2007-11-04 11:19:49 · 7 answers · asked by Brown_eyez 1 in Business & Finance ➔ Personal Finance
Yeah, banks generally like to know they will be payed back, and having a job kinda helps reassure them of it. Unless of course you have collateral like a house, or new car to put up
2007-11-04 11:30:27 · answer #1 · answered by ♫jmann♫ 5 · 0⤊ 0⤋
Well, you need to have a source of income to qualify for a loan. Collateral alone won't get you a loan because the bank wants to be repaid not repossess your car, house, etc.
A job is not the only source of income. A person might have investment income, a pension, social security, disability insurance payments, etc.
2007-11-04 20:03:45 · answer #2 · answered by The Professor 5 · 0⤊ 0⤋
Yes you do. One of the prime factors used in determining your creditworthiness is your debt to income ratio. This ratio is all of your income you receive in a month in comparison to your debt you owe (credit cards, loans, etc). Only things that show on your credit fit into this equation though so to allow for that banks generally want your debt to income ratio to be less than 35%. What does this mean in dollars? Essentially multiply your income by .35(35%) and you'll come up with a figure. If your debt exceeds this then you could have perfect credit and still get turned down. So to answer your question, if you have 0$ income then your allowable expenses is 0$.
Hope that helps!
2007-11-04 19:45:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No bank I know of will lend someone money without the means to repay them back.
2007-11-04 19:27:51 · answer #4 · answered by zydeco 3 · 0⤊ 0⤋
Absolutely. Otherwise, how are you going to pay for the loans?
2007-11-04 19:44:59 · answer #5 · answered by Caitlyn 4 · 0⤊ 0⤋
Pretty much unless you can pledge collateral. How would you pay it back otherwise?
2007-11-04 19:25:27 · answer #6 · answered by npk 7 · 0⤊ 0⤋
If you had enough investment income or pensions to pay it back they probably would.
2007-11-04 19:29:25 · answer #7 · answered by shipwreck 7 · 0⤊ 0⤋