Loans without demonstrable income are loans that can be requested and granted without having to prove that you have – precisely – a documentable income.
Unfortunately, it is a situation that more and more people live in Italy: you do not have a demonstrable income but you need financing. The crisis has brought many businesses to their knees, who have closed their doors or been forced to lay off staff.
Thus, an increasing number of people find themselves out of a job (especially young people under the age of 25) and are forced to do odd jobs in order to “go on”.
Demonstrable Loans: How They Work
In the event that a sudden cost should arise (whether it is the dentist’s bill or the need to buy an appliance – for more information, please read our text on home appliance loans, how can we move?
It must always be assumed that it is not possible to find banks or financial companies that grant loans without receiving any collateral in return. For this reason, it is important to provide other types of guarantees that the bank or financial company can accept in order to be able to decide positively on the practice of loans without documented income.
Demontable Income Loans: Does Lack of Income Really Affect?
Yes and no. ” Yes ” because usually income (whether from employee or self-employment) is the first guarantee that banks and financial companies require from a potential client to decide on the opening of the financing procedure.
” No ” because it is theoretically possible to bring other guarantees and still be successful in applying for a loan. So let’s see what are the other guarantees that must be provided to have access to loans without income.
Loans without demonstrable income: the guarantees to be provided
Let’s start with the collateral given, for example, by renting a property. Let’s assume the case in which the applicant has a second home which he rents and, therefore, from which he obtains a fixed monthly income. In this case, this income can be provided as a guarantee for obtaining a loan.
Another guarantee that can be provided is the guarantee, or the personal guarantee par excellence. As we have already written in our dedicated text, the guarantee is a guarantee usually provided by a relative or spouse with whom this third person undertakes to pay the loan in the event that the applicant does not fulfill (for any reason). A guarantee is not always accepted by the bank, it must be provided by a person who has all the required characteristics of financial reliability. Read the characteristics of a good guarantor / guarantor.
Both the real rental guarantee and the personal guarantee of the surety are two excellent solutions to obtain loans without demonstrable income with guarantor and in any case to meet your financial needs.
Loans without demonstrable income: the necessary documents
When it comes to Loans without Demonstrable Income, it is necessary to have a whole series of documents available which must be presented to the bank or financial institution when applying for the loan:
- identity card or other identity document
- fiscal Code
- in the case of a guarantee, a copy of the paycheck (for loans to employees with assignment of the fifth ) or the tax return (for loans to self-employed ) of the guarantor.
Loans without demonstrable income: if you have no collateral
If you do not have any demonstrable income and you do not even have a guarantee to be able to provide (therefore there is a bit ‘in the case of loans without income and without guarantees ) the situation is somewhat complex.
You can try to make a request for a loan by following an alternative channel to that of the banks, or the loans between people, but obviously the success is not guaranteed, quite the contrary.
The point is that obtaining loans without requirements and without guarantees is something that we can safely call “impossible”, no credit institution will bear the risk of lending money without having anything in return.