Typically, a loan is only granted if the customer provides proof of income because this is usually one of the documents to be submitted with the loan application, but sometimes a quick loan can be given without a pay slip.
Why is this possible in some cases?
For example, the quick credit without pay slip has always been approved when the customer purchases in installments from a mail order company or department store. The reason for this is that the goods ordered are usually smaller amounts of money, but the effort required to request the certificate of earnings is simply too high. A quick loan without payroll is also possible in the retail sector, since the customer also purchases spontaneous goods in addition to planned purchases, which can lead to payment in installments.
As a rule, however, the customer does not carry any proof of income with him when shopping. On the Internet, the waiver of the certificate of earnings when issuing an instant loan, which is usually granted within 2 working days, serves to simplify the processing process.
The lender usually does not have enough time to process the documents to request other documents. For this reason, the template will be dispensed with immediately. The quick loan without a pay slip is of course only granted up to a certain amount. This varies in part between the lenders, with the respective limits ranging from 1,500 to 10,000 USD.
Fast credit without payroll – the amount of income is still required
The quick loan is granted even without a pay slip, but the lender must ask about the applicant’s earnings, as this information is necessary in order to assess the borrower’s ability to repay. The credit bank trusts the correct statements of the customer at that moment.
There may be small differences when determining the relevant wage level, which are generally harmless. In addition, many banks do not take into account the additional income that is regularly generated, while the applicant would like to report this income in order to increase the possible loan amount.
If the customer indicates an excessive income when applying for the loan without a pay slip, the risk of later insolvency increases. This intentional behavior is of course prohibited. In the event of detection, this leads to a criminal complaint and the credit bank can terminate a loan that was obtained under false information without notice if the bank learns of it even if the installments are paid regularly.
Fast credit without payroll – here too, the comparison is very important
Even if you are happy to have found a loan provider, it is still important to compare the services thoroughly, as these sometimes differ greatly between the lenders. On the often tedious search for a loan, you can quickly lose track and sometimes no longer know which loan should be chosen. It is always important to keep an eye on a few factors, such as the APR, because it is much more meaningful than the nominal interest rate.
The APR contains all costs, for example the loan fees. Even if the search is often slow, a first quick loan without payroll does not always have to be the optimal loan with the best conditions.