For those looking for loans to protesters and bad payers without a pay slip, what concrete credit opportunities are on the horizon? Being reported in the end-to-end knowledge company register for not having paid the installments of a previous loan, or in the protest due to problems in the coverage of checks and bills, involves how is known a series of restrictions for access to credit, and even more so this happens for self-employed workers, job figures such as artisans, traders, self-employed professionals with VAT number, who must necessarily request loans for protesters and bad payers without a pay slip since they cannot request the transfer of the fifth, the financial product usually proposed by the institutions of credit to those who have had financial problems in the recent past. Without the certainty of a pay slip or a social security check, the ways to obtain a loan are certainly more complicated, but in this guide we will try to focus our attention on every possible alternative.
Loans without pay check, which guarantees?
The main problem for those who have access to loans for protesters and bad payers without payroll are the guarantees to be offered to the credit institution or financial company, not being able to count on a fixed and demonstrable income, in addition to a creditworthiness that results temporarily compromised by negative reports in the data archives consulted by the banking circuit: if normally a self-employed person could be satisfied with the income tax return, it is clear that for a protestor or a bad payer there is a need to strengthen the protections, through real guarantees or figures financially sound and reliable third parties who can take the place in the event of failure to pay the installments. The main guarantees that can be activated by those requesting loans to protesters and bad payers without payroll are:
- Loan with guarantor or surety
- Loan with good in pawn
- Loan with mortgage on real estate property
- Loan with alternative guarantee income
- Loan with bills of exchange
Now let’s see in detail what each of these alternative guarantees entails in providing a capital, it being understood that the first piece of advice would be to provide for the cancellation of the protests before requesting a new loan: but if the need for liquidity is urgent and cannot be wait for the scheduled times, nor do you have the opportunity to change your position first, here are what attempts can be made.
Loan with guarantor
The first and most accessible form of protection offered to the protested applicant or bad payer is the loan with guarantor or surety: if due to negative notifications it is not possible to access the personal loan, it is possible to involve a third figure who is a co-obligor together to the loan holder. Several financial companies accept this type of solution knowing full well the economic difficulties caused by the crisis, but obviously a series of parameters must exist, since the guarantor must intervene in replacement of the main debtor when the latter does not have to pay a loan installment.
The documentation supporting the guarantor loan must therefore demonstrate both the economic capacity to sustain the repayment by this third figure, so it would be appropriate for him to have a demonstrable income and a substantial balance sheet. Furthermore, the guarantor must demonstrate creditworthiness without stains, ie in the preliminary phase no proceedings or reports must emerge in the databases consulted by banks and financial institutions.
It seems clear that the choice of the guarantor is itself the main question on which the financing request relates: if this third figure, usually a close relative, sometimes even a friend, has all the requisites required, then it is plausible that the request may be accepted, otherwise the refusal will be inevitable. If you do not have a person with these characteristics at hand, then it is better to go another way to try to get loans for bad payers and protest without pay.
Get credit on pledge
Focusing on real guarantees, that is, on movable and immovable property owned, to obtain a loan is a possibility not taken for granted but which is worth researching if there are not many alternatives, although there are not many companies that accept, for example, to provide credit on pawning : for example, by making goods available as jewelry, it could be the solution for a small loan. How does the financing mechanism work? First of all an appraisal is performed on the asset offered as a pledge to establish its value, and to pay the equivalent of the cash estimate to the beneficiary, who remains the legitimate owner of the asset having the opportunity to redeem it at the end of depreciation. The loan remains essentially the same, a monthly repayment installment is paid each month, but if at the end of the agreed amortization, or if unpaid installments emerge, it is confirmed that the debtor is not able to redeem the aforementioned asset, then the financial puts up for auction the jewel or any other good offered as a pledge, so as to get back the disbursed capital.
Mortgage on a building
If there is a need to have a large amount of liquidity available, it could be an optimal solution to offer the value of a property owned as a real guarantee, through the so-called mortgage, a real guarantee right that does not include the loss of possession of the asset. by the owner, but, as in the previous case, when the debtor proves that he is unable to amortize the bank, then he could put the property for sale to obtain the amount necessary to repay the capital disbursed.
Given its financial nature and the estimated value of a property, the mortgage is generally reserved for mortgages, while on loans it becomes more complicated to get the green light for this form of guarantee, since the procedure for recovering the money not repaid would be too much complex for an amount too small compared to the real value of the property.
