Many people today want to apply for a loan without a paycheck. Just think, for example, of illegal workers, housewives, university students who do not always have a fixed income. For this reason today as today, also given a certain situation of economic crisis, there are several banks and financial institutions that offer the possibility of obtaining Loans online without payroll.
We have the case of those who have a fixed income, such as a rental fee or a maintenance check: this is not a pay slip but a good guarantee that can also be sufficient, in some cases, to justify a loan.
To apply for loans without a pay slip, you must first have adequate guarantees to give to the bank or finance company. Obviously if you have no guarantee it will be really difficult to ask for a loan. Instead, even without a pay slip but with suitable guarantees, the financing roads can open in front of you.
What guarantees do you offer the bank to get a loan without a paycheck?
First of all, if you have a secondary entry, you can try to ask to use it as a guarantee. Or you can always turn to a guarantor who can, in fact, guarantee the bank that he will pay in case of default. Usually the guarantor is a friend or family member. Or you can put a mortgage on a property or a lien on a valuable movable, in order to convince the bank to grant the loan even without pay.
The last solution is that of loan changes, which are however the real last resort as it is a really expensive loan and which authorizes the bank to take the money from the defaulting debtor without going through legal channels.
Having said that, pay close attention to the terms of the contract. Loans online without payroll can also be very convenient, despite what you may think: but you have to pay close attention to the contractual conditions because they could imply hidden costs and very high interest rates compared to classic loans.
Always check the interest rate, it shouldn’t be too high or the loan will prove really inconvenient. Obviously if you have few guarantees it is normal for the bank to raise the rate. But always pay attention because it must not exceed the rate of wear, that is to say the legal thresholds above which the rate is considered usurer and therefore illegal.
The paycheck or the payslip of the pension represent for the credit institutions the most solid guarantees regarding the economic capacities of their clients: in practice, proving to have a regular and constant income over time, who requests a loan is also giving try to have the possibility to repay it; getting loans without pay and guarantor is not easy at all, but it is not impossible.
Are there loans without a pay slip and a guarantor?
It is not impossible, but we must also consider that loans without payroll and without guarantor are operations that for banks involve a decidedly higher risk than other loans, therefore the amounts granted cannot be very high (practically impossible to obtain more than 5,000 euros) and the interest rates applied on the sums paid out are higher. It should also be noted that “without payroll” does not mean “without guarantee”, on the contrary: obtaining a loan without showing the bank the possibility of being able to somehow return the money received is unthinkable.
The alternative guarantee most welcome by banks and financial institutions is the presence of a guarantor, ie a person who undertakes to pay the repayment installments if the debtor fails to do so; there are those who cannot find a person capable of taking on this role, but there are also many who do not want to put other people in their business and prefer to obtain loans without pay and guarantor. To do this it is necessary to provide the bank with valid alternative guarantees; let’s try to see what these guarantees are that individuals like unemployed, housewives, students, irregular workers, self-employed workers, atypical workers and young entrepreneurs can present to try to get a loan.
What are the alternative guarantees
Self-employed workers may present their Unique Model instead of the pay slip; for all the others there are some options: the loan must be seen as an extreme solution because it entails high costs and risks for the debtor (the failure to pay an installment starts the protest and the seizure of personal property) and because the institutions of credit are not very happy to propose this formula. We often talk about loans without a pay slip with a mortgage on a property (a bit like for mortgages), but it must be said that for small amounts the banks have no interest in accepting such a solution.
Some people do not have an income from work or retirement, but they can count on regular income that raises the possibility of having their request for funding accepted: an investment that generates constant returns, the maintenance allowance obtained after the divorce, the rent you receive for a property that is being leased is just a few examples. It is also possible to use one’s own valuable assets to obtain a loan on pledge (a widespread choice among those who have no income whatsoever and urgently needs a sum of money).