If you cannot prove a regular income, you have little chance of getting a loan. Banks consistently require regulated income and proof of it to ensure loan repayment. Those who cannot show this often remain in the shade with their financial problems. The risk of default is too high for banks without salary notices or pension notices.
There are various options
But there are various ways to get a small loan without proof of income. Some house banks, who have an insight into the incoming payments on the checking account, are aware of the financial situation of their customer, which can lead to a loan approval. A small loan without proof of income is almost impossible with other providers, as they require the net income, the employer, the data of the employer and the statement of whether the employment relationship is limited or unlimited for each credit request.
This information indicates the creditworthiness of the customer, the creditworthiness is determined on the basis of other information such as income and expenditure. This is information for a loan request that the provider can assume has been made truthfully. But a small loan without proof of income needs documents such as proof of income in order to check and approve the credit claim.
Other guarantees are adequate
Wrong information could be provided online, so that the small loan can be approved without proof of income. That is why these direct banks need proof of monthly income. However, if proof of income cannot be obtained, the loan is rejected.
The possibilities of other offers are the possession of a property, land or condominiums that can serve as security. This security is accepted by the banks, because in the event of a loss of installments, this is recourse. Capital-forming life insurance that can be lent against can also replace the missing proof of income and thus ensure creditworthiness.
A solvent guarantor
Providing a guarantor who may be found among family members or acquaintances is also an option for a small loan without proof of income. However, this guarantor must be solvent and be able to provide positive Credit bureau information. The bank therefore has the surety of the guarantor in the event of a default because the guarantor has to pay for it.
There are banks that do not require proof of income, but check the income based on the information provided by the employer. The customer should exercise caution if a contract is submitted for signature within a few hours or even minutes. These contracts have a very high level of interest and also high additional costs. Reputable banks require proof of income or the collateral listed above.