The loan without salary – what should be considered?
In some situations you need a loan. For example, if you have a low income or are currently on sick leave or unemployed. Then it is a good idea to find a lender who will grant you a loan even in these cases. Sure, you have to search a bit until you find a bank that is ready to give you a loan without salary.
Come to the loan without salary
That is understandable. Of course, before the bank gives out a loan, it wants to have certain collateral. It must be ensured that a loan is repaid. In some cases, banks also lend without a proof of income. This is usually possible if it is a small loan . One can then speak of a so-called “housewife loan”. You have to keep in mind that the bank has hardly any collateral when it forgives such a loan.
Therefore, the terms are not as good as the “normal” loan you receive after submitting a salary statement. First and foremost, this will increase interest rates. This means that such a loan is more expensive than the loan, which is recorded with salary.
Loan only in case of emergency
You should therefore be aware that you will only take out this loan if you urgently need money. Only if a certain payment can not really be deferred, you should strive to get a loan without salary. It makes little sense to use such a loan, for example, to go on vacation. But interest and other additional costs are simply too high .
In many cases, it makes more sense to cover part of your income and save on a particular investment. Then you can avoid high interest and additional costs in any case. If you still need to take out a loan without a salary statement, it makes sense to compare individual offers.
You can do that very well, for example, with an online loan comparison. There you can see very nicely, which provider can offer you a loan without salary at good conditions. Especially with a high loan amount, it makes itself felt, if you can get a loan cheaper.
Potential savings on loan without salary
For example, if you take out a loan of € 10,000, you are already at € 100 with a one percent interest rate differential. Low interest rates and additional costs are noticeable because you have to pay lower monthly installments . So you have more money available for other expenses. If you want, you can also repay a cheaper loan sooner. Then you will soon have a lower monthly burden.
So, if you want to take loan without salary, you should think carefully about what you want to do. If the loan is absolutely necessary, it is important that you receive it cheaply. By comparing loan you can save a lot of money in the field.
Tips on loan without salary
Instant loan without proof of income
Probably the most common way to get a loan without a proof of loan is the instant loan without proof of income. In many banks and savings banks, this is to get and is also advertised. Especially if the loan seeker has little or no income, he wants to try to get a loan.
However, it must be mentioned at this point that the bank / savings bank assumes that the loanworthiness of the respective customers is rather bad. Precisely for this reason, it is not recommended to use this form of loan, if there is a corresponding income. The biggest advantage, however, is the low bureaucracy. There are no countless documents required – usually enough proof of identity, proof of permanent residence and the data of the account to which the money should be transferred. A cash payment is usually not. In addition, the borrower must be at least 18 years old.
A disadvantage of the instant loan is due to the low loan rating, the amount of the interest payable. It is usually set much higher than would have been the case for a loan with proof of income. This should be aware of the potential borrower before the contract. The payout usually takes less days to weeks. In order to increase the chance of receiving the loan, it is advisable to choose the amount and the term in such a way that it would be repayable within two years.
Loan from abroad
Another option for obtaining a low-income loan is foreign loan. In this case, the borrower contacts a foreign bank and applies for a loan there. Especially abroad you are not so meticulous when it comes to income. There it is even possible to obtain better conditions than would have been possible in Germany. The requirements are, similar to the domestic instant loan, almost identical. This means proof of residence, identity and account information is required.
In some cases it is even mandatory to open an account with the foreign bank. It should also be mentioned that this possibility to apply for a lightning loan abroad can entail certain risks. Especially the exchange rate risk is the biggest threat. But since there are not only countries that have a foreign currency, the borrower could first look for a corresponding bank in the euro area. Similarly, when the central bank of the country changes its monetary policy, interest rates may unexpectedly move higher.
This can usually be circumvented by the borrower agreeing with the lender on a fixed interest rate. At the same time, all risks represent opportunities. The repayment amount in euros can be mitigated. Likewise the monthly payment burden through a changed interest or exchange rate.
Personal loan from family or friends
Before the borrower gets into trouble with banks, he can also get loan from his family or friends. As a rule, they know the payment method and the economic conditions best. The biggest advantage here is the “zero interest rate policy”. For if they asked for interest payments on the loan, they would have to declare the income in the income tax return. Likewise, one does not want to “exorcise” family members and friends and act like a bank. That’s too much effort for many. Especially if there has never been an income tax return.
But beware: If the agreed repayment is omitted here, it can have a lasting negative impact on living together. It is also advantageous to mention that due to inflation, the effective repayment amount decreases, if not very much (depending on the duration). As a rule, smaller amounts up to 1000 euros are possible here. It is also dispensed to all documents.
However, to provide security to the family lender, a loan agreement should be made in writing. It should include the name of the lender and borrower, the amount of the loan, the repayment terms and, most importantly, the signatures. Likewise, the contract should include a passage on what happens if the eradication fails. In the presence of assets, these may be indicated as collateral. But beware: in that case, the lender becomes the owner.
Personal loans from the Internet
The Internet has created a new way to get a loan. Private investors lend their money primarily to private households. This form is called peer-to-peer (P2P) loan. There is no financial institution between the two loan partners. As a rule, you can position yourself on the marketplace of the corresponding page. The borrower only has to specify the amount, the interest and the purpose. The latter can be completely eliminated from side to side.
The marketplace creates a fair trade, allowing fair interest rates. According to the motto: “The market regulates itself.” If you want to register on such a P2P loan platform, a proof of identity is usually provided. This is intended primarily to serve the interests of the lenders. Because without these investors the business model would not be possible. Particularly noteworthy is the aspect that no collateral in the form of a proof of income or even the disclosure of assets is required. The registration process is completed within a few minutes to days. Depending on the intensity of the testing mechanisms.
The framework of the loan varies from page to page and should be compared before borrowing. Likewise, the amount of interest payable. These are mainly based on the purpose. The reason is that securities are collateralized on certain issues at the same time. This is the case, for example, when buying a car. The amount of the loan is usually better than it is with current forms of loan.
Without salary money from the pawnshop
Just known by the media, short-term payment difficulties can also be bridged via a pawnshop. The great thing is that absolutely no loan check takes place. Likewise Scaramouche entries play no role. Only the object to be pledged is important in determining the amount of the loan. This can be the clock, jewelry, the TV or a rarely used car. The valuation is usually made at market price with a 50% discount.
The difference may vary depending on the selected pawnshop. Especially in big cities the customer gets better conditions. The term of such a pledge is about three months. If the item has not been replaced during this period, it becomes the property of the pawnshop and is sold at auction. The minimum interest rate is one percent plus individual fees according to the pawn rental regulation. This is very little considering the local banks. But if one considers the lending holistically, then one must determine that the actual profit of the pawnbroker can be increased considerably with a non-redemption.
This amount of loan is not limited in its amount, which also larger loan amounts are possible. That depends on the already existing security. In addition, the borrower receives the money almost immediately and a pawn note. If the proof is lost, it is important to consult the pawnshop, as the finder could theoretically trigger the pledged item.