With the crisis gripping so many Italians, the loan is often the only way to cope with unexpected or necessary expenditure or to pay off an impending debt. Getting hold of a certain sum of money sometimes becomes very difficult, if not impossible, especially when you are not able to offer guarantees and satisfy certain requirements. The lenders want a certain amount of security that the sum can be repaid. What to do, then, if you do not have a fixed salary, a paycheck to present and you can not show a guarantor? There are solutions that can come to the rescue. Let’s see some of them.
Loans guaranteed by institutions
There is the possibility of borrowing a fair amount even without having a paycheck or a demonstrable income. Thanks, in fact, to the European community it is possible to access the so-called microcredit, whose sum loaned generally does not exceed 25 thousand euros and are provided for facilitations. The recognition of the important role played, has led the EU to allocate funds to the regions especially since 2015. As a result, the request for funding can arrive, depending on the case, to a maximum of 25 thousand euros if it has a production purpose. and 10 thousand if it has a social purpose. The fund allocated by the regions acts as a “guarantor”.
If the required requirements are met, the application can be forwarded by everyone : young people, women, unemployed people, who wants to start a business, etc. All useful information can be found in the affiliated banks and the competent office in your region.
Students can make use of a customized loan where the university is the guarantor
Loan without paycheck and guarantor and without other guarantees: the loan of honor for the student.
Similar to the micro-credit mechanism, the fund granted to students itself as the guarantor ‘university agreement or otherwise another fund earmarked for it. The enrolled and deserving university can receive a decent sum with which to support their studies and the different needs related to academic life.
Banks, on the other hand, have focused on the fact that today’s students could be future contacts tomorrow. If well trained they could expand their staff. For this reason the offer of loan forms has been expanded and the one known as ” loan of honor ” has been created, where the absence of the applicant’s personal guarantees is filled by the state or regional guarantee funds.
With this formula, the young person can concentrate on studies and think about the reimbursement when he has started his work. In fact, sometimes they are also considerable sums, whose repayment plans can range from 6 to 36 months.
The loan can also be obtained through bills, pledges and the web.
Loan without paycheck and without guarantor, but with guarantees: bills of exchange, pledge and other forms
It is possible to obtain a loan without having either the paycheck or the assistance of a guarantor, but still having other demonstrable income. There are banks that also accept incomes that are not demonstrable by official means, but which rely on a potential financed by applying low recognition rates (below 40% -50% of the non-demonstrable amounts). Examples of these loans (with no demonstrable income) can be:
- pledged loan (with guarantee on valuable assets)
- loans changed (with draft or treaty)
- mortgage guarantee loans
Loan between individuals and pledges
If there are no institutions that can act as “guarantor”, a private loan can be used. There are many options in this area. Always remaining in the legality, we go from crowfunding to social lending or to the stipulation of a financing contract (with or without interests).
As for crowfunding and social lending, it is enough to present a good project that is considered valid from a social, productive and innovative point of view. The web acts as a flywheel.
With regard to financing contracts, if no guarantee can be offered, we often use bills of exchange unless the loan is between “family members”.
In the case of bills of exchange you can also use banks or a financial institution as they provide for the payment through the stipulation of a specific contract. In practice, many bills are issued as many as the installments and each of them is shredded at each repayment. Naturally, it is necessary to look for the bank to foresee its use.
Another option is pawnbroking. In a not so distant past, it was the pawnshops or the pawnshops that provided this form of credit. Banks have also entered the scene today. In the latter case, the value object is offered as collateral to the bank, which ensures that it is evaluated by experts. Once the commercial value is estimated, the amount of the loan and the interest rates are paid. The sum paid is equal to the percentage indicated in the stipulated contract. The costs are fixed throughout its duration. The acceptance of loans takes place after the presentation of the certification of the asset and after the estimate made by an expert, the Banking Institute issues the ” Policy ” which allows the redemption of the asset engaged by the holder. Usually the duration of the loan ranges from a minimum of 3 months to a maximum of 1 year.
There are only 50 credit institutions recognized and belonging to the Italian Association of Pawnbrokers. Among the regulatory institutions are Onecredit, Group Bank Care, DirectBank.
