Loans without paychecks are solutions that financial companies provide to those who are not guaranteed an employment contract.
Attention to the fact that with the term “without paycheck” we refer to those who still have a documented entry (therefore freelancers and self-employed, for example) not to those who have no work (in this case we are talking more about loans for unemployed, speech that deserves a separate discussion).
Loans without paychecks, what guarantees are required?
The type and number of guarantees required usually vary according to the amounts that are requested, bearing in mind that the higher they are, the higher the guarantees that need to be provided (financial companies granting loans without paychecks even up to 30,000 dollars).
The unique model
It is the first and strongest guarantee that is requested from an independent and a freelancer.
In fact, the single model shows the annual profit that a person has and from it you can start to calculate the final amount of the loan that can be obtained. Not surprisingly, in fact, the 740 is one of the fundamental documents to be presented to obtain a loan.
The title deed is usually the first guarantee to be provided. Being the executive securities with which a financial company can easily repossess the lent amounts in the event of non-payment of the monthly installments, it is referred to as exchanged loans. The advantage of this type of loan is that it is also often granted to self-employed and freelancers who have had financial difficulties in the past and have been registered in the register of bad payers (we speak, specifically, of loans changed to bad payers ).
- loans to self-employed bad payers
- loans changed for bad self-employed payers
Personal guarantee (guarantee)
Other guarantees that may be requested, also depending on the sum requested, may be guarantees, or personal guarantees, with which a third person guarantees for the main debtor in the event of insolvency.
In this case it is essential that the guarantor has not had credit problems in the past, has not been reported as a bad payer or as a protested, and that he has a stable job (an open-ended employment contract is usually required).
Collateral, rent and mortgage
Lenders usually also accept other guarantees, such as “real” ones. This term refers, for example, to the rental of a home (the rent generates a documented monthly income) or a mortgage on a property.
To find out exactly what type of collateral is accepted, you should ask directly from the financial or bank.
The pledge for small loans
Another guarantee that can be provided is that of pledging a valuable object that you own at a special agency (also known as Monte di Pietà).
In this case the object is evaluated independently and, if it is accepted as collateral, it allows you to receive almost the corresponding sum of money on loan (usually the loan amount is lower than the real one of the asset).The pledge is an excellent solution for temporary and unexpected needs of small amounts of money to be returned usually within a few months. From the moment in which the repayment of the loan is made, the asset is returned. If, on the other hand, the loan is not repaid, the asset itself goes to the auction. For further information, please visit our pledged loan page.
What if I have no guarantee (separate model only)?
Without prejudice to having a job and presenting the unique model among the documents to be attached to the loan application, being unable to provide any other guarantee makes the loan application more complex.
There are two solutions: small loans or loans between private individuals.
As the name implies, they are loans granted for small amounts, usually in the order of 1,000 or 2,000 dollars. Since the amount of money is minimal, the risks for the bank are more limited.
But you have to be prepared to pay higher than average interest rates, so the advice is to ask for these small loans without guarantees only in case you really need them.
Loans between individuals
It is the case in which the loan takes place between two people, one giving money to the other for a certain interest rate. In legal hands, this is possible by making use of specific private loan platforms, such as Smartika, which are responsible for matching supply and demand. The advantage over the classic loan is that cheaper rates and easier access to credit can be found.