What are Loans Without Payroll?
The loans without payroll are those that you can obtain without having to contribute a payroll for your concession. Your amount may vary from one credit company to another. However, other regular income is needed to support the financing.
Loans without payroll in detail
Loans are amounts that an entity leaves you in exchange for returning them with interest, which vary according to the lender or the bank that gives you the loan. In the case of loans without payroll it is not necessary to have a job as a salaried employee to apply for them.
However, you still need to have some regular income and provide data to prove it. This income can come from your activity as self-employed or entrepreneur, a benefit for unemployment, that you have been awarded a scholarship, etc. Normally, these types of people are the ones who have the most problems when it comes to getting a loan. Nowadays it is no longer a problem with loans of these characteristics.
The operation and objectives
In general, this type of loans are granted by lenders that do not hold the classification of banking entities. In recent times, it has been frequent that, in addition, this type of initiative works online . So the speed of the process is much greater, since they are much less data that you have to contribute and that most of the time you do not need to justify what you are going to spend that amount of money.
A payroll is not a guarantee of payment of a personal loan. Therefore, many entities are considering another set of factors to make the decision to finance more applicants; mainly because, although they are often personal or for occasional economic hardships, at other times they are used to finance labor projects that will generate a salary for the applicant.
Loans without payroll are usually requested easily, quickly and very conveniently, since many times you do not have to leave home to do so. In turn, you can choose the term in which you want to return them, although the interest rates may change according to that term. Normally, the cap for the return to expire is in 36 months, but sometimes there could be more.
Nothing should stop a person’s personal or professional goals. So a loan without a payroll is suitable for all kinds of people who have a regular income and sufficient solvency, despite not having a payroll. In addition, thanks to this factor, it is not necessary to support the bureaucracy that would involve requesting it from a traditional bank.
Just like working with these entities, you will always know how much the loan costs, as well as the expiration of your installments. Well, in the same way as in traditional loans, everything will be detailed in the contract.
What are the requirements to get this type of loans?
Loans without payroll usually have less requirements for their concession than those of traditional banks. Generally, you only need to be of legal age, prove your residence in Spain (that is, present your ID), have a phone number and an email, and, in turn, have a bank account in which to receive the money .
About alternative income
As we mentioned before, it is necessary that you have a periodic income. Your alternative income should be regular, apart from enough so that in the future you can face the repayment of the loan. The advantage is that, as the name implies, it does not have to be through the intermediation of a payroll, but it can come from many other diverse sources.
That is, for example, the income tax declaration and the VAT for self-employed workers would be completely valid alternative income when it comes to being able to request and obtain your loan without a payroll. Also, as we have mentioned, an income would be enough for being unemployed, a pension or a scholarship.
Do you have doubts about the credits without payroll?
Non-payroll loans are also subject to compliance with the Organic Law on Data Protection (LOPD), so that the data you provide during their collection will be protected, as established by law.
If you want to know when a loan without a payroll is not reliable, you must make sure that, in the first place, the financial institution does not ask you to enter a previous amount in a bank account. You can not request money before you have granted the loan that you will enjoy.
You also must not accept being asked about your credit card information or other information that will compromise the money in your account. It is one thing to indicate the account in which you are going to deposit the money and another to offer data that a person with bad intentions could use to access this account.
Apart from what we have just indicated, we recommend that you always read all the clauses that the contract has to sign with the financial institution. Including, above all, the fine print of that contract. So you will always be totally sure of what you are committing to with a serious company that will not leave you lying.
Finally, keep in mind that, since the risk of default is greater by not requesting a payroll, the interest rates may be a little higher. Make sure you know them and accept them just in case you are not going to compromise your financial stability. Beyond these simple warnings there is no reason why you should not trust this kind of entity. Applying for a loan without a payroll is completely safe.
Can you apply for loans without a payroll while at Financial Credit Institutions?
Financial Credit Institutions is one of the most prestigious delinquent listings. The traditional banks show rejection towards the people that are in this list or in some similar one. The requirements are usually quite strict, and one of them is to know the level of solvency of the potential client.
The reason is the fear they have to lose the investment made. However, non-payroll loans require other types of less rigid guarantees than traditional banks. In this sense, one of the advantages of these products is that they are granted despite appearing in Financial Credit Institutions.
Lenders that do not impose a payroll to apply for a loan usually assess your solvency based on a large number of factors. Like traditional banks, they also check if you are in Financial Credit Institutions or another list of defaulters. However, it is not a determining factor.
What is taken into account to assess your solvency is your complete financial history, along with many other factors. The entities are concerned to have a complete vision of what are the personal circumstances that you have in your life at that moment and how you have reached that point, economically speaking. Therefore, your level of regular income and your personal conditions, that is, if you are an entrepreneur, student or pensioner, are determining factors to be taken into account.
Advantages and disadvantages of applying for credits without payroll
Credits without payroll have many advantages. The first one is that you can get immediate liquidity. In a very short period of time you can get solvency to deal with contingencies and urgent payments. They are a very valid solution for those contingencies that arise at the last moment and that have an inevitable character.
However, this benefit can also be seen as a disadvantage, if you bear in mind that the repayment periods are much shorter and that the interest rates are higher. In some way, entities must assume the risk of existing default when granting loans to people who have an alternative economic condition.
Another advantage is that, with this system, there are many entities that offer you the opportunity to have a loan despite being on a list of defaulters as Financial Credit Institutions. That way, you can once again enjoy a financial flow, and restore your life and economic stability. Even so, you should consider that if you do not request them responsibly, this could turn against you.
Loans without payroll can give you the opportunity to leave delinquent lists, but do not request more than you can assume or assume interest that you can not pay. In this way you could seriously compromise your pocket, so we recommend you use them with common sense.
On the other hand, you can have the money in terms that usually do not exceed 48 hours. In turn, if you deliver the documentation that you request the answer to your request is also quite immediate. In spite of having to present such documentation, this is much less than in the case of traditional bank loans and, in addition, you do not have to justify the cause of your financial request.
Nowadays it is very easy to process a loan without payroll quickly. You can find the one that best suits your needs using our comparator. Only in our country there are more than 50 entities that offer you loans without payroll despite being on delinquent lists.