Onecredit is one of the banks that has the largest number of structures organized for the custody of the assets under warranty. Loans range from 3 months to 1 year with variable custody costs of 0.80%.
The Bank Care Group varies the loan based on its amount and the interest ranges from 4% to 10%, for a duration of 4 or 6 months.
DirectBank offers the loan a loan whose duration is 6 months renewable for twice the maximum. The interest rate is between 8.50% and 9%.
The complete list of credit institutions is available on the Assopegni website or you can call 06.54451.
One way to get a loan using the tools offered by the network is crowdfunding.
The term crowdfunding, the crowd (crowd union) and funding (funding), sums up the concept of “digital collection of funds”. In summary, internet is used to raise capital from groups of people who share common interests and projects. So there is an exchange of information (ideas and projects) and capital (funds) using the means that are typical of a virtual environment such as the Internet like social media and social networks.
With the difficulty in obtaining funds from SMEs, a model known as ” equity crowdfunding” has been developed which provides for risk capital financing to obtain shares in the company. In Italy it has had a strong impulse especially after the publication of the legislation on equity crowfunding that allows stat-ups to raise funds through the crowfunding platforms registered in a Consob register in order to protect both the investor and the entrepreneur. Italy, although there have been criticisms of excessive regulation, was the first European state to adopt legislation for this sector.
Social lending is another means of obtaining a loan using the web.
Social lending or private lending is a phenomenon that is spreading also due to the increasing difficulty in providing loans to families. With lower interest rates and the possibility of obtaining credit quickly and safely, more and more people are relying on social lending, that is, a system of financing where individuals make loans by meeting online. Everything happens under the supervision of platforms authorized by the Bank of Italy. By going to specific websites of companies, traditional channels like banks and financial companies are avoided. Among the platform authorized by Bank of Italy there are Anor and Pesticredit.
Swiss Post offers a quick and easy way to repay loans.
Without paycheck and guarantor?
Among the latest news in terms of financing is the Post pay of the Italian Post Office in collaboration with Cleopar. It can be used by those who do not have a current account or a paycheck. Requirements are minimum: be holders of a Post pay rechargeable card. It can also be requested by foreigners (with a regular residence permit).
The special cash allows you to get a sum of up to 1500 euros to be repaid in 24 installments of 71.50 euros.
Features, advantages and disadvantages
The loan includes three amounts and therefore three different repayment plans :
- 750 euros with 25-month repayment
- 1000 euros with repayment in 20 months
- 1500 euros with repayment in 24 months
Although there is no possibility of customizing the repayments and the financing is not flexible, on the other hand the amount that is paid and the duration of the compensation plan is immediately clear. In fact, each share is fixed and includes a part of fixed interest:
- cut from 730 euros: 4.5 euros of interest
- cut from 1000 euros: 6 euros of interest
- cut from 1500 euros: 9 euros of interest
both the amount of the loan and the payment of the installments is made via postepay. This way it is easy enough to get a loan.
The advantages therefore lie in a simple loan even for those who do not have great guarantees, in having a small amount to be able to repay in fixed installments and to be able to do it in a short time.
The disadvantage is an average interest rate higher than personal loans, although the amortization plan makes the contrary.
When asking for forms of unconventional loans it is good to pay close attention to the scams!
Beware of scams
There are several ways to go for a loan without a paycheck. However, it is good to pay close attention to the contract that you are going to stipulate. Often there are those who exploit the need to have a sum and the difficulty in obtaining it without guarantees. In fact, in certain situations there are those who are willing to turn a blind eye to adverse conditions, such as a higher interest rate than the average. The need can make you fall into dangerous scams, so it is always being chords when you follow different paths.
The guidelines to follow are simple and refer to common sense. For example it is good to be wary of offers too easy and convenient. It is better to ask and demand maximum transparency. Always ask for a written estimate, consult the information prospectuses and the contract conditions. Try to get more quotes and make the appropriate comparisons between the competitors. Pay attention to interest rates. It is true that payday loans have higher interest rates than the market average, but there are limits. It is always a good idea, therefore, to make sure that the surcharge is not such as to fall into usury. The Bank of Italy website helps you, where you can consult the reference thresholds and understand if the rates you are applying fall within an “acceptable” threshold or have resulted in usury.