Bank loans without paychecks could be the ideal solution for people who do not regularly receive a salary or pension to carry out their projects. But before catapulting into a branch of the financial statement it would be better to understand what it is, find out who can request them and become familiar with some important concepts such as alternative guarantee and guarantor. During the article we will also know the various loans provided by Bank and we will do some simulations to see how to calculate the installment and find out what are the rates applied in this phase of 2019.

How to apply for loans without paychecks Bank

 How to apply for loans without paychecks Bank

To find out if you have the possibility of obtaining a personal payday loan from Bank, you need to go and read about the requirements that applicants must present: you must be aged between 18 and 75, have residence in Italy, be owners of of a current account and receive a demonstrable income. It is equally important to check which documents must be presented: in addition to the identity card and the tax code, the income document must also be attached to the application.

When you hear of an income document, the first thing that comes to mind is the payslip, which is the prospectus that the employer gives to his employee when he pays his salary and on which information on all the elements (fixed or variable) that form the remuneration and social security and tax deductions of the reference period. But who is not an employee and therefore does not have a payslip cannot apply for funding? In other words: are there loans without paychecks Bank?

Retirees as an income document can present the last two payslips, the Obis model or the Single Certification, while the freelancers can send their unique Model to the financial company with the presentation receipt and the F24 form with payment receipt. But there are also many other subjects who do not receive a payslip and who might be interested in receiving a loan: in addition to the unemployed we must also think of young people looking for a job, students, housewives, temporary workers and illegal workers, that even if they receive a salary every month they do not have a document to prove it.

If there is no possibility to prove that you have an income, things get complicated considerably, but it is not yet time to give up your projects: if you do not have a work or retirement income, you can convince the bank to grant a loan without pay by presenting alternative guarantees. These guarantees can be represented by regular income such as the rent received for a property that has been leased, a financial income produced by mobile securities or the maintenance allowance given by the former spouse.

You could also offer a mortgage on a property owned, but it is not a solution that is much appreciated by banks or finance companies that ask for personal payday loans. In any case, Bank will individually evaluate each request, also to define what the maximum amount that can be paid (which must be in line with the guarantees presented) could be, but it is not certain that the company will accept them. The chances of obtaining Bank loans without payslips are greatly increased if a person is available to be a guarantor.

The guarantor is a third person who assumes the obligation to pay the repayment installments in the event that the borrower proves to be in default. Naturally, to fill this role it is necessary to present the requisites that attest to the financial soundness and reliability of the person: first of all, he must have a high enough income to be able to bear the payment of the installments without problems (it is better if there is a work contract indefinitely) and then must have an impeccable credit history, or must not be reported in the Crif or protested.

If the “guarantor candidate” is also the owner of a property, the chances of the loan without a payslip being paid out will increase further. We must also respect the other requisites required for those who want a personal payday loan: they must be aged between 18 and 75 and must be resident on the Italian territory. In most practical cases, a close relative (the parent or spouse) is proposed as a guarantor, but banks and finance companies do not care that there is any blood bond between the two co-obligated parties.

In fact, credit institutions are only interested in complying with the requirements of solidity and reliability, but obviously it is simpler that those who are willing to apply for a loan without a payslip can find someone willing to act as guarantor looking for the people closest to them. The surety is the contract with which a person undertakes to guarantee the fulfillment of another person’s obligation: if the debtor does not pay, the lending institution can ask the guarantor for the equivalent amount (which risks seizure if he too proves defaulting) ).

The characteristics of the Bank loan without payroll

 The characteristics of the Bank loan without payroll

So far we have seen what are the roads to follow to obtain loans without paychecks Bank : now we must try to understand what are the distinctive features of these loans. Loans granted in the presence of a guarantor have the same characteristics as the “normal” personal payday loans provided by Bank. The company that is part of the BNP Paribas group can grant amounts between € 1,000 and € 60,000, with the possibility of financing the applicant’s project in full. The duration of the loan can range from a minimum of 6 months to a maximum of 120 months. The disbursement of the amounts granted occurs by bank transfer on the current account, and on the same current account there will be the direct debit of the monthly repayment installments.

Loans without Bank payroll are paid at a fixed interest rate, but are defined as flexible because the applicant has the opportunity to take advantage of the Installment Change and Installment Skip options. The first option allows you to switch from the basic installment to the high installment or the low installment decided in the contract phase (consequently changing the duration of the repayment plan), while the second option allows you to skip the payment of an installment, which is postponed to term of the loan. The two options cannot be activated at the same time and you must have regularly repaid at least six installments before requesting them.

