Do you need extra money but all banks require a payroll as a requirement for obtaining a financial loan? Today, there are entities that grant this type of financing without the need to provide this document. Let’s review in this BillCare guide everything you need to know. One of the most important requirements at the time of requesting money from a bank is the presentation of a payroll, as this ensures in a certain way the repayment of the loan within the agreed term.
However, there are people who, having enough income in their account, can not present this document and obtaining a loan is practically impossible.
Luckily, at present, banks have created a type of product specially designed for these customers. It’s about loans without payroll.
1. What are non-payroll loans?
As we have stated at the beginning of this guide, non-payroll loans are a type of loan that allows you to obtain some financing without having to submit a payroll as a requirement.
Generally, this type of loan does not require having a guarantee or presenting a material guarantee such as a house, a car or another.
Loans without payroll can be of two types:
- Minicréditos without payroll and without endorsement : with this type of loans you will be able to obtain small amounts of money. They are aimed at those people who require a small sum to cover an unforeseen event or need.
- Loans without payroll: these are personal loans that grant you larger amounts of money. They are oriented to those people who need financing for the purchase of a car, the realization of a trip or the reform of the housing.
2. What are the requirements to apply for a loan without a payroll?
Although each financial institution establishes its own conditions when it comes to setting the requirements for applying for a loan without a payroll , the truth is that all of them usually request practically the same elements.
Among the most important are:
- Be of age.
- Reside in Spain permanently.
- Be the holder of a bank account.
- Have regular income.
Remember that although all these requirements are mandatory, the most important thing will be to show that you have the minimum income to face your debt.
Faced with this, it is important that you know that it will not be enough to have a large sum of money in your account and have one or the other income sporadically.
On the contrary, since you will not credit your financial situation through a payroll, the bank will require periodic income and that can be justified.
In this sense, you can present the declaration of income, VAT, pension statement or unemployment benefit.
In turn, remember that this income should be enough to ensure the monthly repayment of the loan.
3. To whom are loans without payroll oriented?
Although they do not require a guarantee or a payroll to be granted, this type of loan may not be suitable for all those interested in obtaining financing for their projects.
In effect, and due to their characteristics and demands, loans without payroll would be aimed at the following groups:
- Owners who rent their properties
- Unemployed with regular income (benefits)
4. What are the advantages of non-payroll loans?
Although, we all know that the main advantage of this type of loans is that they do not require a payroll within the requirements for hiring , the truth is that there are other benefits that you should know:
Loans without payroll are a type of banking product of easy and fast processing, so you can have the money in just a few minutes, especially when the amount does not exceed 1000 euros.
When the amount requested exceeds this amount, the terms for granting the money may take a little longer, but the times will always be shorter than when contracting a traditional loan.
Loans without payroll are managed from start to finish on the Internet through the web pages of each bank.
Some loans without payroll accept extensions
In case you can not return the money in the agreed fees at the beginning of the contract, some banks offer the possibility of extending the term during the time you need to fix your situation.