Are personal loans possible without a paycheck ? The lending institutions put the presence of a fixed income as a fundamental condition to provide funding, but in the presence of alternative guarantees it is possible to obtain loans without paychecks, a particular type of loans specifically dedicated to those who need liquidity to meet certain needs, but he does not have a demonstrable income. Precisely because personal loans without paychecks are funds dedicated to those who do not have a fixed salary, it normally allows a bank to allocate very low amounts for applicants, often no more than 5 thousand euros: let’s see all there is to know on this type of financing, the possible alternative guarantees, and the contractual conditions.
- Personal loans without paychecks: who do they turn to?
- How to request them
- Loans without a paycheck with guarantor
- Loans without payroll changed
- Loans without a paycheck with a mortgage on the house
- Personal loans without paychecks: use alternative annuities
- Personal loans without paychecks: financing conditions
- How to choose the most convenient?
- Alternatives to personal loan: small loan and revolving card
- Loans between individuals
- Loans of honor for students and young entrepreneurs
- Debt consolidation
Personal loans without paychecks: who do they turn to?
Personal loans without paychecks are aimed at all those categories of subjects who for various reasons can not claim a fixed income from work. Among them we report:
- entrepreneurs under 35
- irregular workers
- employees with payrolls committed with one or more loans in progress that absorb between 35 and 50 percent of their salary.
How to request them
Loans without paychecks are provided either by credit institutions or finance companies, so you can go directly to the nearest bank or rely on a financial advisor to study the best solution for your case. Since credit reliability is based primarily on the presence of a fixed income that allows to support the repayment of the amount paid out,
to obtain a personal loan without a paycheck , alternative guarantees must be presented , such as the presence of a third guarantor, a property owned or income other than a salary.
Let’s see in detail the various possible solutions.
Loans without a paycheck with guarantor
To obtain a loan without a paycheck, the first of alternative guarantees that can be presented to a bank in order to reassure about the ability to repay the debt is the presence of a guarantor , ie
a person who officially undertakes to pay the loan installments instead of the beneficiary if he is unable to do so. This means that the guarantor , as technically the third guarantor is called, must prove to him that he has good creditworthiness, and that he has not been reported to the Crif as a bad payer.
Loans without payroll changed
In the event that it is not possible to resort to the guarantee, a loan can be granted without a certified pay slip , ie a loan which provides for the repayment of installments by bills of exchange. The bill
is an instrument permitting also to the bank in case of failure to pay a single installment to seize goods to the value equal to the unpaid installment, without having to resort to a judgment of conviction or of an injunction of payment.
It must be said, however, that seizure of goods still costs a certain amount of time and energy, so banks and financial companies do not willingly grant loans changed. Furthermore, even for a client, loans that have been changed are not always convenient, since they have a Taeg, ie a Global Effective Annual Rate, rather high due to both the interest charged and the costs relating to the compulsory insurance policy.
Loans without a paycheck with a mortgage on the house
Just like when you sign a mortgage, even for loans without paychecks, in the absence of a demonstrable income, you can register a mortgage on a property owned in order to get the green light from the bank for the financing of which he needs. In particular for those over 65, the mortgage on the house
allows you to obtain a bank life loan , transforming the value of your home, of which you remain owner, available liquidity, an optimal solution for retirees who may have the minimum or the social allowance, but a property to be exploited. In case of death the heirs can choose to pay off their debts and keep the house, or let the bank sell the property to get a refund of the amount paid.
It must be said, however, that for those less than that age and looking for small loans, the request for a personal loan with a mortgage on the house may be refused , as the value of the loan is much lower than that of the building, and this would represent from the perspective of a bank a problem for the repayment in case of non-payment of an installment.
Personal loans without paychecks: use alternative annuities
There are other possible solutions to be explored to obtain personal loans without a paycheck : for example, for a self-employed person, the certification of the Single Model could be enough , ie the ordinary model of tax return, referred for the last three years: if you can prove that you have had constant income from your profession in recent years even in the absence of a paycheck the bank could grant the desired amount. Another form of guarantee is a personal loan with pledge , an optimal solution for those who have valuable assets such as jewels that can be used as collateral, to meet an urgent need for liquidity even if they have no income.
