How can I apply for Bank Loans without payroll ? Let’s discover the Bank loan in all its facets and try to make some clarity on this topic, understanding so who can be interested in financing of this type and what it must do to be able to obtain them.
How to apply for the Bank loan without a Bank payslip
Exactly like the other credit institutions, Bank grants loans only if the applicant has specific requirements : in this case, you must hold a Bank account or a Booklet (valid for most Bank loans), have the residing in Italy and having a work or retirement income produced in Italy and provable. Furthermore, together with the request for funding, it is necessary to present three fundamental documents, namely the identity card, the tax code and a document certifying the income.
The income document par excellence is the payslip : on it are reported the items that go to make up the emolument of the worker (monthly salary, contingency allowance, special salaries and further payments) and those related to deductions (contributions, payments towards pension or insurance institutions, personal income tax, net fees). This document is transmitted by the employer to his employees when he is paid his salary. Those who do not fall into the category of employees do not receive a similar document, so it would seem that many people are actually excluded from the possibility of obtaining a loan without a Bank payslip.
But this is not exactly the case: reading with a little more attention one can see that among the requisites one speaks of income from work or retirement (and not specifically income from employment) and between documents to be presented one speaks generically of document of income (and not precisely payroll). This means that not only employees can apply for a loan: even retirees can do it, presenting their last paysliff, but also professionals and self-employed workers, attaching to their request their latest Unified Form accompanied by F24 receipts for payment.
Already in this way we have definitely expanded the range of people who can get a loan from Bank, but there are still many categories that could be interested in obtaining Bank loans without pay. Obviously when we talk about loans without pay, the first subjects that come to mind are the unemployed, but in reality the categories involved are many more: for example, think of housewives, young people looking for a job, students, to irregular workers and so on. Is there any chance for them to get a loan?
Bank loans without paycheck: the function of the guarantor
The solution is represented precisely by the loans without payslip Bank, but beware: when an institution decides to provide a loan without payroll does not mean that it does not ensure the certainty that the sums granted are returned. If there is no income document like the ones we have listed before, the applicant must present other types of collateral to prove that they are able to comply with the repayment obligation. Alternative guarantees can be of different types: you could get a loan if you can prove that you have a fixed and constant income over time (maybe because you own a property leased and for which you receive a monthly rent, or because there are investments that guarantee a secure financial income, or perhaps because you receive the maintenance allowance from the former spouse) or if you are willing to put a mortgage on a property.
The choice to accept or refuse these types of guarantee is the responsibility of each credit institution (which will evaluate on a case-by-case basis): for those interested in Bank loans without payroll, the only possibility is the presence of a person who accepts to hire the guarantor role. The guarantor is a third person who assumes the obligation to pay the loan repayment installments when the principal debtor shows default; not everyone can fill this role, in fact, requirements are necessary to guarantee their reliability and financial soundness :
- must have a permanent employment contract;
- must have a good income in order to be able to pay the unpaid installments without too much difficulty from the principal debtor;
- must have an immaculate credit history (ie it must be the classic good payer);
- must be over eighteen years old and must not have more than 75 on the repayment plan;
- the presence of properties owned by him make it even more convincing in the eyes of the credit institution.
In the vast majority of loans without payroll, the role of guarantor is taken by a very close family member (the spouse or, more often, the parent), but it is not absolutely necessary that between those requesting the loan and this third party there is a some family ties (although it is undoubtedly easier to find someone willing to take on such an important commitment between family members or close friends). The institute (in this case Bank) is only interested in the guarantor being a financially reliable person and this is independent of any family relationship.
Those who accept to act as guarantor for a Bank loan without pay must be aware of the commitment that is being taken and the risks associated with it. If the payment of the installments is not respected by the holder of the loan and not even by the guarantor, both can be reported to the Central Financial Risks as bad payers and we know well how such a thing can affect the possibility of obtaining further loans in the future. After having seen what is the only way to follow to obtain a loan without a payslip it is necessary to analyze the characteristics of the various loans provided by Bank in order to identify what could be the solution that best suits your needs.
Loans without payslip Bank: solutions for everyone
Who presents a guarantor has the possibility to access Bank’s loan without payslip: these have the same characteristics as the normal loans provided by Bank; the institute’s offer is wide, so it may be useful to summarize the characteristics of each individual product.
Let’s start with what can be considered as the basic product, the most famous and requested, namely the Banco Posta loan. The customer has the possibility to request amounts between € 3,000 and € 30,000, choosing the combination of the amount of the installments and the duration of the repayment plan that best suits his needs; the funding can last from 24 to 84 months. The disbursement of the sums granted can take place by crediting the current account (even non Bank), in the Postal Booklet or on the Postepay Evolution card (for amounts up to 10,000 euros there is the possibility of withdrawing the cash amounts directly at the counter). The repayment is made by paying the installments with debit on the current account (or Pay Credit or Postal Passbook) or with the traditional postal bulletins.
In the provision of loans without payslip, Bank acts as an intermediary, since in reality the loans are granted by other institutions, and more precisely Deutsche Bank, Bank Central Bank and Private Bank Bank. Each company applies its conditions:
- Deutsche Bank expects a maximum TAN of 8.90% and a maximum APR of 10.24%; on the illustrative sheet is an example that refers to a loan of 12,000 euros to be repaid in 60 months with installments of 248.52 euros: with the fixed TAN at 8.90% and the APR at 9.42%, the total amount due by the customer amounts to € 14,941.83 (therefore the cost of the credit is equal to € 2,951.83).
