Anyone who believes that a loan that does not require proof of wages is a no-income loan that is wrong. Proof of income with proof of wages is actually the easiest way to prove the repayment of the loan. Nevertheless, proof of wages is not the only valid proof of income.
In this way, retirement income can be checked using the pension notification. Another option is to present the employment contract and the bank statements from which the bank can read the income. A self-employed person, an entrepreneur or a freelancer often have difficulties in proving their income. Submitting the BWA would be one way of applying for a loan. Since the requirements for this proof of income are very high, the easier option is the income tax assessment, which serves as proof of wages.
A credit without proof of wages can also be obtained from the house bank. Especially when the company is known there and collateral such as property, gold, etc. has also been deposited. The creditworthiness increases enormously, if the Credit Bureau is ok, a loan without proof of wages is easily issued
The loan without proof of wages and the guarantee
To get a loan without proof of wages offers the possibility to call a guarantor. A guarantor can be sought in the family or acquaintances. It represents the credit protection, because with its guarantee it commits itself to be responsible for the debt seeker’s debts. Since a guarantee is not without risk, the guarantor should take time to consider it. Banks usually require a joint and several guarantee, in which the guarantor is liable as if he were the borrower. The statement of the actual borrower is enough that he cannot pay the installments and the guarantor is already held responsible.
The debtor’s insolvency need not be ascertained in court. The lender has practically two debtors with a guarantee, with the borrower being considered the main debtor. In addition, the bank is not obliged to inform a guarantor about the risk of a guarantee. Even if the borrower has an excellent credit rating, the risk remains for the guarantor. Since the guarantee can cause financial ruin, it should never be taken lightly.
If you want to secure yourself with the guarantee, you should make demands on the borrower. Full control over the credit situation is advisable, even better if the borrower pays directly to the guarantor. This way, the guarantor has an immediate overview when a rate has not been paid and can take countermeasures. Of course, the guarantor must have sufficient income and a clean Credit Bureau.
Loan without proof of wages and the alternatives
In addition to the guarantee, there are other loan safeguards that a loan seeker could fulfill. If he owns a property or a property, for example, he can offer that as a pledge. Life insurance that has been paid into for years or other savings contracts that are fixed, antiques or gold can also be recognized as credit protection. If the applicant has been known to his house bank for years and knows how much income is received each month, formal proof of wages is often dispensed with.
A dealer can also give a loan without proof of wages. In this case, no cash is lent, but certain goods are given. This can be in the furniture trade or in the electronics industry. It is not uncommon for the o% financing to apply, making this type of financing cheaper than a loan. The disadvantage is that the loan can only be used for a specific item. The advantage of a dealer loan is that, as a rule, no proof of wages is required. The loan amount is the price of the goods. In this case, the credit is secured through the purchased goods. It remains the property of the dealer until it is paid for.
Loans from private
People who need a loan without proof of wages can find the solution in a personal loan. Income must be named for these loans, but it is not necessary to provide proof of wages. The personal loan is still relatively new on the financial market. There are platforms that the loan seeker can find on the Internet and with a meaningful profile with these providers can set their loan request. There are two or three major providers that broker personal loans. When registering, the same data must be entered as for a normal online loan.
Above all, the income situation is important because the values are used to calculate the credit rating and the investors can use it. The peculiarity of a private loan is that several lenders simultaneously bid on the loan seeker of the loan seeker. You can imagine it like an auction. Even if that sounds a bit complicated, a loan seeker can benefit from the risk diversification of investors. The credit also scores with favorable terms and easy applications.