Many people wonder if it is somehow possible to get a loan without a pay slip and without a guarantor . This doubt arises from the fact that before granting a loan, the credit institutions want to ensure the repayment capacity of the potential client, asking that together with the loan request, an income document be presented, together with the identity card and the fiscal code. .
If the person requesting the loan does not have a demonstrable income, he will find it very difficult to obtain the loan if he cannot prove that he has solid alternative guarantees or he does not find a person willing to act as guarantor. So the speech ends here? Not exactly! The loan without a pay slip and without a guarantor is not easy to get, but it exists: let’s see how to get it .
Alternative guarantees for obtaining a loan without a pay slip and without a guarantor
Anyone who wants to obtain a loan and does not have a pay slip that can prove the presence of an income can encounter many difficulties, but not everything is lost. Always bearing in mind that the last word is up to the bank or the finance company (the institutions evaluate each request on a case-by-case basis), the road that gives the most chance of obtaining a loan without a pay slip is that which provides for the presence of a guarantor . We are talking about a person who commits to the bank to pay the loan repayment installments in the event that the principal debtor (or the person who requested the loan) does not comply with its fulfillment. Naturally the credit institutions can accept as guarantor only and exclusively the people who give ample guarantees in terms of economic solidity and financial reliability and to ascertain them require the presence of precise requirements: the person proposed as guarantor must perceive a good good income, must be aged between 18 and 70 or 75, must not be reported as a bad payer or protested and must have adequate assets ; if the “guarantor candidate” has other ongoing funding, the institution will assess whether they can in any way negatively affect their ability to cope with this new commitment.
In most cases the person who undertakes to pay the repayment installments of another’s debt is a relative or a person very close to the principal debtor: the most classic examples are the husband who acts as guarantor for the wife and vice versa or the parent who is committed to a loan for the child. In reality it is not at all necessary that there is any kind of reimbursement between the two: as far as the bank is concerned, they can also be two people who do not know each other at all , the important thing is that the debt be repaid. But it is not easy for everyone to find a person who is willing (or economically able) to make such a commitment: it is still possible to obtain a loan without a pay slip and without a guarantor through the classic channel represented by the banks and the financial companies, even if the chances of success go down considerably.
If the amount of the loan is quite limited (and when it comes to loans without a pay slip and without a guarantor through the traditional channels it is necessarily so) the idea of presenting as alternative guarantee a mortgage on a property owned should be discarded: in fact it would be a partial mortgage and in the event of failure to repay the bank it would be particularly costly and complicated to recover the sums paid. He has a few more chances for those who do not receive an income, but can count on a regular entry every month: for example, we think of those who receive the rent for a rented house or those who have made a good investment and have a secure income or even to those who receive the maintenance allowance from the former spouse each month. And then we have to make an important clarification: even if we talk in general terms about loans without payroll, in reality we talk about loans without income documents ; the pay slip is the document that is issued by the employer to his employees when he pays his salary and summarizes a series of information on the employment relationship and on the composition of the salary, but the banks and the financial companies are included in the definition the pension slip and the Unico tax return form are also included. This means that employees, retirees and freelancers can apply for a normal personal loan, while for the other categories (from the unemployed to the housewives passing through the young, the irregular workers, atypical workers, students and so on) the obtaining of a loan can become a really arduous undertaking especially if you don’t find a person willing to act as guarantor and if you don’t have acceptable alternative guarantees to propose.
Loan changed without pay and without guarantor
To get a loan without a pay slip and without a guarantor you could also dust off a very used tool in the past that in recent years (due to the crisis and the many changes that have involved the world of work) is back in fashion: bills of exchange. The loan is part of the personal loans (and therefore not finalized), but differs from the others because its repayment is made through the payment of bills of exchange; these are issued as bills (promise of payment) or as a way (payment order).
The bills of exchange, if they are correctly filled out and if they are in order with the stamp, are executive titles : this means that in case of non-payment the creditor can request the protest and proceed with the attachment of the debtor’s assets (with consequent forced sale) without having to wait for the court intervention. In theory everyone can access this form of financing (even bad payers), but considering the negative aspects (high costs, higher interests, danger of losing their assets) this solution should be evaluated only as a last resort. In addition, the most important credit institutions do not officially deal with this type of product, offered by financial active above all at the local level.
Personal loans without payroll and without guarantor
You can get a loan without a pay slip and without a guarantor even by using a personal loan : nowadays there are authorized online platforms that act as a meeting point between those who need money and those who are willing to lend it (a sort of investment remunerated by interest), but guarantees are still required.
You can ask for money from friends and relatives , maybe being able to get some particularly favorable conditions, but here you go back a little to the speech made before: not everyone can find a person who wants or can lend money and turn to strangers can turn out to be a dangerous choice.
Credit on pawn without pay slip or guarantor
Another option is a pledged loan : a pledge is delivered and a sum of money is received which must be returned within the agreed expiry date to recover the item, otherwise this can be sold by credit which can thus be returned in possession of the loaned money; also in this case we talk about a loan that can be obtained without a pay slip and without a guarantor, but the interests are high , the deadlines very short (do not go beyond a year) and the amounts contained (without forgetting that the sum you pay receives is much lower than the value of the pledged asset).
