Are you in need of money and do not know where to get it? In that case, let us talk about loans without payroll or collateral, because they may be your best option. Pay attention because you can face the end of your financial problems!
Before talking about loans without payroll or collateral, it is convenient to explain what exactly a loan like this is. And, as you can guess, a loan without payroll or collateral is a loan that mixes a loan without payroll and a loan without collateral.
However, it is true that saying this, by itself, is not explanatory enough. So let’s go deeper into the explanation
What are loans without payroll or online guarantee?
Before talking about loans without payroll or collateral, it is convenient to explain what exactly a loan like this is. And, as you can guess, loans without payroll or collateral are a loan that mixes loans without payroll and loans without collateral.
However, it is true that saying this, by itself, is not explanatory enough. So let’s go deeper into the explanation:
Payroll loans are credits that are granted without the borrower needing a payroll in a company. That is, the financial institution will not require that type of monthly income (although it may require another type of recurring monthly income).
Loans without collateral are credits that do not need you to use any collateral as collateral (you know, collateral is that collateral that you offer so that, in case you do not comply with the loan repayment, they will keep something – generally, a car or a house).
Therefore, a loan without payroll or collateral is a loan that combines these two characteristics into one. Thus, they will not require you to have an employment contract, nor to have a guarantee with which to guarantee some type of compensation in case you do not comply with the loan repayment.
And, surely, you are wondering. And why do lenders decide to take so much risk? And the answer, in reality, is very simple: The more risk someone who lends money assumes, the more interest he is entitled to charge.
Therefore, when you go to a loan without payroll or collateral, you already know that you are going to have to face somewhat higher interests than in other types of loans. However, in most cases, it is the best option at your fingertips.
After all, it is better to deal with somewhat higher interests rather than putting your car or your home at risk (or, worse, your parents’). Therefore, it is normal for many people to use these types of loans.
What are the characteristics of loans without payroll or collateral?
Next, we mention the main characteristics that share loans without payroll or guarantee (although, of course, these characteristics may have small variations depending on the entity you go to):
- Reduced amounts: The first of the characteristics of this type of loans is that they are usually of small amounts. Although there are exceptions, we rarely find loans with large amounts of money. They are rather to solve specific and unforeseen problems.
- Variable terms: Deadlines vary widely, but something relatively common is to find loans that must be repaid in full (capital and interest) at the end of that same month or the following month. However, we can also find more classic loans, with monthly installments.
- Possibility of deferment: The vast majority of these types of financial institutions are aware of the complicated situations that their clients go through, and that is why they usually offer them the possibility of deferring the payment of fees in exchange for reasonably low commissions.
- Higher interest: As we said before, normally these loans have a somewhat higher interest rate than other types of loans, since the uncertainty on the part of the entity is greater. These interests are at a fixed rate and usually range between 4.5 and 14%, although, sometimes, they may be higher.
- Online processing: Another important point of this type of loans is that they are totally online. That is, you do not have to do any offline processing. Therefore, you save paperwork and gain comfort (and speed, as you will see in the next point).
- Quick availability of money: Both the processing, as the validation of your credit, and the delivery of the money after the validation are carried out in record time. All this, of course, is so thanks to the fact of being processed completely online.
As you can see, the characteristics of this type of loans make them the most interesting for people who have economic difficulties and who cannot offer neither a payroll nor a guarantee to obtain that extra liquidity to solve their unforeseen circumstances.
What requirements do these loans have?
Now, after seeing the characteristics of this type of credit, we can take a look at the requirements that are usually required to give these loans without payroll or guarantee (again, this may vary depending on the specific entity you go to):
- Being of legal age: In the majority of lenders without payroll or collateral, the borrower is usually required to be of legal age. However, some entities require not only that, but that minimum age rises a little to 21 or even 25 years (in order to make sure that you will be more responsible).
- Being a resident in Spain: Another requirement is to be a resident in Spain. That is, have an ID or an NIE. It is not necessary that you were born in Spain, but you do have one of those two identity documents.
- Be a bank account holder: Another requirement is to be a bank account holder in your name. This, of course, is to be able to give you the money once the entire process is completed.
- Have a recurring income: Although loans without payroll or collateral do not require you to have a payroll, it is usual to require some type of monthly recurring income. This income can be from a simple subsidy, to an income for capital goods, the unemployment benefit, a retirement pension… Any recurring income can be worth.
- Sometimes, not being in Financial Credit Institutions or REI: Some entities will not offer you the loan if you are present on the Financial Credit Institutions or REI lists (that is, delinquent lists). However, this is not common to all financial institutions, since many of them analyze you personally and may decide to give you the credit even if you are in Financial Credit Institutions or REI.
As you can see, the requirements to access these types of loans are minimal and do not involve any difficulty. Virtually anyone who wants one of these loans can access them.
If this is the first time you are going to request a micro loan with Wonga you can only ask for € 300. The good news is that for your first loan you only pay € 5 of interest. On successive occasions you can expand your credit volume up to € 600. This is the basic information you should know about Wonga to know if it fits what you are looking for and need:
- Grant loans without collateral or payroll. You just have to justify monthly income of any kind.
- You have up to 60 days to return the money and if you want you can also request an extra extension of one month, paying € 15 extra.
- As requirements, you will have to: be a Spanish resident, have a mobile number and bank account and be of legal age.