Loan For Housewife and homemakers
Loan For Housewife and homemakers
Find yourself stuck financially? Sometimes you might be overwhelmed with the bills and debts that your money saved isn’t enough to cover everything and needed extra financial assistance to help your spouse or family out.
On the other hand, there also has been an increasing number of homemakers running small successful home-based businesses or side hustles.
Modern homemakers are ambitious and can find balance in their household responsibilities while also achieving their entrepreneurial dreams. But one of the most common problems they faced is having the initial funds to kick start their side hustles.
However, the lack of a stable source of income might make it challenging to get a loan. So how can a housewife or a homemaker be eligible for a personal loan? Below are ways that they can do so.
Eligibility to get approval for loans for housewives and homemakers.
One of the most important considerations a lender looks at is the applicant’s income. The moneylender needs to ensure that the applicant can make the repayment for the loan. Unfortunately, it may be more challenging in the case of homemakers as they may or may not have a stable source of income. Below are some ways that they can still apply for a loan.
Personal loan with co-applicant
A spouse, parent, sibling, or child can be added as a co-applicant for a personal loan as they might have a steady income source. The lender can approve your requests as you’ve met the basic loan requirements.
Having a loan guarantor
If you’re unsure whether you can repay the loan on time, you can also consider adding a guarantor in place of a co-applicant. A guarantor can be someone with a steady source of income and an excellent credit score. In case you’re unable to make the repayment, it’ll become the guarantor’s responsibility to repay the loan amount.
Secured loan
You can also consider taking a secured loan by keeping collateral against the loan amount, and the lender will not require you to have an income source.
How can i-Credit legal, licensed moneylender help?
Need help with personal financing? i-Credit is a legal, licensed moneylender providing fast, same-day approved loans. If you’re a housewife or homemaker in need of urgent cash, click the button below to fill out an application form, and we’ll reach out to you.
