Two of the most common criteria for granting personal loans in Sweden are the borrower’s capacity to pay and credit history. Today, however, many lending companies offer bad credit personal loans, which are basically loans intended for people with bad credit. One thing that most lenders consider in such personal loans is whether the borrower has the capacity to pay despite his poor credit rating. Thus, most lending companies require borrowers to submit a proof of income. But what if the borrower is not employed? If this is your problem, there is good news for you! Just because you are unemployed does not mean that you are automatically disqualified to obtain personal loans.
Best Personal Loans for the Unemployed
The fact is that you can obtain personal loans even if you are currently unemployed. And while it is true that the interest rates charged to the unemployed are usually higher, there are circumstances that may allow you to obtain low interest personal loans. Most lending companies may see an unemployed person as high risk, therefore the associated interest rate. However, there are some circumstances that may bring these rates down. These include the type of personal loans you are applying for, collateral, and employment prospects.
Secured Personal Loans for the Unemployed
If you want to avail low interest personal loans, one of the best ways to do so is to apply for secured personal loans. Such personal loans require you to show collateral, which can be real estate, jewelry, car, or stocks and bonds. Depending on your collateral, the amount you can borrow will vary. If you are looking to borrow a huge amount of money, the best collateral to present would have to be valuable properties such as a house or stocks or bonds.
There are quite good financial portals online in Sweden, such as Blancolån24, where you can learn more about these loans. You will be presented with several options for your situation, you can compare the loans until you find the perfect one for you.