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.