Fortunately, it is not inevitable to have a payroll to request financing, thanks to the wide variety of flexible offers in today’s financial market. However, you always have to demonstrate in a way that you are able to repay the requested loan within the established term. The required guarantees or valid income apart from the payroll depend, first of all, on how much money you need. In general, you can opt for three different types of financing available without payroll:
Urgent micro financing
Fast micro loans and mini loans online that offer small amounts of money with a maximum repayment term of one month. Financial institutions that offer this type of urgent financing do not require you to show payroll and sometimes no other type of periodic income. However, it is highly recommended to have some, so that you can face the repayment of your fast mini loan without complications. Before asking for urgent money, consider your ability to repay the borrowed money plus interest and fees.
Loans that accept alternative income
Getting a higher amount to finance a larger expense is possible too, but in this case it is already inevitable to have some type of income to guarantee reimbursement. It must not necessarily be the payroll, but any income that meets these three indisputable criteria:
That means that it is necessary that the income be periodic, received on a regular basis and for a long time. Specific income (one time only) is not considered valid even if it is a large amount.
In order for your alternative income to the payroll to be valid, it is also necessary that you can prove them by means of a receipt. There are people who have an income, but not declaring it is not valid for financial companies.
The last criterion requires that the income be sufficient so that you can face the return and the cost of financing without jeopardizing your economic situation. The sufficiency of your income depends on the amount and term of the loan requested.
If your income meets these basic requirements, its type does not matter. They can be for example autonomous income, public pension, unemployment benefit, rent you charge for renting your flat, or even a periodically paid scholarship. It depends on the type of loan and its parameters.
Loans available with guarantees
If you do not have the periodic, demonstrable and sufficient income, or if you need to ask for more money that you can guarantee with your alternative income, the third option to obtain financing is the secured loans. In this type of loans high amounts are offered for expensive projects, without requiring payroll or other type of income and its direct debit in the lender’s account. In order to guarantee the return of this type of credit, it is requested to pawn a good as collateral or guarantee. The guarantee value required to be valid depends on the amount requested. The largest amounts you can get with mortgage guarantee, that is, pawning a property. However, always keep in mind the risk of loss of your home (or other asset put as collateral).