A loan without a pay slip is granted more often than the first appearance suggests. The article reveals more about the requirements, restrictions and credit options without payroll.
Credit without pay slip – requirements
A credit without a pay slip is not necessarily a credit without an income. If there is an income, there is only no pay slip, then the credit market is ready for almost every credit request. Income does not necessarily have to be linked to dependent employment. In most credit institutions’ credit terms, payroll is only listed as one way of proof of income. For example, a particularly sought-after borrower group has given up their jobs long ago. Silver surfers are pensioners who process as much as possible from the loan to the purchase via the Internet.
With a good pension in the background, it’s not only easy to shop online. The senior citizens also have the best prerequisites for uncomplicated lending. Conscious of their solvent role, the generation of Silver Surfer uses the loan comparison to secure the cheapest interest. There could only be difficulties with the age limit.
In addition to the pensions, other types of income also offer the best conditions for credit approval. For example, property owners do not necessarily apply for their loan by presenting a paycheck. Income from renting and leasing is also considered safe income. Anyone who has already paid the rented property in full, can hardly go higher in the credit rating scale.
Loans without payroll – freelancers
Self-employed and other freelance entrepreneurs can of course also show no pay slip for lending. A loan request is nevertheless not impossible to fulfill. Credit options exist, albeit with a high administrative burden, as a loan with the BWA. There is also an alternative to too much bureaucracy in loan preparation.
Barclay Bank stands out in any loan comparison with particularly low entry interest rates. Barclaycard promises equality between the loan without payroll and for employees with proof of salary. Instead of a BWA or payroll accounting, the income tax notices of the past few years are sufficient to apply for a loan.
The credit request of a successful entrepreneur is also very welcome on the platforms for private lending. A good business idea is valued much higher by private investors than by a normal bank.
Loan without proof of income – difficult creditworthiness
Unfortunately, not everyone who cannot submit a pay slip has high earnings from other sources. Missing income always means difficult signs for credit requests. If you want to continue to use low-interest financing offers, you need outside help. Low-interest loan offers are only possible if a co-applicant or guarantor for loan security stands up.
Alternatively, it would also be possible to pledge a security to guarantee the security of the borrowed money. However, many banks shy away from the associated administrative burden.
In contrast to ordinary credit institutions, pawnbrokers rate the collateralization via a pledge. For the loan without payroll from the pawnshop, the mortgage lending value of the mortgaged object is even the focus of the lending. Whether the borrower has an income or not is irrelevant to the pawnbroker.