Even if we talk about personal payday loans, at the time of the request it is possible to indicate which type of project you intend to carry out: Bank has in fact thought of specific proposals for various purposes such as the purchase of a vehicle (car, motorcycle, camper or boat, new or used), the purchase of a property (home, box, land…), the costs for the home (appliances, Hi-Fi, fixtures, renovation, furniture, PC, photovoltaic panels), for leisure (ceremonies, holidays, studies, aesthetics and well-being) or otherwise (taxes and legal fees, medical treatment and other types of projects).

How to apply for Bank personal payday loans without paycheck

 How to apply for Bank personal loans without paycheck

The loan can be requested directly online : it is the most convenient and fastest solution because with just a few clicks you can do everything quickly and without having to move from home; just go to the official findomestic.it website and go to the section on personal payday loans. In the window Request your loan online you must indicate the project that you intend to carry out by selecting an item from those proposed and writing the amount you want to request. Based on these data, the online simulator will show a series of solutions: at this point you can select the one with the ratio between duration and installment that best suits your needs and make the request.

You must fill out a form (you can use the chat support service if there are any difficulties), send the required documentation and sign the contract with the digital signature (which has the same legal value as the classic autograph). The staff of the company in this way instantly receives the documents and the request and can provide a feasibility response in a very short time. As we have seen, the online procedure is convenient and saves a lot of time, but since we are talking about loan applications without payroll it would not be a bad idea to talk in person with Bank consultants.

You can get in touch with the company staff using the tools available on the site (DIY area), but you can call the customer service active seven days a week and 24 hours a day (the number to request a loan is 848844999) or, and this could be the best solution, go in person to an agency. On the site it is possible to find in the section Where we are the interactive map to find the nearest branch and discover its address, telephone number and opening hours.

Simulations, examples and offers of personal payday loan without payslip Bank: installment calculation and rates

In the previous paragraph we made a small reference to the online simulator : it is a tool made available by Bank to be able to create quotes. As we have seen before, the operation is very simple: just indicate the type of project and the amount you want to request to get a list of possible solutions ; for each solution the duration of the loan (and therefore the number of installments), the amount of the monthly commitment and the applied TAN and APR are indicated. You can make free all the simulations you want (even changing project type and amount) until you find a solution that suits your needs.

To find out what are the conditions applied to loans without payroll Bank in this phase of 2019 we can do some simulation.

  • 15,000 euro loan for the purchase of a new car :

ranging from a minimum duration of 18 months with installments of 875.20 euros (fixed TAN 6.25% and fixed APR 6.43%) with a maximum duration of 96 months with installments of 199 euros (fixed TAN 6.25% and Fixed APR 6.43%); taking a look also at all the intermediate solutions it can be discovered that the TAN and the APR remain more or less at the same level (the TAN varies between 6.24% and 6.26%, while the APR fluctuates between 6, 43% and 6.44%).

  • Loan from 8,000 euros for the purchase of a used car :

it goes from a minimum duration of 18 months with installments of 471.20 euros (fixed TAN 7.47% and fixed APR 7.73%) to the maximum duration of 96 months with installments of 110.90 euros (fixed TAN 7.45 % and fixed APR 7.71%).

  • Loan from 40,000 euros for the purchase of a house :

it goes from a minimum duration of 30 months with installments of 1,470.10 euros (fixed TAN 7.70% and fixed APR 7.98%) to the maximum duration of 108 months with installments of 514.60 euros (fixed TAN 7.70% and fixed APR 7.98%).

  • 5,000 euro loan for the purchase of household appliances :

it goes from a minimum duration of 18 months with installments of 294.50 euros (fixed TAN 7.47% and fixed APR 7.73%) to the maximum duration of 84 months with installments of 76.60 euros (fixed TAN 7.46 % and fixed APR 7.72%).

  • Loan from 7,000 euros for the purchase of photovoltaic panels :

it goes from a minimum duration of 18 months with installments of 412.30 euros (fixed TAN 7.47% and fixed APR 7.73%) to the maximum duration of 96 months with installments of 97.10 euros (fixed TAN 7.47 % and fixed APR 7.73%).

  • 2,000 euro loan for the organization of a ceremony :

it goes from a minimum duration of 18 months with installments of 119.70 euros (fixed TAN 9.54% and fixed APR 9.97%) to the maximum duration of 48 months with installments of 50.20 euros (fixed TAN 9.45 % and fixed APR 9.87%).

  • 4,000 euro loan for the payment of taxes or legal fees :

it goes from a minimum duration of 18 months with installments of € 235.60 (fixed TAN 7.47% and fixed APR 7.73%) to the maximum duration of 84 months with installments of € 61.30 (fixed TAN 7.47 % and fixed APR 7.73%).

