Loans without payroll and guarantor: difficult but not impossible
September 21, 2019
Is it possible to obtain a personal loan without a pay slip and without a guarantor? Who can apply for a loan?
Being able to obtain a loan without a pay slip and without alternatives or other forms of guarantee can be a very difficult undertaking, but not always impossible. There are various ways to go, which are also influenced by the applicant and the reason for which the financing is requested.
With or without payroll: differences
The pay slip is the clearest demonstration that a person has the economic capacity to repay a loan, while the guarantor is a fairly solid ‘guarantee’, so it is usually difficult for a bank to be willing to give up both. However, there are solutions that can meet those who are not in possession of either one or the other.
However, it must be specified that the absence of a pay slip does not necessarily constitute a serious deficiency for the purpose of requesting a loan, as it is sufficient to demonstrate different incomes such as those received by self-employed persons and professionals, but also by those who have different sources of income ( for example related to rents, annuities, etc.), provided they are demonstrable.
This does not mean that there are small tricks that allow you to overcome existing obstacles and still be able to get the sum you need. Let’s see them below.
1 – Take advantage of loans guaranteed by institutions
This organization (and the related site) offers information on:
- the existence and promotion of microfinance allocated and promoted by the EU;
- micro-credit initiatives intended to support economic and social development in Italy.
These types of financing are fully included in loans without payroll and without guarantor because they are granted to those who want loans for starting a business. The concession takes place with different methods of request depending on what the various regulations that accompany the allocation of the guarantee funds indicate. In most cases, however, the concession takes place through the intervention of affiliated banks.
Loans suitable for those without income or salary
The absence of a pay slip in most cases affects students in need of loans, who often do not want or cannot involve their family members to get a loan. For some years the banks have entered into agreements with the universities, adopting the formula of the loan of honor for the best students (those considered “deserving” because they are able to reach the minimum requisites required). These are sometimes generous sums, with repayment plans ranging from 6 to 36 months.
For those who do not live the particular status of a student, when there is no income to prove, all that remains is to try the loan loan or pledge loan. In both cases, these are loan agreements freely negotiated between the bank branch to which one refers, and the fulcrum of the loan is based on the type of guarantee offered.
Loans with mortgage on real estate
Sometimes loans are considered as an alternative if they have real estate as collateral, however they are very particular solutions that do not consider buildings that are also valid as the first home, if a demonstrable income is not even supported.
The situation changes in the case of real estate assets of different types, as the economic income could also be guaranteed by the return on rents, even if only at the potential moment.
Loans without double signature (second signature) for workers with permanent contracts
A particular situation for the request for financing is represented by temporary workers: they have a pay slip, but the income guarantee is limited in time.
Precisely because of this nature, this category of users is granted loans tied to the duration of the employment contract. Furthermore the amounts disbursed usually do not exceed 5,000 USD (details: Loans 5000 USD ), but to know exactly the amounts it is best to inquire directly and get personalized estimates. These can also be requested online in the case of companies such as Agos, or by making an appointment at the agency as for other credit institutions including Cleopar, OneCash, etc.).
As far as the cost of the loan is concerned, on the other hand, the rates applied may be more or less convenient: as a matter of fact, in fact, it may not be possible to envisage any expenses relating to the preliminary investigation and administration.
The figure of the guarantor is normally required only in the case of high loan amounts and duration.
Financing for bad payers and protested without double signature and guarantees
If the applicant has these characters at the same time he will be able to obtain a loan by using the loan with a bill of exchange : in fact in this way the finance company or the granting bank can easily refer to him in the event of non-payment of bills.
It is very important to carefully evaluate the cost of the loan: given the particular condition of the client, on some occasions the counterparty will be able to apply higher than normal rates.
Small loans without payroll and guarantor
Finally, it is possible to try to obtain a ‘mini loan’, or a loan with a limited amount. By opting for some specific solutions, which can be granted without a pay slip and without a guarantor, you are also faced with fairly rapid preliminary investigation times. Generally, these loans have the condition that the applicant (or guarantor) has a demonstrable income (classified as “different income”) and are in any case subject to evaluation through a preliminary investigation. In this panorama we can for example find:
Mini loan with Postepay Evolution
This loan offered by Poste Italiane allows you to obtain up to $ 3,000 credited to Postepay Evolution, which will also be charged for monthly installments to be paid. The duration of the amortization plan is fixed and is 22 months. It is granted to both employees and self-employed workers or holders of different incomes. In the first case it is necessary to have resided in Italy for at least 12 months to apply, while in the second case a residency of at least 36 months is required. The request is made directly at the post office.
In this case we are talking about a revolving credit line, with a maximum amount of 1500 USD. The request must be made in the agency and is eventually granted in the event of a positive outcome of an investigation, for which certified income documentation must be presented (demonstrable income but also without pay). The installment has a fixed amount of 50 or 100 USD.