How to get finance without a paycheck 2017
Are there loans for those who do not have a paycheck? The answer is yes. Due to the crisis of these years, the need to apply for loans even from those who do not have a job is increasingly widespread and credit institutions have now accepted this situation.
In the list of loans for those who do not have a paycheck we find loans without a paycheck, loans dedicated to those who do not have a demonstrable fixed salary. These are lines of credit that usually allow relatively low amounts (at most 5 thousand USD) to be repaid with amortization plans in monthly installments.
Who are they for?
All those who do not have a demonstrable fixed income can obtain personal loans without a paycheck, including:
- Housewives ;
- Black workers;
- Self-employed workers.
In some cases, those who have an employee contract can also choose to use loans for those who do not have a paycheck. However, this is a practice usually used only by those who have already committed part of the paycheck, through one or more loans.
This is because if you have loans in progress whose installments absorb a salary share of between 35% and 50% it is like not having a paycheck. In these cases, therefore, it is advisable to resort to alternative guarantees.
Talking about loans for those who do not have a paycheck does not mean having the opportunity to access credit without presenting guarantees. The fact that a personal loan is granted even in the absence of the paycheck does not mean that the bank will grant the loan without any guarantee.
To obtain credit from banks and financial companies, guarantees are always required, which can be of an income nature or fall into the category of so-called real guarantees. The latter include lien and mortgage rights on the applicant’s movable or immovable property.
But let’s go in order and see what are the most accepted guarantees for granting a personal loan without a paycheck.
If the applicant is self-employed
If a self-employed worker is applying for the loan and therefore does not have a paycheck, access to credit is fairly simple. in fact, many banks and financial institutions also provide personal loans to those who are self-employed and freelancers.
In addition to an identity card and tax code, the documents certifying the income must be presented when applying (Single Model of the past year and if possible also of the two previous years). Then the bank will evaluate the request and decide whether to grant the loan or not.
The evaluation of the request is carried out taking into account various factors, including the amount of income, the sum requested and the credit history of the worker.
Even in the presence of a high income, in fact, it will be difficult to obtain a loan if the applicant is reported in the knowledge company databases as bad payer or foreclosure. This is because banks and financial companies do not feel protected enough because they cannot resort to the assignment of a fifth of their salary.
Loans with guarantor
The question is different for those who cannot claim any work income. In these cases the best solution is to request the signature of a guarantor. This is a third party who undertakes to pay the installments of the loan in place of the beneficiary, if this is not able to meet the set deadlines.
In order for the loan application to be accepted, it is essential that the person who acts as guarantor has a good credit rating. It must therefore not be reported in the knowledge company databases as protested or bad payer and must not have suffered foreclosures.
Obviously, the presence of demonstrable fixed income is also required, preferably deriving from a permanent employment contract or from a pension. Alternatively, it is possible for the guarantor to make available to the bank any property owned, on which a mortgage will be opened.
Since they are not guaranteed by demonstrable fixed income, loans for those who do not have a paycheck have higher interest rates than those applied to loans granted to those with an employee contract. In fact, banks tend to protect themselves against higher risk by applying higher rates.
Since these are personal loans, the Tan applied to these loans is normally fixed. The Taeg (for the conditions we have seen) tends to be quite high and can even exceed 10%.
In any case, we remind you that before taking out a personal loan it is advisable to make sure that the rate applied does not exceed the usury rate periodically fixed by the Bank of Italy. To find out the extent of the usury rate, you can consult the official Best Bank website.
The offer of Astro Finance
Loans for those without paychecks also include products made available by specific financial companies. Products especially dedicated to those who, despite not having a paycheck, can boast a work income, that is, freelancers, entrepreneurs and atypical workers.
Among the credit institutions that grant loans for those who do not have a paycheck, we find for example Astro Finance which proposes Capital Lender. This flexible loan is characterized by the possibility of requesting a figure between 2,750 and 30,000 $.
Against the regular payment of at least 3 installments, it is possible to make use of ancillary options, such as the temporary freezing of payments in the event of economic difficulties and the change in the monthly installment.
Talking about loans for those who don’t have a paycheck implies a necessary analysis of the Capital Lender loan. To understand how it works, let’s do a short simulation, assuming the request for $ 3,000. In this case, the beneficiary would pay a monthly installment of $ 258.06 (amortization plan of 12 months). The example in question also provides fixed TAN and variable APR equal to 5.90% and 6.07% respectively.
Presentation of the application
How can I apply for this loan ? To do this, simply proceed on the official website of the financial, all this thanks to the digital signature, which has the same value as the paper one. As regards the requirements, it should be remembered that the loan is accessible to subjects aged between 18 and 75 and that it can be requested by presenting an identity card, tax code and income document.
In this regard, we remind you that, in the absence of a paycheck, it is possible to refer to an old CUD or to the UNIQUE model in the case of a freelancer.
Loans with promissory notes 2017
As already mentioned, loans for those without a paycheck include different types of access to credit. Among the most common, it is possible to mention the promised loans, loans which, as is clear from the name, are based on the payment of promissory notes within a certain expiration date established when signing the contract.
Loans for those who do not have a paycheck see loans changed as one of the main alternatives for accessing credit. It is fundamental to remember that to request them, it is also necessary to consider some alternative guarantees which, in the case we are analyzing, provide for the presentation of a life insurance policy which has been open for at least two years or the choice to request the intervention of a guarantor.
Loans exchanged have a fixed rate for the entire duration of the loan and, in the event of insolvency, provide for the possibility that the institution that issued the executive securities will take advantage of the assets of the holder of the loan contract.
Why choose them: pros and cons
In general, the changed loans are considered the last resort for those looking for a loan. Usually to apply for this form of loan are bad payers and protests who have been refused any other access to credit solution.
The main advantage of loans with bills of exchange is the fact that the sum requested is granted in a very short time. In the event that the applicant has difficulty meeting the deadlines set for the amortization installments, it is also possible to ask the bank to refinance a bill of exchange, thus obtaining a flexible repayment plan.
However, several downsides should also be considered, including an interest rate normally much higher than that expected for traditional personal loans. Added to this is the fact that, as mentioned above, the use of bills allows the bank to request the immediate attachment of the guarantor’s assets in the event of insolvency.