How to get a Loan Without Payroll?

In times of financial crises and job cuts, it is difficult for many to be able to budget with their money. In some cases, debts accumulate with different creditors that have to be serviced.

In order to overcome this financial hurdle, more and more people need a loan. However, this is particularly difficult in the case of unemployment or self-employment. Those who urgently need a loan without a payslip may face even more hurdles. Although the loan usually corresponds to a conventional loan, problems often arise when initiating a contract.

First point of contact: own bank

bank

If you need a loan without a payslip, you should first go to your house bank. Here you know your counterpart and your counterpart knows you.

Creditors who know their debtors personally are sometimes more generous. Since you cannot guarantee important security – regular income from your employment – without a payslip, trust is also important, which is often given with a house bank and its customers due to an existing account.

Offer alternative collateral

Regardless of whether you need a loan from your house bank or another provider: If you need a loan without payroll, you should have alternative collateral. All conceivable real assets are considered which form a good counter value to your required loan amount, e.g. B. life insurance or real estate.  

Those who urgently need a loan without a payslip may face even more hurdles. Although the loan usually corresponds to a conventional loan, problems often arise when initiating a contract. If you can provide such collateral, the conclusion of a loan contract will be rather unproblematic. A surety is the last alternative. This can be the spouse, a family member, or another person with large fortunes.

The guarantor is liable with his own assets and replaces the borrower in the event of default. If you are unable to service your repayments and interest, the guarantor must step in and will be held liable. Since the guarantor can assume a great responsibility from a legal and economic point of view, he should be well informed about all risks.

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