Unpaid loans are a good financing option for those who, not having a regular income or not being salaried, have a specific need for money they need to cover.
Although this financial product is safe, it is best not to abuse it. It can be a great solution to get out of an economic hurry, but in no case should it become your usual source of financing.
The importance of payroll to obtain a loan
When you ask for money from a bank or credit institution it is logical that this requires some guarantee. That is, something that assures you that you are in a position to be able to return what you want to borrow from you.
Although there are many sources from which you can obtain income (retirement pension, disability benefit, widow’s pension, etc.), the most common guarantee that must be presented is the payroll. This document certifies that you are currently working and that a company or a public Administration pays you a salary.
In the payroll there is very interesting information. Observing it, we can not only know what a person charges, but also for what company they work and what type of contract they have.
It is usually thought that the bank only examines the amount charged by the subject who is asking for the credit, but in reality it is not like that. The bank also pays attention to these other data to which we have just referred.
So, if you have a payroll but the company for which you work is going through solvency problems or your contract is temporary, you may find yourself with some difficulty to access the money you need.
As for the amount of salary, this figure is of interest to the entity to which you request the money to get an idea about if you really will be able to cope with the refund.
If you go to a bank to finance yourself, submit a payroll or, failing that, another document proving that you have regular income will be absolutely necessary.
But the fact that you have a high salary does not guarantee anything either. The entities do a solvency check and will analyze all the loans that are pending. Through the Risk Information Center (CIRBE) they are informed about the amount of money you owe. This does not mean that you are delinquent, much less, if you owe more than € 9,000 and figures in this register, even if you are paying in time and form all fees.
These data help the bank to know your level of indebtedness. Hence, this file is essential to decide whether or not you lend what you need.
Can loans be obtained without a payroll?
All that we have just pointed out is the procedure followed when asking for money from a bank.
What happens is that there are so many obstacles and the process can become so long that many people decide to resort to alternative means of financing. The most common are entities specialized in quick loans.
One of its peculiarities is that if the amount of money requested is not very high it does not matter that the client does not have a payroll, since it is understood that due to the low amount of the loan can be returned without any problem.
In fact, this type of online quick loans is also a good alternative for those people who, having regular income, do not want to go through the process of borrowing money from a bank. And even for the self-employed, since, logically, these professionals do not have payroll in any case and if they want to ask for money from a bank they have to move a lot of paperwork.
If there is no payroll, should an endorsement be requested?
The use of guarantees in the banking sector is widespread, but unfortunately customers often do not have a concrete idea of how this figure operates.
The guarantor puts his assets as guarantee of the guarantee. This implies that if the guarantor (who has requested the loan) does not return the amount borrowed, the bank may demand payment from the guarantor and even execute their assets.
In recent years we have seen many cases of parents who endorsed their children to obtain a mortgage and in the end they have found that they have lost their savings and even their own home if your child has not returned the money.
If it is a personal loan, usually the thing does not get to be so serious, since the amounts requested are much lower than in the case of a mortgage loan. But even so, the guarantor can get involved in a very unpleasant situation.
The good thing is that in the case of the mini-loans they will not ask for a guarantee of any kind even if you do not have a payroll. If the entity to which you demand the money considers that you are not a solvent person and that there is a risk that you will not repay the loan, it simply will not grant you the loan. So you will not have to ask anyone to do you the favor of endorsement or put at risk the property of other people.
When can you ask for credits without a payroll?
An added advantage of financing through fast online loans is that in no case will they ask you for explanations about the destination you intend to give to the money. You could spend it on paying for a repair of your car, paying off a debt with the electric company or even going on vacation; Nobody is going to care.
Now, if you do not have a regular income or these are very low, you should use this product with a head and caution. Think that the money you request you will have to return it in the short term and also with interest, so it is not convenient for you to borrow too much.