- Bank Bank expects a maximum TAN of 9.50% and a maximum APR of 10.26%; on the illustrative sheet it is written that amounts up to 60,000 euros can be requested (with durations up to 120 months) and an example is given that refers to a loan of 5,000 euros to be repaid in 48 months with installments of 125.61 euros : with the fixed TAN at 9.50% and the APR at 10.06%, the total amount owed by the customer amounts to € 6,041.78 (so the cost of the loan is € 1,041.78).
- Private Bank Bank provides a maximum TAN of 11.90% and a maximum APR of 13.23%; on the illustrative sheet is an example that refers to a loan of 5,000 euros to be repaid in 48 months with installments of 128.98 euros: with the fixed TAN at 10.90% and the APR at 11.70%, the total amount due by the customer amounts to 6,213.04 euros (therefore the total cost of the credit is equal to 1,213.04 euros).
We continue to talk about Bank’s loans without payslips introducing the Flexible Bank Loan : this solution differs from the previous one in that the debtor has the option to change or skip the installment. It should also be added that it is a loan available only to those who hold a Bank current account. Amounts between € 3,000 and € 30,000 can be requested with repayment plans ranging from a minimum of 24 months to a maximum of 108 months. During the repayment plan, the financed party may decide to change the amount of the rat (passing from the base installment to the high installment or the low installment defined in the contract), consequently changing the duration of the loan, or to pay the installment, postponing payment at the end of the loan. Obviously these flexibility options can only be exploited under certain conditions: the change and the jump rate can be requested (not at the same time) if the installments are paid regularly with the RID mode and only after six have been reimbursed.
The disbursement of the amounts granted occurs by crediting the Bank current account, while the payment of the monthly repayment installments is made by direct debit on the same account. To get an idea about the conditions applied to this funding, we can take a look at the current promotion : a loan of 15,000 euros can be repaid in 84 months with the payment of installments of 233.04 euros, with fixed TAN 7.90% and the 8.25% APR; the total due by the customer amounts to € 19,605.36, so the cost of the credit is € 4,605.36.
Those who need to renovate their home but do not have a payslip can try to convince a person to act as their guarantor in order to request a Bank Restructuring Home Loan. This loan is also reserved for those who have a Bank current account (postal pass holders can also request it, but only up to a maximum amount of 30,000 euros). The loan allows you to obtain amounts between 10,000 and 60,000 euros, with repayment plans ranging from a minimum of 36 months to a maximum of 120 months. In addition to the classic documents required for normal personal loans, for this loan you must also submit the cost estimates or the order forms for the renovation work you intend to do.
The delivery takes place by crediting the current account. Thanks to the ongoing promotion (reserved for those who ask for sums equal to or greater than 25,000 euros) it is possible to benefit from favorable conditions: for example a loan of 30,000 euros can be repaid with 102 monthly installments of 394.85 euros, with TAN fixed at 7, 25% and 7.52% APR. The total amount due by the applicant amounts to € 40,308.70, so the total cost of the credit is € 10,308.70.
Are there Bank loans without paycheck even for those who want to buy a house? Bank proposes Bank Loan Purchase House without payslip, which can only be requested by those who hold a current account at the same institution. The goal is to finance the purchase of a new house or a property (eg cellar or garage) for the “old” house; amounts between 10,000 euros and 60,000 euros can be requested, with durations ranging from 36 to 120 months (even in this case holders of the Potale Book may apply for the loan, but for amounts up to 30,000 euros). Together with the identity card, the tax code, the income document and the documents relating to the guarantor, it will also be necessary to present the purchase deed or compromise registered. The disbursement takes place in a single payment with credit to the current account.
Finally, let’s talk about the Bank Mini Loan without payroll : many define this solution as the natural heir of the old SpecialCash (which is no longer provided for years), a loan without a paycheck (for which it was still necessary to prove an income, for example presenting your own CUD) reserved for Postepay card holders. In reality the two products are very different: in common there is only the fact that both are small loans and that for both of them it was necessary to hold a prepaid card (only that for the Mini-Loan serves the Pay Credit, the card equipped with Iban ). With the Bank MiniPrestito you can receive 1,000, 2,000 or 3,000 euros to be repaid in 22 months; the requirements and documents required to obtain it are the same as those we have seen for the basic product.
Contacts Bank for loans without payslip Bank
All Bank loans without paychecks that we have seen so far can be requested by going in person to a post office. There would also be the Bank Online Loan (which can be requested by Bank account holders who have an active Internet Banking service), but given the particular situation of the applicants we are talking about, it would perhaps be better to opt for a face-to-face comparison with the staff of the ‘institution. In this way it will be possible to identify the possible solutions and assess their feasibility directly with those responsible for the financing of the Italian Post Office. To avoid long waits and queues at the counter it would not be a bad idea to book an appointment with a consultant.
On the poste.it website there is a tool that allows you to make an appointment (to use it you must be registered on the institute’s portal), but you can also reach the goal. Browsing through the pages of the Bank website it is possible to find all the details of the financing we have discussed in this article: in the Transparency section you can also find the illustrative sheets summarizing the characteristics and conditions applied to the loans.
In conclusion it can be said that it is possible to obtain Bank loans without pay, but to do so it will be necessary to guarantee the institution to be able to repay the debt even if you are not a salaried employee who receives the salary every month. Retirees can present their coupon as an income document, while self-employed workers can submit their Unique Model; the other subjects (unemployed, housewives, students, undocumented workers and so on) will have to find a person willing to commit themselves as guarantor in order to be able to obtain a loan without a payslip.