How can you get a loan without income?

 Credit without income

Financial bottlenecks can always occur in life and a loan seems the best way out in such situations. For people without regular cash on the account, however, a recording is very difficult, because banks must be sure of the repayment of the issued loan. Proofs of income are therefore usually required and the circumstances of the applicant are examined closely. For the emergency, the affected consumers there are still some ways to a loan.

  • The offers for a loan without income are very manageable
  • Banks require alternative security if there is no proof of income
  • Short-term loans are a solid solution

Private credit-free financing also requires proof of the solid financial position of customers. The market for this particular issue is thus shrinking significantly, as online credit intermediaries and providers of peer-to-peer loans are also bound by the relevant documentation.

  • For a loan, the last three income certificates and the corresponding bank statements are usually required.
  • The chances of being financed by a bank are negligible.

The lender checks the current situation of the consumer and can only be guided by the request. Accordingly, a future improvement in the financial situation can not be taken into account.
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  • Self-employed persons, tradespeople and freelancers often find it difficult to obtain a loan because the payments are relatively unregulated. Depending on the order situation, the financial situation can change quickly.
  • For some banks, even the hourly wage counts as fluctuating income.
  • Also students have next to the university barely time to work and then at most in the side job. Regular income is therefore not given here, because the Federal financial aid is not counted in a credit check. But the child benefit.

However, child benefit alone is not very helpful, as many reputable lenders require a minimum income. Under 800 euros per month even loans without Private credit are difficult to realize. The number of those affected shows that alternatives to the conventional income-proofed credits are justified. The possibilities are actually not as small as some might think.

Lack of income: loans are also used by students

microcredit many banks refrain from submitting salary and other income proofs. The awarding policy is often more generous here. The lender will incur a lesser loss if the customer is insolvent for smaller sums. If you are looking for such financing concepts, then take a look at our test winner Express credit. Up to 600 euros can be borrowed here, even from students and immigrants. A diversity that is rarely found in a provider. 

World Map - Microcredit already exists in these countries

World Map – Microcredit already exists in these countries

  • A credit guarantee or a personal guarantor serve the online provider as security in case of insolvency
  • According to Express credit, the applicant must at least be creditworthy, but a minimum income is not required.

And at least for the bridging of small financial bottlenecks a micro-credit is quite enough. Currently, Express credit grants new customers amounts up to 500 euros.

Up to € 500 can borrow new customers at Express credit

Incidentally, an alternative collateral such as the guarantor also allows higher amounts to banks. Due to the lack of proof of income, banks need different collateral for risk minimization.

  • This can be a real asset, such as a real estate, which proves to the banks a certain economic viability.
  • In addition to the guarantor, certain insurance policies are sufficient as proof.

A property increases the chances of getting a loan

With a property as collateral, a loan is possible even without income

In the case of a loan without income, often only the identification by the identity card and the presentation of the EC or credit card is necessary. The latter also serves the financier as evidence of sufficient economic conditions.

Mortgage loans probably work according to one of the oldest principles in the world – money against goods. In this concept, a valuable asset serves the pawnbroker as collateral. A regular income is not required for the loan, because the consumer is not in debt. If he can not afford the money and the interest due after the term – usually 3 months – the pledge is publicly auctioned, whereby the lender compensates his loss again. A report to the Private credit is not made by the pawnbroker. You should only pay attention if you have borrowed funds for a long time. The cost of the fees to be paid are then very high. If it is also a high sum, it is even more expensive. For interim financing is a mortgage loan but a great way for people without regular income, since a credit check is waived.