How to get a personal loan without proof of salary?
Do you have a project in mind and want to subscribe to a consumer credit but you do not have proof of income? Some techniques and tips can allow you to benefit from a personal loan despite everything if your project is not yet defined or if you want to use the money as you wish, without having to justify yourself.
Personal loan, consumer credit: what are the differences between the two?
Personal loan is a type of consumer credit. Consumer credit is a credit granted to an individual by a financial organization to finance projects of all kinds. The amount of money borrowed will be repaid in installments over time and must not exceed US $ 75,000.
There are two different types of consumer credit: assigned credits which will finance a property defined in advance (a car, the purchase of a kitchen, etc.), as well as unallocated credits whose amount is used freely by the borrower: financing a car, repairing a car, traveling, buying furniture, studying etc. Personal loans fall under the category of unrestricted credits.
Rental with option to purchase (LOA), mainly used for the purchase of cars, boats or computers and also known as “financial lease” or “leasing”, is similar to a consumer credit but is not not strictly speaking a loan since it is a rental whose amount is paid to the owner (the lending financial institution) until the end of the contract and whose cost of the operation is not expressed in interest rate.
Obtain a personal loan without proof of salary: it is possible
Very often when we talk about the term consumer credit without proof, it is because it is a question of a credit without justification of the use of funds. The personal loan is the only consumer loan that does not require proof of the use of the money, but it has the drawback of being often more expensive than the car loan or the work loan.
To obtain a personal loan, the lender will require the borrower to provide the following documents: proof of identity, proof of income, proof of address and finally bank proof.
As a general rule, when applying for a loan, the borrower is asked to provide proof of income, often by providing proof of salary. It is necessary for the financial institution to verify that the borrower will be able to repay the credit he has contracted.
However, when borrowing equal to US $ 3,000 or less, it is possible not to provide proof of income. Be careful, however, few organizations do not require them despite everything. So it's up to you to get the best information, to go around the banks and find those that do not require proof of income.
Personal loan without proof of salary: except for stores
With what we saw in the previous paragraph, it emerges that for a loan application of less than 3,000 US dollars, it is not legally impossible to obtain a credit without proof of income .
In practice, banks tend not to offer this solution. On the other hand, many stores offer personal loans without proof of salary. Indeed, when one makes purchases of DIY type, home equipment or electronics in large brands, it is quite rare to be in possession of proof of income. It is therefore possible to obtain a loan without proof of income in this case but it is generally limited to an amount of 3,000 US dollars maximum.
Proof of salary, proof of income, what is the difference?
Be careful not to confuse proof of salary and proof of income. Indeed, many people do not receive a salary, or not directly. The proof of income accepted by credit organizations are numerous and are the following: payslip (generally the last and often the last two), tax notice (very often requested in addition to the proof of income), balance sheet (for professionals, generally the last two), Cerfa bundle (liberal profession, etc.) or even aid statements (housing assistance, retirement, RSA, AAH, etc.) to name only the best known.
In all cases and regardless of the personal loan without proof of salary that you choose, it is essential to check the conditions of the latter and especially to verify that you are able to repay your monthly payments in a sustainable way. Finally, do not hesitate to use the online comparators to find the establishments offering the most interesting conditions in terms of personal loan without proof of salary. These will show you all the personal loan offers available on the market and compare the prices of each of these offers.