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Payday Loans Without Creditworthiness at the Bank

Are there alternative and financially beneficial solutions that will allow us to take out a payday loan without creditworthiness at the bank?

In the pages of the blog, I have not once dealt with the problems of people who have problems with getting a loan. Today, however, I will not deal with the subject of a negative credit history once again, which is a frequent problem on the way to obtaining a bank loan. It will be about how to get a loan without having the right credit rating in the bank.

It would be worth starting with what creditworthiness is and what is the impact on getting a payday loan? Each time a loan application is filed with a bank, our creditworthiness is assessed. Here, our income is tested mainly, so how much we earn and what is our monthly income, less the monthly expenses. Of course, we are talking about the bills we pay monthly – for electricity, water or telephone. Of course, the bank will not verify how much we spend on bills every month, but it will surely interest our monthly income. Therefore, every single bank, in order to give us credit, requires us to present a certificate of income. It is on the basis of such a document issued by our employer that the bank evaluates our creditworthiness. Evaluates whether we have a chance to get a loan. If we have, what maximum amount of credit we can get and with what shortest and maximum repayment period.

Lower creditworthiness by another loan repaid

Lower creditworthiness by another loan repaid

It is worth mentioning that although the income statement has the biggest impact on the assessment of our creditworthiness, something else can reduce it. When we apply for a loan in a bank, we should think about whether we still have other bank liabilities that we currently pay back. We’re talking here about cash loans, loan installments or limits in your account. Any such obligation that is still repaid while we apply for another loan may reduce our creditworthiness. Interestingly, even if we submit an application to a completely different bank, even if we conceal such information about another loan from a bank employee, the bank will not find out about such debt anyway. It is possible due to the use of data collected in the databases of the Credit Information Bureau. All banks have access to it and in recent times, also some loan companies in the offer of which a payday loan without creditworthiness is available. The bank is therefore able to check whether we are already paying off some other loan somewhere or another bank commitment. So if, for example, we earn the lowest national income, information about another loan may significantly reduce our creditworthiness. To the extent that the bank can reject our loan application.

A payday loan or credit without creditworthiness at the bank

A loan or credit without creditworthiness at the bank

If, according to the bank’s assessment, we do not have the creditworthiness to take the loan, we should not break our hands. These are not times when there were almost no alternative methods of obtaining extra cash. There are much worse situations that make it impossible to get credit as debt in databases. Not to mention the bailiff’s classes, which override the obtaining of credit both in the bank and in most companies providing non-bank loans.

Nowadays, if for various reasons the bank does not want to give us credit, we can look for alternative solutions. Such loans undoubtedly include non-bank loans today. Their cost has changed significantly in recent years. A large number of companies have provided loans of this type on their own. Thus, the competition has grown thanks to which companies wanting to be in the lead have lowered their borrowing costs. And we can get credit without creditworthiness through lending companies without any major problems. These types of companies assess potential borrowers a bit differently. They have slightly lower requirements and less restrictive procedures. The chances of getting a loan with their help will therefore have both those who earn the lowest domestic, as well as those earning even less. I am talking here about people working on the basis of some civil law contracts, contract contracts, being on test contracts or working part-time. In each of these situations, we have a chance to get a loan through a non-banking loan company.

Deciding to take out a non-bank loan, of course, we must know that the cost of such a loan will be slightly higher than the traditional loan offered in the bank. In some cases not much, but still higher. Therefore, if the bank rejected our loan due to low capacity, it is worth looking for such companies that will offer us the most favorable conditions. Firms providing the cheapest non-bank loans. The exact cost of the loan can be calculated independently on an individual website, companies that provide loans of this type. After entering the loan amount we are interested in and the repayment period, we will be able to know the exact cost of the loan. Thus, both the monthly installment and the total cost of such a loan.

In the above list I tried to present those loan companies that have the most favorable terms to offer. Each of the presented companies makes it possible to obtain a loan or credit without creditworthiness at the bank, completely via the Internet. In addition, the cost of loans granted by them was also important for me. I chose only those which at the time of publication of this article could offer the lowest costs of non-bank loans with monthly installments. So if you plan to find an alternative option for a loan without the appropriate creditworthiness, then it is worth to read the above proposals.

What should one remember first of all when reaching for a non-bank loan? The most important rule is to comply with the timely repayment of the loan. Any delay in paying off the installment of such a loan may involve charging additional fees. Often much higher than in the case of the same delay in repayment of a bank loan installment. It should also be remembered that the higher the loan amount and the longer repayment period, the much higher the cost that we will have to bear.

Payday loan application online without bank account statements

Are online banks more flexible for payday loan?

It is an idea that we should fight. Do not think that lending institutions are more flexible than traditional banks. They have exactly the same requirement as they do. Simply, they present things in a sometimes more commercial way, which sometimes suggests that getting a personal loan on the Internet is much easier than in an agency.

The confusion also comes from the fact that online banks have a strong argument: the analysis of the file is almost immediate and a policy response within 24 hours. You have probably already seen proposals like “immediate credit response”. Indeed if you take care to fill out the complete questionnaire (count about 8 to 10 minutes), you will get an immediate or at least very fast answer of principle.

However, this answer only takes into account declarative elements, that is to say relating to what you wanted to answer in the credit form. Now the bank will want to check every one of your claims. It is his duty to advise as much as his need to control risks.

What are the documents that make up a payday loan application?

payday loan application,cash,money

The documents that usually constitute a loan file can be divided into four parts:

  1. Those related to your professional situation (pay slips or employment contract)
  2. Those who prove your identity (national identity card, certificate of residence)
  3. Those that relate to the subject of your request (if the loan is allocated to a consumer good)
  4. Those who show your financial situation (statements of bank accounts, amortization of outstanding loans, etc. In general, they are not actually claimed for small personal loans.

Thus, you can perfectly make a request by having a difficult cash and if your bank accounts present debit balances. Even the discards will not be subject to risk analysis. Most of the time, before printing the loan agreement, you will have to state on your honor that the requested loan will not be used to settle other loans in progress.

Mandatory documents for a payday loan application

loan documents

Finally, you will still have to provide the pay slips, a bank account statement (you must have a checking account), a proof of address (EDF receipt or landline) and a mandatory piece of identification.