Credit without proof of wages

 

Customers generally only get a loan without proof of wages from the banking institutions in exceptional cases. However, there are ways to get a loan without any proof of income.

General information

General information

Basically, it is hardly possible for the customer to get a loan without proof of wages. This proof of wages is provided, for example, in the form of income tax notices or declarations, employment or apprenticeship contracts, bank statements or pay slips. This also applies to loans for which no Credit Bureau information is required. This measure is intended to keep the credit risk of the respective provider as low as possible. In addition, a corresponding minimum income is associated with the requirement of proof of wages.

Only in rare cases does the bank or credit institution issue a so-called blank credit, which is granted without any proof of wages. As a rule, this is only given to selected customers. Therefore, should an offer in this regard be made without any reason on the part of a provider, caution is always advisable. Because only if the customer has been known to the house bank for years and the bank advisor is aware of the respective income, it is formal reimbursement not required at a reputable bank. It is also a good idea to provide various types of collateral, such as a surety, life insurance or real estate, as well as other property. This can significantly increase the chances of getting a loan without proof of wages.

In addition, the borrower can also get a loan from other agencies without proof of wages. For example, it is possible to get a loan in a private environment. This usually includes more favorable conditions and the respective terms and amounts can be flexibly agreed. There are now also some portals on the Internet that provide private loans.

Beware of dubious providers

Beware of dubious providers

No wonder that numerous dubious providers can be found in this area in particular. Therefore, the borrower should be particularly cautious with seemingly incredible offers of high cash advances without any proof of income. It is advisable to read the respective terms and conditions carefully.

In addition, a considerable buzzer is often required when the offer is created. In addition, a comprehensive comparison should be made before entering into a contract in order to obtain a precise overview of all conditions and interest rates. This is the only way the customer can find the best offer for himself and distinguish reputable suppliers from black sheep.

Credit from BWA – Find a guarantor

It is not always easy for the self-employed to get a loan. Banks are reluctant to take risks, so self-employed people will often have problems. Often they cannot prove a regular income, which is crucial for a loan. However, this group of people does not have to forego financing, especially if it is a loan with BWA.

What is a BWA loan?

What is a BWA loan?

This loan can be easily explained. BWA is the business evaluation that every self-employed person must prove. This enables the bank to see how high the income and expenditure are. This is issued in the financial accounting of the self-employed and shows exactly what the company’s revenue and cost situation looks like. If you can show a lot of income and therefore have a well-functioning business, you will convince almost every bank to grant a loan.

Banks often require a BWA when it comes to granting a loan. This not only serves the security of the bank, but also that of the self-employed. This ensures that enough money is available so that the loan can be repaid and the applicant can not go into debt. Of course, many would prefer a loan without BWA, but it is always advisable to concentrate on the loan with BWA.

Credit with BWA is an advantage

Credit with BWA is an advantage

The loan has many advantages. Those who can prove a BWA have a much better chance of getting a loan. In addition, loans are often given that do not have a high interest rate, so that almost every self-employed person can afford such a loan. The choice of banks increases enormously when a loan with BWA is chosen so that a good offer can be found. Direct banks on the Internet can also grant a loan faster because the income can be chosen as security.

Which options can still be used?

Which options can still be used?

Anyone who applies for this loan, but does not give it to the bank as collateral, should try to find a surety. This can come from the family or friends. It is only important to the bank that a guarantor can prove that he has a steady job so that a regular income is available.

Credit without credit for self – employed.

The self-employed often find it more difficult to obtain a loan than other groups of people. The banks always ask for a lot of information and documents so that the credit default risk is very low. Especially for those who have just started their self-employment, banks often reject a loan with no credit rating for the self-employed.

In addition to a business evaluation, the applicant must also show the last account statements and have the private credit checker checked. Obtaining these important documents always takes a lot of time and cannot always be presented.

What are the options?

What are the options?

The self-employed have fundamentally a poorer credit rating than a permanent employee because there is no regular income. Profits fluctuate from month to month, so banks cannot tell if a loan can be repaid. Collateral should then always be available, which can be presented to the bank so that a loan can be taken out without credit for the self-employed.

For example, banks accept guarantees, life insurance or even motor vehicle letters. In the case of a guarantee, it must always be borne in mind that the guarantor has a regular income, i.e. is not self-employed. In addition, the income must be high enough that it can be attached in the event of a loan default.

Choose surety or life insurance as security?

Choose surety or life insurance as security?

It is not easy to find a guarantor for a loan with no credit rating for the self-employed, so that your own life insurance can also be deposited as security. This life insurance has to run for several years, because only then will it have a relatively high surrender value. This value must be at least as high as the loan amount that is taken up.

The last option is the , which can be taken as security. However, it should be borne in mind here that a vehicle is often important for the existence of a self-employed person. If there is a credit default, the vehicle is owned by the bank and there is a risk to its existence. So it should always be considered which security makes the most sense.