or to have Norwegian citizenship. Furthermore, they need to have some form of an income. Usually, people that have regular and fixed incomes have nothing to wonder and worry about when it comes to taking out these loans. Click this to learn a bit more about the requirements.
It is those that aren’t in such a situation, though, that get worried. Given that the banks clearly indicate income as one of the main criteria to get a loan, it is perfectly normal for you to assume you won’t be approved if you don’t have a fixed one. Is that really true, though? Having no income at all certainly does disqualify you right away, but does having no fixed one do the same thing?
Fortunately for you, it does not. What does that precisely mean, then? To cut right to the chase, it means that you can, in fact, get a personal loan even if you don’t have a fixed income. This is particularly good news for a lot of people, probably includingyou as well. It doesn’t automatically mean that you can qualify no matter what, as there are actual categories of people that have no fixed income and that can quality, so let me tell you a bit more about those.
Who Can Qualify?
So, as explained, there are criteria you’ll have to meet so as to qualify. And, in this case, I am not talking about those general criteria, such as age and residence. Although, those still stand, so you have to be sure that you meet the general criteria before you can proceed towards the more specific ones. The specific ones, as I have mentioned, have to do with certain categories in which you have to qualify for a loan even without having a fixed income.
Freelancers and self-employed people are among those that can get this type of loan. This is because freelancers and self-employed people do have some income, even though it is usually not fixed. They are, however, expected to document their earnings much better and much more thoroughly than someone to whom was regularly employed would have. Submitting a business statement, tax return and accounts will be required by the lenders.
People receiving disability benefits from the NAV can also get this type of loan. Actually, disability benefits are seen as a fixed income, meaning they are deemed pretty much the same as those regular wages you get when employed. It is, of course, the amount you are paid per month that will have an impact on the actual amount you will be able to borrow, so that is something to keep in mind if you’re receiving these benefits.
It is the same with people receiving pension. Or, at least, thesame. While their income is definitely seen in the same way as the disability income, there is one crucial difference that can either qualify you or disqualify you for a loan if you’re on pension. Your age. Put simply, if you are over 70, most banks in Norway won’t exactly be willing to lend you the money, as that poses a huge risk for them.
What if you are a student? Well, there are two ways in which a situation can unfold for a student. If you’re studying and not working, you won’t qualify for a personal loan. If, however, you have, say, a part-time job, which a lot of students do, you will have some kind of a fixed income, which will qualify you.
How to Do It?
By now, you have a better understanding of the idea of getting a loan without a fixed income. As you have learned, getting a consumer loans uten inntekt is actually possible, but only if you have some kind of an income to show for. So, if you’reunemployed and receive no money on a monthly basis at all, you can forget about this particular option. If, on the other hand, you are self-employed, or a freelancer, or receive disability benefits or pension, you can still qualify for a personal loan, and you will want to get the best one for you.
How do you get the best one for you, though? Well, first off, by not rushing into things. You have to be patient and you have to take the correct steps towards getting the solution you need. Below I’ll take you through the process, emphasizing precisely what it is you should keep in mind and what it is that you should do when trying to get the perfect personal loan even if you don’t have fixed income.
For one thing, you will need to find lenders that actually offerthis type of an opportunity, because chances are that not all of those, you’ll come across will be ready to work with people with no stable income. Since there are definitely lenders willing to work with such people, though, it is your responsibility to find them. And, you should find multiple different ones, instead of jumping right towards working with the first one you’ll come across, since your goal should be to research them all in more detail and ultimately choose the lender that will be perfect for you. So, take your time to research them and always aim at choosing those lenders that are highly reputable and known for providing their clients with great loan options.
Once you’ve found a few reputable lenders that you think could be right for you, the next thing you’ll have to do is compare their offers. Comparing the interest rates, for one thing, will help you find a good borrowing solution – one that won’t be too expensive. In addition to the rates, though, you should take time to compare all the other terms as well, including any kinds of fees you may get charged, as well as the minimum and maximum borrowing amounts and the repayment periods offered.
Having taken the time to do the research, you’ll be ready to apply and choose your perfect lender. To apply and get approvedright away, you will need to submit all the necessary documents through the application. If something is lacking, the lender will reject you, and then you will have to do it all over again.
The thing to remember here is that the types of documents required will be different depending on whether you are self-employed, or receiving disability benefits, or anything else. So, instead of listening to other people about what you need, you should always check for the specific information with the lenders. They will give you a clear picture of what you need, meaning you will succeed in getting approved on your first try.