The salary statement is one of the most important criteria for many banks when it comes to granting a loan. Wages and salaries are attachable and are therefore considered collateral for a loan. Those in urgent need of money and applying for a loan without payroll are therefore rejected by many financial institutions. In some cases, however, loans can also be requested without own collateral.
Anyone applying for a loan without payroll must appoint a guarantor
Often, these loan requests are short-term loans with maturities of one to two years. Some banks also approve such small loans even without salary if a solvent guarantor stands behind the borrower. However, these loans are also more expensive than normal small loans, since so-called avalage fees incurred. These fees are calculated on a flat-rate basis and vary from bank to bank. However, depending on the amount of the loan and the term, the guarantor should also consider that, depending on the type of guarantee, it is liable until the loan is fully paid and limits itself to its own credit rating.
Peer-to-peer networks provide personal loans
Those who can not provide proof of salary do not necessarily have to be unemployed. Many self-employed also often do not get loans from banks, because they can not prove their salary or have fluctuating income. Anyone who requires a loan without a pay slip can therefore apply for a personal loan on an internet portal. Private investors support the various projects of the applicants with their private capital.
Since the investors decide for themselves whom they make their money available and the requested loan from a pool is provided, it can take some time, until the sum is financed. The more detailed and detailed the details of the borrower, the faster the financing of the project is possible. Since the amount of interest is also determined by the borrower, the exact repayment amount can be calculated quickly and easily.
Even a trade credit can often be applied for without payroll
Many retailers and department stores offer commercial loans that are financed through in-house or external banks. In many cases, these lending transactions only require information about the monthly income. If the credit rating is sufficient and no negative entries are noted in the private credit information, a loan without payroll can be approved.