How to improve your chances of getting a loan

1. The more documents, the lower the interest rate
   The lender wants to minimize the risks associated with the loan. This is why they request a large list of different documents. If an individual is not officially employed, their ability to pay is provable. To do this, he needs to provide bank statements, alimony receipts, etc. TIN, passport, pension, or driver’s license are also suitable.
2. Not to give knowingly false information
   In addition to documentation, the lender asks for information about income, credit history, and place of employment. The information is verifiable in a few clicks. Therefore, you should not exaggerate or lie. You are not going to get a loan this way.
3. Pledging of property
   Movable or immovable property owned by an individual can be pledged. The pledge will greatly increase the chances of an unemployed person receiving money at interest. And the amount of the loan will increase.
4. Surety
   The lender has a lot of requirements for the guarantor. He must be employed and have a high income. Because if the borrower for some reason ceases to pay the installments, the guarantor will be asked to pay the debt.
5. Taking out insurance
   Of course, this will mean additional costs. But the borrower, even without being officially employed, gets multiple privileges. This is a reduced interest rate on the credit rate, an increased chance of getting a loan. If an insured event occurs, the company will reimburse the losses to the lender.

One more tip for the officially unemployed. The chance of getting a loan is higher at a bank where the person has already been served. This is opening an account or getting a debit card. A client's good standing will increase the chances of getting a loan, and account statements will be proof of solvency.

You should apply to well-established banks. They value their reputation, so loan terms are straightforward and not burdensome. Financial institutions offer bonuses and promotions for frequent customers. You should also compare loan rates. It is convenient to calculate in credit calculators.

10-15 years ago, an officially unemployed person could not think about getting a loan. The modern world dictates new rules. Every year, there are more “no statements” and “instant approval” offers. Demand breeds supply. It is easy for an unemployed citizen to get a small amount at interest. But he shouldn't forget about loan repayments.