As can be seen, the conditions applied vary according to the type of project, the amount disbursed and the duration of the loan. In order to better understand the meaning of these simulations it is necessary to have in mind what is the difference between the TAN and the APR:

  • the TAN is the nominal annual rate, and expresses the interest applied by the lender, which in this case is Bank;
  • the APR is the annual percentage rate, and expresses the total cost of the loan; it is a higher percentage number compared to the TAN because in addition to the interest applied by the bank it also considers the other expense items related to the loan (for example the preliminary checks, those for the opening of the case or for the collection of the installments and so Street).

From the definitions we have just seen, it is clear that when comparing the various solutions of loans without pay, we need to pay more attention to the APR than to the TAN: the proposal characterized by a lower annual percentage rate will almost certainly be the one that most convenient (to be sure you should check for any expenses that are not included in the APR calculation).

To conclude with the examples, we take a look at the ongoing promotion launched by Bank in 2019: a loan of 15,000 euros can be repaid in 96 months with the payment of monthly installments of 199 euros; with the fixed TAN at 6.25% and the fixed APR at 6.43%, the total due by the applicant amounts to € 19,104. Obviously we talk about normal financing, but we have seen that even those who do not have a payslip can request personal payday loans of this type by presenting alternative guarantees or, better still, finding a person willing to act as guarantor.

The simulator on the official Bank website is not the only tool available to perform the calculation of the installment : browsing the web you can find other sites that allow you to do this, but for those who want to do everything the old way (maybe because it is not very familiar with the use of the internet or the computer) the old formula of financial mathematics is always valid:

installment amount = loan amount x {monthly interest / [(1- (1 + monthly interest) – number of months ]}

To be able to do the calculation it is therefore necessary to know some fundamental data such as the amount paid, the duration of the loan and the interest rate applied (to have a result closer to reality it is better to insert the APR, otherwise you get a value equal to only interest charged by Bank, while other costs also affect the amount of the monthly payment).

Bank opinions on loans without payslip

 Bank opinions on loans without payslip

There are many people who may be interested in applying for a loan without a Bank paycheck (we reiterate once again some subjects that can fall into this category: housewives, unemployed, students, atypical workers, temporary workers, illegal workers and so on); even presenting alternative guarantees there is no certainty that the bank accepts the request (the last word is always up to them) because each case is evaluated individually, but if you want to carry out your project you need to give it a try.

Before submitting the funding request, it may be useful to take a look at the opinions that users have of Bank; since 2009 the institute is part of the BNP Paribas group and has over thirty years experience in the consumer credit field (the first loan was disbursed in 1985); the image of reliability and solidity that the company has achieved over the years is certainly an extra weapon that attracts many possible customers, but apart from this there are many users who have made a positive opinion about the institution.

The seriousness of the consultants, the flexibility of the proposals, the rapidity in assessing the feasibility of the request and the convenience of the interest rates compared to those applied by the competition are the positive aspects that have been most often highlighted by the customers. Of course they are not all roses, in fact someone has criticized the institute : almost all negative opinions came from people who failed to get the loan. Probably the bank denied the payment because the applicants did not possess the necessary requisites or, not having a payslip to prove that they had a regular income, they failed to provide adequate alternative guarantees to the request.

To conclude we summarize what has been said so far. To obtain a loan you must have specific requirements, among which there is also the presence of a demonstrable income : in fact, a document must be attached to the request for funding to prove the existence of this income. Employees have no problems because they can pass on their salary to the bank, pensioners have their payslips available, while freelancers can use their Unique Model.

For all the others there is the possibility of requesting Bank loans without a payslip presenting alternative guarantees : the solution most appreciated by the BNP Paribas group company and therefore giving more chances of obtaining the loan is that which provides for the presence of a guarantor, or a person who through a surety agreement undertakes to pay the repayment installments when the principal debtor fails to meet the monthly commitments.

The presence of a third person acting as guarantor increases the chances of people who do not have a payslip (for example the unemployed, students, housewives, undocumented workers) to obtain funding. Bank offers a series of flexible personal payday loan solutions, each of which has been designed for the realization of a specific project. Bank loans without pay can be requested online or by going to a branch of the institute.

On the website, it is possible to do simulations to get free estimates and identify the option with the combination of duration and amount of the installment more in line with one’s needs and possibilities. Still on the same site, in the Transparency Documents section (for those browsing from PC this item is present in the pass section of the screen) there are information sheets and contract layouts that you should take a look at before signing anything.