Getting a loan without income can be difficult, a bank rarely wants to take the risk by lending large sums of money to people who do not have a fixed income. Less money, on the other hand, is another matter. The chance of getting a home loan with no fixed income is minimal, but a smaller consumer loan is by no means impossible, even if you do not have a fixed income.
To increase the likelihood that you will receive a consumer loan
When you do not have a fixed income, you should ask a guarantor or a co-borrower. A guarantor is a person who is willing to take over your loan should you have payment problems. Most people use a parent / guardian as a guarantor, but it can be anyone. The process is simple, you bring the guarantor with the bank when you apply for a loan. The guarantor must have a valuable item as collateral for your loan, such as a house, cabin or car. This is for the bank to take a lesser risk by lending you money.
If you default on your loan, the bank goes directly to the guarantor and demands the repayments. Should the guarantor also fail to pay, the bank has the right to obtain the security the guarantor provided, such as the car, and forcibly sell it. This is to cover the loan.
Therefore, one should think carefully before involving another person
It can ruin a lot both financially and the relationship you have. But if you have to take out a loan, you have to ask the guarantor to get the loan with no fixed income. Norwegian banks have to follow certain rules, in very few cases they can lend money to people without fixed income, since it poses too high risk.
Banks that specialize in lending money to people who do not have a fixed income are usually Swedish. This does not mean that it is unsafe to borrow from those for that reason, but you should nevertheless check the bank out in advance, as you would with any Norwegian bank. What conditions and experiences others have made is essential if you are to borrow from such a bank. Unfortunately, getting a loan with no income is not as easy as you now realize.
Very often you are without fixed income because you study
You always get a loan from the Loan Fund as a student, but in many cases it is not enough to cover expenses such as rent, electricity, food, etc. Then you can try to take out consumer loans. Since you do not have a fixed income, it may not be so easy to get a big loan, but some less at different banks. Just remember to compare the effective interest rate on different loans before you decide, you can save thousands of dollars if you spend some time on this.
Should you be denied any loans you are trying to take out, a home loan may be the best solution for you. If there is less money you need, it may be possible to borrow this from a friend or someone in your family. If you are lucky enough to borrow money privately, you should nevertheless sign a loan contract that sets out the terms you and the lender have agreed to. And remember that an oral agreement is as valid as a written one.