Loans without payroll represent a goal that more and more people are aiming for, especially in these times. The economic situation has changed considerably compared to the past and the banks do not offer loans without concrete guarantees.
What the banks require
Generally, banks try to protect themselves in the event of insolvency. For this reason, various forms of guarantee are required for the provision of a substantial credit. The first fundamental requirement is the presentation of the pay slip (in the case of an employee), of the tax return (in the case of a self-employed worker) or of the pension. What happens if it is not possible to provide the security of a fixed and constant income? Getting a loan becomes difficult.
What to do if you don’t have your pay slip
If you are not in possession of the pay slip, the cud (for freelancers) or the pension slip, other forms of guarantee could be proposed:
- have a guarantor
- a rental property
- a financial income
- a possible maintenance check
- the bills of exchange
Among the most effective solutions, if you have the possibility to use them, is to involve a guarantor. This is a third person who undertakes to pay the installments due in the event of default by the principal debtor. In this case the bank or financial company can request the balance of the loan from both parties and the guarantor cannot refuse. Withdrawing means incurring unpleasant consequences such as foreclosure, intimidation of payment and the like. The presence of a second person lowers the risk factor and facilitates the bank or another institution to grant the loan. An example of a loan with guarantor is the surety, which can be with the benefit of enforcing or separate in solidarity. When it is with the benefit of enforcement, the creditor (the bank) can ask the guarantor for the sum agreed and not paid, but only if the debtor is in the condition of not being able to actually honor the installment. On the contrary, if it is distinct in solidarity, the guarantor is placed on the same level as the debtor and the creditor can retaliate indifferently on any of the two subjects.
Characteristics of the guarantor. The person designated to “cover our backs” must possess certain requisites, ie a solid economic situation: have a fixed and sufficiently strong income, a good employment contract and a good working seniority (in addition to the obvious Italian citizenship). In the event that it does not possess all the necessary characteristics, the loan can be granted in particular situations, such as the request for an inexact amount (below € 15,000). Each condition must therefore be examined individually.
The possession of a property
If you are in possession of a property for rent, some banks could positively assess this “income” and provide credit. In this case it is sufficient to show the rental contract and an account statement showing the regularity of the payment by the tenant. The properties are not evaluated as a first home if you do not have a support income that is also demonstrable.
Have a financial income
Even a financial income could be an alternative. An invested capital that offers an annual return could be a guarantee for financial companies without having to sell it.
A financial income or maintenance allowance can help you get a loan without a paycheck.
It may appear morally unfair, but even a maintenance check appears to be among the alternatives. In this case, a bank statement and the documentation relating to the judge ‘s order must be presented.
Of course, it is good to look for and learn about the lines followed by both banks and finance companies. A good financial consultant could advise on the solutions to be adopted and suggest credit institutions to which to turn. In fact, one of his tasks is to analyze the client’s economic situation and direct the practice towards the bank that offers the best product that is suited to our needs and that gives a greater chance of seeing the practice accepted. On the other hand, every bank adopts an internal policy regarding the provision of financing and knowing it is certainly very useful.
Loans remitted without payroll
A separate paragraph should be dedicated to the so-called loan changes, ie the activation of a loan through the signing of bills. They can be a viable option both for those who do not have a pay slip and for those who have had problems reporting to Crif as a bad payer or protestor. You can also request them online quickly. Usually there is an answer within 24-48 hours. The bank issues bills of exchange that the debtor must pay according to agreed deadlines. In this way both parties are protected. The customer can also access the credit quickly and without guarantee, while the bank can proceed quickly with an executive act of the judge in the event of non-payment. Also to access bills of exchange alternative guarantees could be requested such as the signature of a guarantor or the mortgage on a property. In the case of a guarantor, the latter must have a demonstrable income through cud, pay slip, pension slip or other and not be reported as a bad payer at the central credit register. If no one can act as guarantor, you can opt for the mortgage on a property owned: the credit institution can rely on it through auctioning in the event of non-payment. However, this form of loan is very expensive, so it must be considered as a last resort. The bills of exchange can be delivered to the domicile.
Housewives can get small loans thanks to custom-made products
If you are home?
Housewives fall into those subjects without a demonstrable income, without salary. A small loan may be granted. However, products specifically designed for them have been studied. The housewife can therefore obtain a loan with a modest amount, generally not exceeding 1,500-2,000 euros, through so-called revolving cards. This loan is often used to cover household expenses such as the purchase of furniture and appliances.
If you are a bad payer or a protestor?
If we are added to the list of bad payers due to the lack of secure and reliable guarantees, the situation becomes more complicated. Being reported is much easier than you think. It is sufficient not to pay an installment of a mortgage or other loan or to have paid utility bills or have it late.
In this case it is even more difficult to obtain a loan because the credit institutions want to avoid risky clients. In a similar situation, loans with bills of exchange can be used. However, even in this case it is advisable to rely on a financial consultant who analyzes the particular condition and finds the best way forward. However, before signing any contract and ending up with excessively expensive products, it is a good idea to see if there are concessions or conventions in your region, your province or your municipality.
The temporary worker has a very particular position. Requesting a loan involves several limitations.
For temporary workers?
Fixed-term workers are in a special position because their paycheck is tied to the contract and consequently income is limited in time. The loans in this case have two characteristics:
- they are bound to the duration of the contract
- do not exceed five thousand euros
The interest rates applied can be really convenient and there are no costs related to the preliminary investigation and administrative fees. If there are large amounts and a considerable duration, the figure of the guarantor is required.
Personal loans without payroll: interest rate and average amount
Banks have greater risks in the case of loans without payroll. The insolvency rate is higher. For this reason, the required interest rate will be higher (even above 15%) compared to a loan with guarantees. We must therefore pay close attention to the TAEN and the APR. This type of loan is part of what are termed “flexible loans” and is designed to meet those who enter into the contract without having adequate guarantees. To understand if the interest rate falls within the limits and do not result in usury it is good practice to view the tables of the Bank of Italy here and analyze the conditions applied by the credit institution so that they are not illegal.
All credit institutions fear the customer’s economic failure. The risk is the reporting of bank suffering
Why do banks fear protesters and bad payers?
Getting a loan for someone who turns out to be a bad payer or a protest is not easy, because the banks fear these kinds of customers. What the credit institutions want to try to avoid is the so-called ” bank suffering “. In summary, it is a report made by the Bank. It is generally done when there is an economic crisis or a state of indebtedness such as to predict or predict a failure. However, it may happen that the banks alert you prematurely when some installments are not paid and immediately start reporting “in distress” to the Central Credit Register of the Bank of Italy and in private power plants (SIC). The consequences are not pleasant because on the one hand the credit is revoked and on the other the customer finds himself having to repay large sums. Another unpleasant repercussion is the domino effect that is created because the “reporting in distress” is visible by all the other banks and this compromises any future relationships. The situation, therefore, is delicate because, if from a high a “difficulty” is not a guarantee of bankruptcy, on the other hand, waiting for the client’s bankruptcy is counterproductive for the institution itself. However, it remains clear that to make a “reporting of bank suffering” it must be in the presence of an economic difficulty that has the character of irreversibility.