Mortgage annuity loan without payroll and without guarantor
On the subject of loans without a pay slip and without a guarantor it is necessary to open a small but important bracket to talk about the mortgage loan. This is a very popular loan in the past, but in Italy it has rediscovered popularity only in recent years, when new regulations were introduced. The mortgage life loan is reserved for people over 60 years who are the owners of their home: the mortgage on the building represents the guarantee by which it is possible to obtain a sum of money, which can also be significant; the amount disbursed depends on two factors, namely the age of the applicant and the value of the house (established by an appraisal carried out by an external expert to the bank addressed) and ranges from a minimum of 15% of the value of the ‘property for those 60 years of age to reach up to a maximum of 50% or even 55% for those over 90 years (in any case the sum paid cannot exceed 350,000 euros). There are those who compare this financing to the formula of bare ownership , but with the mortgage life loan the ownership of the asset is not lost: only at the time of his death the heirs can decide whether to redeem the property or if they leave it to the bank, which is will take over the sale and pay the heirs the difference between the sum collected and the amount to be repaid (there is also a third option: in agreement with the bank the heirs themselves can take care of the sale: to benefit the heirs the law provides that the the residual amount of the debt cannot be higher than the price at which the house is sold, there are 12 months to complete the sale of the property and pay off the debt).
The beneficiary can decide whether to repay the expenses and interest over time (therefore at maturity the heirs will have to pay only the capital to the bank) or if they do not pay anything (and in this way at maturity the heirs will have to repay in a single payment capital, interest and expenses). This particular method of reimbursement and the absence of a precise deadline (its duration is linked to the duration of the beneficiary’s life) is the most marked characteristic that distinguishes the life-long mortgage loan from other types of financing. It might seem a particularly convenient option for those looking for a loan without a pay slip and without a guarantor, it is already 60 years old and the owner of the house in which he lives, but if you dig deep you find that it is not all roses and flowers, in fact different criticalities emerge. The first is related to the amount payable: the “youngest” can get limited sums, but even those older with the years are unlikely to be able to get an amount that goes over half of the value of the house.
The second negative aspect concerns the cost of the loan : the rules relating to the life-long mortgage loan contain a sort of derogation from compound interest; this means that you have to be very careful when signing the contract because the banks in fact are authorized to apply the annual capitalization of the interests ; if the beneficiary does not opt for the periodic reimbursement, the debt that the heirs will have to pay may have grown so much as to expire that the redemption of the property is very difficult. It is not a very simple concept to understand, but perhaps with an example everything will seem clearer: a 65-year-old person whose property has a value of 500,000 euros gets a loan of 90,000 euros (equal to 18% of the value of the house) with a TAN of 5.5%; for the first year the interest will be equal to 4,950, but for the second year it will be equal to 5,225.25 (because calculated no longer on 90,000 euros but on 94,950 euros because the interests of the first year have been capitalized), for the third they will amount to 5,509, 64 euros (calculated to be 100,175.25 euros) and so on. If the beneficiary has not opted for the gradual repayment of the interests, the heirs will find themselves paying a decidedly high amount compared to the capital initially provided by the credit institution.
Another not very positive aspect is represented by the different constraints imposed by the law: it is obvious that the property cannot be sold before the debt is extinguished, but the beneficiary must guarantee a good state of preservation (thus facing also expenses for the extraordinary maintenance, if necessary) and cannot rent or renovate the house. Moreover, as we have seen, the heirs have only twelve months to return the money to the bank (and often it is a lot of money), otherwise the bank will take care of the sale, with the price that will fall until a buyer is found. (and with the possible difference that should be returned to the heirs that is reduced more and more). In short, when we talk about loans without a pay slip and without a guarantor, we must always carefully evaluate all aspects and put on the balance the pros and cons that such an operation entails.
Loans and non-repayable loans without payroll and no guarantor
Those looking for a loan to start a new business have more opportunities represented by grants and other benefits provided thanks to European funds . These resources are managed at national level (through the Invitalia agency) and at local level (through the Regions). Let’s take a look at the most interesting loans
Zero rate new companies
It is a measure to support the emergence and growth of micro and small businesses that are predominantly composed of women or young people between the ages of 18 and 35 . Who intends to start a business in the sectors of goods production, service supply, trade in goods and services and tourism can get subsidized loans covering up to 75% of eligible expenses (for a maximum amount of 1, 5 million euros). The repayment plan starts only when the investment plan is concluded (operation to be closed within 24 months of signing the contract), provides for the payment of deferred six-monthly installments and can last up to eight years.
Rest in the South
In this case we are talking about an inventiveness reserved for those under 46 who wish to start a business (agricultural activities and trade are excluded) in the regions of Southern Italy, namely Sicily, Calabria, Basilicata, Puglia, Campania, Molise, Abruzzo and Sardinia. To qualify for the grant, applicants must not have an open-ended employment relationship for the entire duration of the loan and must not be holders of other companies in operation. The loan covers the total eligible expenses and consists of a non -repayable grant for 35% of the total amount and a bank loan guaranteed by the SME Guarantee Fund (with interest covered by an interest subsidy) for the remaining 65%.
Smart & Start Italia
It is an initiative valid throughout the Italian territory that has as its objective the birth and development of innovative startups that operate in the digital economy, which are able to enhance research results and which are characterized by an important technological content. Zero-interest loans can be obtained for amounts up to 70% of eligible expenses (the loan can reach up to 80% of eligible expenses if the startup consists exclusively of young people up to the age of 35 or women or if within them c is an Italian research doctor who works abroad and wants to return to Italy); for startups based in the southern regions, a non -repayable contribution of 20% of the loan is also provided.