The guarantee of alternative annuities
It may seem strange at first sight to offer as collateral for obtaining money… more money, but it is far from infrequent to make alternative incomes available in order to obtain a loan. A regularly registered rent, or more often a deposit with a certain amount of money, which makes interest payable every year and which it would not be convenient to dissolve, can be used as a guarantee for the financial companies that accept this type of solution. The main issue in this type of protection is able to prove that you can continue to be the holder of the annuity in question for the entire repayment period, then you can get a capital amount compatible with what is offered under warranty.
In the moment in which the opportunities should also close for these types of financing based on real guarantees, then for the protesters and bad payers without a pay slip, all that remains is to launch loans with bills of exchange.
Searching the Net you can find it under various names, a loan, a loan with bills or a loan, and even if apparently it does not seem to be provided by banks, indeed there are many credit institutions that propose this type of solution that is suitable for those who do not have another possibility to obtain financing for protesters and bad payers without pay check. Compared to the normal loan this loan is based on bills of exchange, credit instruments on which the debtor’s signature must be affixed and a stamp must be applied to certify its legal value. Another difference with respect to the repayment installment is that the bill of exchange can also be postponed over time, after agreement between the creditor and the debtor, in the event that the latter is devoid of liquidity for that month. However, when you want to take out a loan, keep in mind some of its features that could be particularly burdensome, starting with high value of interest rates, much more than for normal loans. Furthermore, the non-payment of a single installment is sufficient for the creditor to request the attachment of the debtor’s property without the need for a sentence or an injunction to pay by the competent court. Finally it often happens that the debtor is required to sign a compulsory insurance cover which represents a further source of expense, and whose cost can also be quite high.
Sector loans and subsidized loans
Some categories of self-employed workers, such as artisans or young entrepreneurs, can count on a series of specialized loans linked to their professional sector in the form of non-repayable loans or subsidized personal loans: we are talking about microcredit and loan opportunities. honor for which it is worthwhile to inquire near the institutions of credit specifically devoted to the supply of these financings, or agencies of State as Invitalia to see if there are opportunities of obtaining credit also for who has had financial troubles in the last times.
If normally as we have seen it is not very easy to get loans for bad payers and protested without pay, some window could open when the required capital should be of modest size, since the insolvency risk would be more limited for credit institutions : to meet those who need a low amount, many financial institutions offer products such as small loans or mini loans, very often similar to rechargeable credit cards or credit lines linked to current accounts. It is worthwhile to try to ask if it is possible to obtain a loan in this form also for those who are registered in the Register of Protests or the end-to-end knowledge company, however small the possibilities of access to credit for the reported can be.
How to understand if a loan is convenient
When disbursed, loans to protesters and bad payers without pay slips have financial conditions that are certainly more disadvantageous for the beneficiaries than normal loans: how to understand if a loan is really cheap? If you can get more quotes online, you can make a comparison by looking at the items that have the most impact on the cost of the loan, and in this way you can understand who is proposing greater savings. More than the TAN, the annual nominal rate which expresses the interest rate applied to the disbursed capital in percentage terms, in the various loan simulations, attention must be paid to two factors, namely:
- TAEG, the Annual Global Effective Rate, a percentage value that indicates the total costs of the loan, including commissions, taxes and other charges. Often the APR is particularly high when it comes to loans without payroll for protesters and bad payers
- Insurance coverage, often mandatory for loans without payroll to bad payers, which protects the credit on events that may affect repayment capacity such as loss of employment or early death. It is not always calculated in the APR, so it is important to understand how much this cost item affects the loan
Loan of hope
After having described every possible guarantee formula for a loan without a pay slip for protesters and bad payers, we want to offer a final financing option for workers and families in difficulty: let’s talk about the so-called loan of hope, a type of financing born in partnership between the Italian Episcopal Conference and the Italian Banking Association. It is about a guarantee fund specifically designed for those with documented credit access problems: micro-businesses can get up to € 25,000 to re-launch their business or a worker can invest the money in professional retraining and enter the labor market again following a dismissal. Even a family can get a smaller amount of up to 7,500 euros, which is ideal if the protestor or bad payer has children and needs some money to meet the most basic needs.
This type of loan has a maximum duration of 6 years, including 12 months of pre-amortization, and there are no penalties for early repayment. These are the basic information about the loan of hope, to get more information about it and possibly to apply for funding, you must go to the Caritas office in your area of residence, where it will be explained in detail how everything works.