Then there are alternative returns such as a monthly maintenance allowance for the former spouse for those who are separated or divorced, or the rent to third parties of a property owned, or even forms of investment as a small capital that generates a constant return , but prefers to ask for a loan rather than releasing it because it is not convenient.
In order for a credit institution to give the go-ahead to a loan without a paycheck, however, it must be demonstrated that it will continue to be the holder of the annuity for the entire duration of the amortization period.
Personal loans without paychecks: financing conditions
Personal loans without paychecks have less favorable financing conditions than those with fixed and demonstrable income, because the higher the risk for a bank, the higher the loan rate. Therefore,
the interest rates of these loans are very high, with a Taeg that can even reach 12 percent. This does not obviously mean that it can be a very useful type of financing in case of urgency and necessity, when you do not have a paycheck to present as a guarantee.
Important: in the media many controversies have emerged in the past about the interest rates of loans without paychecks , in some cases higher than the rate of wear established by Bankitalia, so before requesting a loan without a paycheck it is advisable to check the rate applied from the bank in question. Particular attention must be given to the web, where advertisements of loans without wages and without guarantees , even for high amounts, are wasted. In most cases, these are not only loans with halter conditions, but real scams. So let’s see how to choose the best loans without paychecks .
How to choose the most convenient?
To find a personal loan without a convenient paycheck you have to consider 3 parameters:
- TAN – Nominal Annual Rate: this is the interest rate applied on the loan to be repaid to a credit institution together with the amount disbursed. Personal loans without paychecks usually have a much higher Tan than traditional funding, and therefore the cheaper solution should have a relatively low Tan.
- APR – Global Effective Annual Rate: this is the index of the total costs of the loan, including all the tax burdens and ancillary costs as well as the mere interest rate. Again, banks tend to offer personal loans without a paycheck with high Taeg, so a smaller amount of this index would allow you to deal with convenient financing.
- Insurance policy: mandatory for a bank in order to give the green light to finance, often represents the real thorn in the side, the item that offers the highest costs for a loan recipient without paycheck . Attention to the type of policy: if it is mandatory, as in most cases, its cost will already be included in the Taeg, while if it is presented as optional it will not be part of it, but it is possible that the bank “obliges” the client to subscribe. In the latter case, the cost of insurance must be added to the Taeg.
Alternatives to personal loan: small loan and revolving card
In some cases it may be convenient to find radically alternative solutions to the personal loan without payroll presented up to now. This is the case for example of the small loan, so the banks
they can grant fast loans for very low amounts, which generally do not exceed 3 thousand euros. Even in this case, however, the interest rate can be very high, so it is advisable to apply for small loans without a paycheck only if you do not have other alternatives.
Another alternative is the revolving credit cards, which work in a manner not dissimilar to the classic ones on balance, but
in addition, they offer the possibility of paying in installments . Through the revolving card it is as if the bank granted a small loan to make the purchases, where the installment is a way to repay the interest for the sum used made available.
Loans between individuals
Another possible alternative to loan without paycheck is the loan between privat i, which allows you to have a small sum at an advantageous interest rate . In particular today, thanks to the new digital tools,
it is extremely recommended to lend private loans via the web , to be carried out through special platforms that guarantee both those who grant money and those who receive it on loan, reducing costs and delivery times.
Loans of honor for students and young entrepreneurs
A special form of payday loans are represented by loans of honor , which are essentially aimed at two categories of people, students and young entrepreneurs under 35 . In the first case it is about
loans at subsidized rates provided without guarantees to cover all expenses related to their training . The reimbursement begins only one year after the end of the course of study, in order to allow the beneficiary to find a job to return the amount obtained. .
For those who are an aspiring entrepreneur, unemployed under 35 years of age, the loans of honor for the company represent the ideal financing to cover the costs related to starting a business on their own:
these are loans granted half of the grant, and the other half at subsidized rates . To access the calls, you must present a detailed business plan in addition to the relative documentation that may vary depending on the call for proposals.
If you can not get a loan because your paycheck is already busy with other ongoing loans that absorb 35 to 50 percent of your monthly salary , remember that debt consolidation exists ,
a loan through which all the monthly installments of the various loans in progress can be combined into one lighter and more sustainable installment . Furthermore, in some cases the bank can also grant additional liquidity .