If you do not have a salary or do not receive income on a regular basis, you should limit the use of this financing product to cover basic and peremptory needs. For example, if you are about to cut your light for lack of payment.
Do I pay more for a loan if I do not have a payroll?
No. Your personal situation will not affect the interest you are going to pay. These entities have established the applicable interest rate and it applies equally in all cases.
The mere fact of not having a payroll is not a reason to be discriminated against in any way and be offered a loan with a higher interest than people who are in a different situation. Moreover, that is prohibited by law.
Is there any limit to borrowing money without a payroll?
This will depend on the entity with which you work. The objective of these companies is to facilitate access to financing to people who may have some kind of difficulty if they go to traditional channels, and also to those who are not willing to wait several weeks to find out whether or not they get the money they need.
When you go for a quick loan it is because you have a need for money that you must cover quickly. As we have seen before, from Bonsai Finance, as experts in this topic, we recommend that you act with caution and limit both the amounts you request and the times you go to this type of entity.
Most companies in this sector apply limits to prevent their customers from getting too much debt. In some cases the number of loans granted to a person over a year is limited, while in others, what is done is to raise interest from a certain number of loans granted over a certain period, So as to dissuade customers from abusing this funding tool.
Characteristics of quick loans without payroll
- These are microcredits in which the quantities that can be ordered are very limited. Normally, that limit moves between € 300 and € 1,000.
- Since the amount borrowed is small, the return period is also small. The usual thing is to have to return the money within 30 to 45 days.
- It is a very flexible product. If the amount can not be returned on time, an extension of the period can usually be requested. However, keep in mind that this will mean you pay more interest.
- You do not have to prove at any time the destination that you are going to give to the money.
- The solvency requirements are more lax than those of any bank. No payroll is required, but no guarantees. In some cases, you can even get loans by being enrolled in ASNEF.
- All the processing is carried out online , so it is quite fast.
How do you request a loan without payroll?
There is virtually no difference with the rest of the quick credits. What you have to do is enter the website of the company you want to ask for the money. There you will find all the information related to the loans. We advise you to read everything well and even consult if you have any doubt.
One of the added advantages of this financing service is that from the first moment you will know how much money you have to pay back. If you need for example € 300, the system will show you the amount of applicable interest and will tell you the total cost of the operation, as well as the amount of each of the installments that you will have to pay (if you split the payment and do not opt for returning everything at once).
First of all, make sure you can return the money within the deadline. If so, go ahead with the hiring.
To do the paperwork you will be asked for a documentation, which will normally be:
- National Identity Document or the NIE if you are a foreigner.
- A contact phone number
- The current account number in which you want the deposit to be made.
The sending of all this documentation is done online , which makes the process much faster. You can request the money from anywhere at any time. The usual thing is that you receive an answer about the granting or not of the loan almost immediately.
In case the answer is positive, the money will be paid into your account in a few hours. The deadlines may vary, but the normal thing is that you never take more than 48 hours to receive the amount you have requested.
Do easy and fast loans have risks?
Every financing product carries risks, since there is always the possibility that something happens to you and you can not return the money.
In this case, you must bear in mind that the applicable interest will always be higher than if you go to finance a bank. In addition, the amortization period is usually short.
A good way to avoid getting involved in problems is to make a good analysis of your situation. Do not ask for more money than strictly necessary and keep in mind the interest you are going to have to pay. This will help you decide if you really compensate or not ask for the loan.
Also check if it is possible to extend the return period and the applicable interest rate for delay.
If you do not have a regular income or these are very low, this product can be especially attractive, but if you abuse it you can fall into an over-indebtedness that will put you in serious financial straits.
As you can see, most of the risks associated with a credit without a payroll have a more subjective than objective component. The product itself is safe; In most cases it is the lack of foresight on the part of the client that causes problems to arise. Hence the importance of you think long before asking for credits without payroll and use them only when absolutely necessary. If you act with caution, this means of financing is a good alternative to meet specific and urgent needs of money.