Payday Loans: What They Are and How to Get them

 

Payday loans without guarantees have been designed to meet the needs of those who do not have a demonstrable income such as a paycheck , a pension slip or a tax return, which are the basic guarantees to apply for a payday loan . Many believe that not having these guarantees to be able to provide the bank or financial company can not access any payday loan, if you are among them, trust you are wrong, because there are alternative payday loans for people like you and it is payday loans without guarantees.

Obtaining payday loans without basic guarantees is possible, but like all things, this type of financing also needs to be accepted . Do you want to know what they are? Well. The guarantees such as the paycheck and the pension slip are not in your possession, but you need liquidity, at this point you can resort either to the payday loan or to the payday loan with guarantor.

What is a payday loan

What is a payday loan

This type of payday loan can not be changed, as everyone can access, because it is necessary to be the owner of a property like the house and to sign bills of exchange giving as guarantee the seizure of the building itself. By doing so in the event that the sum received is not returned, the bank or the finance company will be able to claim on the house asking for the seizure, after which it will be auctioned and the proceeds will recover the money from the proceeds. This payday loan can not only require those who own a property, but above all those who are certain to be able to pay the bills within the deadline so as not to run the risk of finding themselves homeless. So before requesting it, it is advisable to think carefully about it.

What is the payday loan with guarantor

The other type of payday loan without guarantees is also the most widespread and is known under the name of payday loan with guarantor . The guarantor is a third person, who is in possession of all the guarantees that are missing to you applicant and that is a document of income and in addition it is essential that it is not registered in the register of CRIF as a bad payer and that it is not protested. The guarantor endorses your payday loan request by making available to the bank or finance company its guarantees, so doing in case you do not have to pay one or more installments of the payday loan, the credit institution will be reimbursed by the guarantor, the which will in effect become a direct debtor of the sum disbursed in your favor.

Precisely for this reason nowadays it is increasingly difficult to find a guarantor , but a family member or a trusted friend who knows your seriousness well a hand can always give it to you and to encourage them even more it is always better not to request too high amounts, because the lower the figure, the easier it is for someone to consent to act as guarantor.

payday loans without guarantees: how to choose the best services

You have to take into account that for this type of payday loans the interest rates are much higher than the classic personal payday loans and because it is very simple, the more provable guarantees are, the more risk there is for the credit institution to lose money, the higher rates go up. So to choose the best services for payday loans without guarantees you have to take into account three things:

  1. The TAN , which would be the Nominal Annual Rate, ie the interest you will have to return to the bank, then choose who offers you this lower parameter.
  2. Then you have to take into account the APR , which would be the cost index of all the financing, including expenses for the payment of installments and insurance. Even in this case you should choose who offers you this lower rate.
  3. Finally there is the Insurance Policy , which the credit institution in these cases almost always compels you to stipulate to have at least a sum of money in hand in case you do not finish paying the payday loan in full. This is definitely the one with the highest value also of TAN and TAEG, but often you find it already included in the APR expenses, if instead the institute considers it optional, you must calculate its amount separately and then add it to other expenses.

As you could read, for you that you do not have the basic guarantees it is not impossible to apply for a payday loan, because you can rely on payday loans without guarantees.

Payday Loans for Unemployed: How to Get Online

 

The recent economic crisis has made it even more difficult to access the credit to people without payroll. If you are unemployed, insecure, housewife or a student, in fact, you will be asked in most cases to offer a guarantee, such as a guarantor or any secondary income such as possession of a property. But how to get a Payday loan for unemployed? And how to do if no guarantees can be given? Let’s find out together!

What are loans for unemployed people

Loans for unemployed people are financial products designed specifically for those who do not have demonstrable work income and who need liquidity. Generally, credit institutions or financial institutions offer a maximum sum of 15 thousand euros and the amortization period does not exceed 5 years. Furthermore, Payday loan applicants must, in most cases, have certain guarantees in order to ensure that they can repay the Payday loan.

The guarantees accepted by banks and finance are generally owned real estate, demonstrable secondary revenue or the presence of guarantors.

Payday loans for unemployed with guarantor

If there is a guarantor there is a greater chance of being able to access the Payday loan. Typically this is a parent, relative or otherwise trustworthy person who shows a solid financial condition. In this case the guarantor becomes responsible for the financing and in case of insolvency he will have to pay.

Payday loans for unemployed persons with assets as collateral

The presence of owned real estate is considered a solid guarantee by the financial and credit institutions. In this case we talk about mortgage Payday loans and the amount of credit depends on the value of the property. In addition to real estate it is also possible to apply for Payday loans on pledge. That is, small Payday loans whose maximum amount varies according to the asset held.

Payday loans for unemployed people without guarantees

As already mentioned, when a Payday loan is requested, any bank or financial institution will ask for a guarantee in order to be able to provide the Payday loan without the risk of insolvency. Fortunately, however, over the last few years the situation has improved somewhat and with regard to small amounts of money it is possible to have a Payday loan without necessarily having a demonstrable income. In this regard, various types of Payday loans are available for unemployed, such as private Payday loans, also called Social Lending.

Payday loan between private individuals

Loan between private individuals

The Payday loan between individuals consists in proposing to the intermediary company a project that will be evaluated with a score. On the basis of the latter an interest rate will be determined and once the project has been approved, whoever will, among private lenders, decide to lend the money. 

Conclusions

Getting a Payday loan for unemployed, therefore, is possible. Obviously, before granting a Payday loan, the banks and financial companies assess the financial position and the risk of insolvency of the applicant well. If possible, therefore, it is better to have a guarantor, otherwise it is advisable to request small sums to the institutions willing to give credit even in the absence of particular guarantees. The important thing is to respect your commitment and show your willingness to pay. In fact, even the banks have had to bend to the economic crisis and as a result are more willing to grant Payday loans to the unemployed than in the past.