Loans without paycheck: how to apply for them

Even those who do not have an open-ended job can access financial credit, provided they can prove that they have adequate “monthly spending capacity”.

The pay-as-you-go loan instrument

Atypical” workers, project workers, seasonal workers and all those who receive income under contracts with a fixed term can apply for a loan without payroll, showing suitable documentation to prove their periodic income.

This documentation may consist of receipts for self-employment (occasional or project-based), for the transfer of intellectual property or for seasonal employment: in the same way, those who have income classifiable as different income, capital or from real estate, can prove it by submitting their tax return.

In addition to the income, in order to allow the bank or finance company to assess the above mentioned spending capacity, it is necessary to show the documents proving the monthly expenses, such as bills or other monthly expenses related to the house, together with all the fixed costs that have a certain periodicity.

How to apply for a loan without payroll: the necessary guarantees

If the income received, net of periodic expenditures, is not sufficient to cover the loan without payroll, additional guarantees must be provided: real, in the case of loans of large amounts and with an average / long duration; personal, or signature, in the case of consumer credit or other loans with amortization plans not exceeding 10 years.

The above mentioned collateral may encumber an asset of one’s own (mortgage on the first house or other property owned) or that of a third party, while guarantees or endorsements may take the form of guarantees or endorsements.

To apply for a loan without payroll, moreover, one must not be registered in the public register of promissory notes, while a report to CRIF (the “credit intermediaries’ database”) may also not constitute an obstacle to the granting of a loan, provided that the loan is duly secured.

Typically, these types of loans do not have a particularly high cost (in terms of APR), their repayment ranges from 2 to 10 years and require the applicant to be under 65 years of age.

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