Loan without a paycheck is a particular category of funding reserved for all those workers and non-workers who do not receive a fixed salary – so they do not have a paycheck. Some examples of people who can access loans without paychecks are housewives, the unemployed, students, those who work illegally (the so-called “black workers”), young entrepreneurs and self-employed workers. Employees who already have other types of financing that absorb half of their salary can also access this special loan: in this specific case, in fact, it is as if they did not have a paycheck.
It is good to pay attention to a fundamental point: not having a paycheck, or not receiving a fixed income, does not mean that this loan is paid without the request for any guarantee. They, in fact, are simply sought elsewhere: they speak therefore of alternative guarantees and must possess their specific solidity in such a way as to provide adequate assurances to those who are preparing to disburse the loan. An example of a so-called alternative guarantee is the figure of the guarantor who, through the practice of a surety – or a personal guarantee that is aimed at protecting the creditor from the risk of insolvency of a debtor – expands in person and intervenes with his assets to cover the debt if the contractor can not meet the installments.
Usually, for loans that are not excessively high – € 5,000, even if many credit institutions raise the ceiling to € 10,000 – the guarantor and the guarantee formula are sufficient; in the event that a larger loan is required, the level of guarantees required increases considerably, until reaching the mortgage on one’s home.
How to get a loan without a paycheck
To obtain a loan without paychecks, it is necessary to comply with certain conditions that – at least in general terms – with very few changes in the details are valid everywhere, irrespective of the particular credit institution or the specific financial company to which it is addressed. Here are these characteristics :
- age between 18 and 70 or 75 years at most;
- be resident in Italy;
- have a guarantor accepting the practice of a surety or having immovable property to offer as collateral, such as an apartment or a property;
- to have creditworthiness, that is, not to be on the list of bad payers or on the lists of protested persons;
- have a current account: even if this is an optional requirement, however it is seen as a guarantee.
Before entering into any type of contract, it is advisable to carry out preliminary research in order to obtain as much information as possible. It would be better to ask what are the economic conditions applied, what are the interest rates and the costs of the loan, how the installment can be divided and even if there is some form of insurance coverage that can intervene in case the debtor can not cope to their own expenses. The supplementary insurance policy is optional, but it is a clause required by many credit institutions, especially when a loan is granted to a person who does not hold a fixed paycheck.
Loans Without Pay Bag
Once you have made the choice of the credit institution or financial company to apply for this loan, at the time of the request it is good to have the following documents with you: valid identity document, tax code and documentation related to the own employment position (for example, proof of unemployment, layoffs and so on). Once the loan has been obtained, by law there are 14 days to withdraw from the contract, to return the money credited no later than one month and not to meet the obligations set out in the amortization plan. There is no need to motivate the choice, nor is it necessary to do so.
What are the best
If, by hypothesis, you need a personal loan of 2000 euros, here are the three best options available:
- Younited Credit. The name of the product offered is “Personal Loan”, the fixed TAN is 4.89% and the APR is 8.46%. The loan is repayable in 60 months and the final amount due, including all ancillary costs and various costs, is € 2,258. The monthly payment proposed is € 37.64;
- Santander. The name of the product, also in this case, is “Personal Loan”, the fixed TAN is 9.15% and the APR is 9.58%. The amount due amounts to € 2,502 and is payable in sixty monthly installments, each of € 41.66;
- Findomestic. With the product “Your projects” you access a loan whose fixed TAN is 9.45% and the taeg 9.87%. In sixty months, therefore, it will come to repay a due sum of € 20517 with monthly installments of € 41.95.
A last available alternative, if you want to get a loan without a paycheck, is to rely on Roa Bank. It is not a bank in the strict sense of the term, it is more a credit institution that grants loans even to those who do not have a certain source of income. The only conditions that are set to access the loan are the opening of a current account at Roa Bank before starting the loan application and the punctuality in the payment of installments. Roa Bank could be one of the few solutions available for those who do not have particular and solid guarantees to offer in exchange for obtaining a loan: it is a credit institution that, in fact, also grants loans on trust.