Loan without proof of salary – is that even possible?
If you are interested in an installment loan and do not want to enclose proof of earnings, it is a little more difficult to find a loan provider even today. The reason why no salary statement wants to be attached is very different. Be it because no fixed income is available or provable, or because the borrower is freelance and has no regular income. However, an installment loan is generally possible without submitting proof of earnings. Unemployed people without any income will find it very difficult to get an installment loan from a conventional bank.
Applicants who do not have a job and still need a loan should try a foreign bank or a direct bank. Here the chances of getting a loan without proof of salary are very good. Of course, the loan amount always plays a very crucial and important role in an installment loan. If the amount is around USD 1,000.00, a loan without proof of salary will certainly be easier to obtain than a loan of USD 10,000.00.
Speed matters today
In today’s fast-paced world, speed and rapid processing are very important. The banks and various credit institutions have of course also identified this fact. For this reason, online lending has increased significantly in recent years. If you are interested in a loan, you can usually put it together yourself on the Internet and determine the amount and the monthly rate yourself. So far so good. However, things get a little more complicated if the borrower does not want to or cannot provide proof of income.
Loan without proof of salary
If you still want to have an installment loan without a fixed income, you should not rush to find a suitable bank. Some banks have specifically specialized in such customers. Even if numerous criteria for granting a loan have to be met here, for many such a loan is often the last resort. An installment loan of up to USD 5,000.00 is entirely possible without proof of salary. Here, however, borrowers have to expect significantly higher interest rates and fees. The banks or credit institutions of course know very well that the applicant has no chance of an installment loan at many other banks and they are raising interest rates enormously.
Another way to get a loan without proof of earnings is if the bank can be offered certain guarantees. This collateral can be vehicles, motorcycles or even real property. In particular, a loan that is used to purchase a vehicle is often granted without proof of salary. If the borrower does not meet his monthly obligations and payments, the new vehicle serves as security. Generally, in the case of an installment loan without proof of earnings, several offers should be obtained from different financial institutions.
A comparison can also save costs, fees and interest in these cases. Borrowing is not impossible without a fixed or regular income. However, borrowers do not have a large selection, and for this reason the loan agreements should always be checked for costs.