Credit without salary – how is this possible?



Loans can help overcome financial bottlenecks. However, it is difficult to get money from a bank in these situations. A loan without a salary, which regularly enters the account, is not easy to get at banks. A salary is an essential prerequisite for being considered creditworthy by credit institutions.

No salary does not immediately mean no income

No salary does not immediately mean no income

The credit criteria, which include a fixed salary, are intended to protect the bank against losses, but also to protect the borrower. Not always, no salary equals no income, because even freelancers and the self-employed can not show a payroll. They are also considered by banks as a risk group.

Anyone who wants to apply for a loan without a salary must be able to offer the bank other collateral. Anyone who owns property can offer it to the bank. A debt equal to the loan is then entered in the land register so that the bank can sell the property if the installments can not be paid. This is a good way for freelancers and the self-employed to apply for a loan.

A guarantor helps with lending

A guarantor helps with lending

Another way to get a loan without a salary is a guarantor. In principle, anyone can vouch for a loan that meets the bank’s credit standards. Unfortunately, a spouse with a mini-job is out of the question as a guarantor because the guarantor must pay the borrower’s installment if he can no longer repay his loan. If such a guarantor is found, most banks approve the loan without salary. Especially on the Internet, there are many banks that provide such loans with guarantors. However, some of these offers are very expensive. The different offers should be compared with each other in order to find the cheapest offer.

Independent loan brokers can help in finding a suitable offer for a loan without a salary. Even with the then proposed offers, all costs should be added before the loan agreement is signed. This is the only way to get a good overview of how expensive the loan really gets. Since there are no consultations with an online loan, the responsibility of the applicants increases. Only if, after deduction of all costs and the rate for the loan without salary, is there enough money left to live should such a loan be used.