Loan without receipt of salary – is it possible?
Banks have become very cautious when it comes to lending. It is still quite full-bodied that there are unlimited loans for everyone and for every occasion. But the truth is that credit institutions look very closely at who they entrust their money to.
To benefit from a loan, the borrower must have a regular income on the account. At best, this income should come from permanent employment and be so high that it is well above the attachable range.
How a loan can be realized without receiving salary
Now not everyone can show a salary receipt. It is often because there is unemployment or the person concerned is on parental leave. Even students or the self-employed do not have the proof of salary that banks would like to grant for a loan.
Since the banks will not give you a loan without receiving a salary, you can only take it out if you have other collateral to offer. For example, you should be able to prove to the bank that you can make a living, for example, through rental income or royalties. Material collateral such as valuable paintings, jewelry, cars or real estate can also be offered. However, many banks will say here that these items can be sold to close the financial hole and that this does not require any borrowing.
It is even better and safer if you can name a guarantor or even a co-applicant. If the latter has the required wages, the bank will be equally open to a loan without wages. Because then there is a garnishable salary, which can be collected in the event of a payment default without great difficulty.
A comparison is worthwhile
Some banks lure their customers by offering them a loan with no salary and no further collateral. However, these are usually only tempting offers that turn out to be expensive. If a loan is to be taken out under these conditions, then a comparison is always worthwhile, which should be made in advance. This is the only way to distinguish really cheap offers from cost traps and find the right loan for your personal needs.