Borrow money without income / Proof of income

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borrow money without income or proof of income

Taking out a loan is not easy, but without any form of earnings it is completely complicated.

Yet it is not impossible , there are some options.

Where you are not even asked for a salary slip.

Think carefully whether it is wise to borrow without wages or other income ...

In this article:

Mini loan up to 2000 US dollar

You will not have to knock on the door of most lenders if you cannot provide income. The exception to this, however, are the providers of mini loans / payday loans. These are loans with a maximum amount of $ 2,000. Because this amount is relatively limited, the risk for the lending party is also reduced.

For that reason, there are fewer requirements to apply for this loan. For example, you do not have to show a pay slip and even no documents at all, except for proof of identity. Namely a passport, ID card or driver's license.

What they do ask for is a personal guarantor, but if you can't find one, they can even arrange it for you. This is called an external guarantor and does involve costs.

Further features:

  • No BKR test, so you can borrow while you are registered with the BKR in Tiel;
  • No hassle, fast application process that you can complete in minutes;
  • After that, the money has often already arrived in your bank account within 24 hours after approval;
  • The interest is limited by the AFM to 13.99% APR, which is a lot in percentage terms ...
  • But due to the short term of 15 days - 4 months (depending on the amount of credit), it is again relatively low in absolute terms (see example below).

You preferably take out a mini loan via Money Now . They are the market leader in this field and a recognized specialist worldwide. They work throughout most of Europe, but also beyond from Canada to Australia. They have built up a lot of experience since 2005 and are a listed company on the German stock exchange in Frankfurt.

The only other provider that is allowed to issue a mini loan in the Netherlands is Savings Hand . By the way, they both have exactly the same interest and conditions, so which one you choose does not really matter.

Example mini loan 1 : You take out a loan of 400 US dollars. The term is 30 days. Afterwards you pay back the amount in one go plus 1.97 US dollars in interest.

Example mini loan 2 : You borrow just a little more, namely 600 US dollars. You then have a term of 45 days. The interest is 7.00 US dollar .

Example mini loan 3 : You borrow the maximum amount of 2,000 US dollars. The term is then 93 or 124 days (you can choose yourself), both in equal terms of 31 days. The interest that you pay is then 23.25 US dollar or 29.14 US dollar respectively .

It is important with all types of loans, and therefore also with a mini loan, that you always remember that you must be able to repay. Otherwise you will only run into (more) problems. A payday loan is particularly good for bridging a short period.

For example, because you already need a new car / washing machine, and know that you will be able to pay this off in a few weeks because, for example, you will get a lot of money back from the energy bill.

Private loan

So if you do not take out a mini loan with Money Now , there will actually be no companies left that want to do business with you. Then it is an option to ask around in your family or circle of friends if they want to lend you money. We call this a private loan. It is important that you still make good agreements here.

So record how much you borrow, what the loan is for, how much interest you pay if there is and when + in which installments you will pay back. The reason it is smart to write this all down in black and white is that money very quickly leads to discussion and even disagreement and you don't want that with the people close to you, do you?

Social Banks / Municipality

Many people prefer not to borrow privately because they do not want to get into an unpleasant situation. Understandable, so good to know that there is another option: the government, weird enough!

You can get a loan under certain conditions. In any case, it is only for low incomes up to 130% of minimum income plus one or more of the following:

  • You have a negative registration with the BKR;
  • You have problematic debts that you want to resolve in this way;
  • You cannot go to another lender;
  • You cannot get another loan based on your age;
  • You are in the Netherlands with a temporary residence permit.

For more information, visit the Social Banks Nederland site , where you will be referred to the local authority per municipality.

Pawn things

A relatively new way to borrow a sum of money is to pledge your belongings . In countries such as the United States, this has been quite normal for years: You hand over an item as collateral, after which you receive money for a comparable value. You will always receive proof that you have the right to buy back your item for a certain period.

If you don't, the pawn shop will sell your stuff to get their money back. The advantage of this method is that you are not asked for anything else, the disadvantage is that you must have things of value to get a reasonable amount.

In Dutch, we refer to pledging products as “repurchase”. The most well-known party in this is Used Products , with many branches throughout the country. Of course you also have to pay interest, namely 4.5% per month. This makes it the most expensive option in this article. You have 2 months here to buy your stuff back.

Make sure you earn more

But what if the above options don't work for you? How are you going to get money? Well, you're just going to earn it! Because everyone can actually easily earn money via the internet . Really, even without any pre-investment, without risk and without technical knowledge, this is possible.

It still amazes us how few people know this is possible. But you too can start taking surveys today, or sign up for free to online savings programs to earn. And don't forget cashback programs . With this option you just grab a few hundred US dollars extra per month!

Or go even further and earn from your social media , start your own website to earn or become an affiliate marketer . Is really not as difficult as you think, and you can easily generate an income or even get rich quickly !