How to get a loan without a paycheck in 2018
In recent years, banks and financial institutions have tightened the criteria to be met in order to obtain payday loans. Among the main requirements to be met is the presence of demonstrable income, usually represented by a paycheck. However, in the current market there are still several payday loan offers for those who do not have a paycheck.
These are the so-called loans without paychecks, lines of credit dedicated to those who cannot count on a fixed income. Not to be confused with loans without income, these products allow you to obtain money even for those who do not have a fixed salary, but still provide for the presence of income or alternative guarantees.
Given their characteristics, loans without paychecks are aimed at a wide range of beneficiaries. In fact, many subjects can apply for these loans, from housewives to self-employed workers. But let’s see in detail what are the characteristics of payday loans for those who do not have a paycheck and the guarantees to be presented.
Amounts and conditions of financing without paycheck
As regards amounts and duration, loans without paychecks usually involve the granting of relatively low sums to an audience with poor guarantees. In principle, in fact, it does not exceed 5 thousand USD. The same goes for the repayment plan, which typically ranges from 24 to 60 months.
However, loans granted to self-employed workers are an exception. In this case, in fact, banks and financial institutions are willing to grant even large sums. Provided, however, that the applicant can count on a tax return in line with the financing he wishes to obtain. In most cases it is necessary to be in business for more than a year and to submit the previous tax return.
Speaking of interest rates, these are generally higher than those applied to loans granted to employees. The reason is due to the greater risk of insolvency. In fact, those who are not in possession of a fixed income are usually associated with a high risk profile, due to the absence of a fixed income.
The guarantees to be presented
But what are the guarantees to be presented? The chapter of guarantees is undoubtedly the most delicate when it comes to payday loans for those who do not have a paycheck. As already mentioned, those who are not in possession of an income must resort to alternative guarantees.
These guarantees can be of various kinds. They range from signing a guarantor to taking out a mortgage on the home. In the case in which to request the financing is a subject reported as bad payer it is frequent that the bank or financial which requests the change of installments. Transaction through which each repayment installment corresponds to a predated promissory note.