The answer is clear: loans without a salary are possible. Although until recently this document was an almost essential requirement to be able to access a loan, the appearance of microfinance companies has opened many doors to all customers. One of them is precisely this: to be able to enjoy personal financing even if you do not have a stable job. In this post we tell you why the salary receipt has traditionally been an essential requirement, why it has ceased to be and how one of them can be processed on the Bank.com.ar website.
Why was a salary receipt always requested?
Actually, there is no law that established that in order to access a personal loan it was necessary to present a salary receipt . However, this document was (and still is for many banks) a factor that gave confidence to the lender in the study phase of the application: with a receipt of salary, the probabilities of default of the client were much lower, especially if It was about a high amount salary receipt.
This document is associated in many cases with economic stability, although in reality this depends on many other factors, such as his history of debts in the Veraz or the applicant’s own pace of life.
Why are loans possible without a salary?
When establishing requirements for the granting of a loan, it is the lender company itself that sets its own criteria , regardless of what the banks do and the recommendations of sectoral or governmental associations. Each lender assesses the risk according to their own point of view, and that of the fast loan companies is different from that traditionally held by banks.
Why? Mainly for the amount of the money loans . As an example, the amounts handled at Bank.com.ar: on our website you can request credits from $ 1,000 to $ 5,000 , which is much lower than what banks usually offer. Therefore, to return a low amount of money it is not necessary to have a high salary receipt. In fact, in many cases it is not even necessary to have a salary receipt, since there are other sources of income that, according to the lender’s criteria, may be sufficient guarantee for the return of the loan.
The other main reason why it is not essential to present a document of this type is the streamlining of the process: the smaller the documentation to be contributed by the applicant, the faster the loan will be processed. Thanks to this and other facilities, the time that elapses between the request and the collection of the credit by the customer is in many cases less than 15 minutes .
What will be necessary is that the applicant provides proof that the source of income is real and stable. Some of the sources of income that can be accepted by Bank employees are pensions, inheritances or scholarships. In any case, each request is different and in certain cases additional guarantees may be required.
So, a salary receipt is not worth anything? False. If the applicant has a salary receipt, much better. It will serve to provide an additional confidence to the lender, who will be more convinced to grant the financing. But in the case of Bank.com.ar, it is not essential.
How to process a loan without a salary
As we said, the request for a loan without a salary receipt greatly speeds up the processing. In fact, all the steps that must be followed can be done from home or from a smartphone with data connection, because it is a 100% online application , without the need for travel or schedules. This is a schematic summary of said process:
- The applicant indicates amount and term and fill in the online form that is available on our website. In this form some basic information such as name, surname, email address, source of income and bank account number will be required. The latter is essential to be able to transfer the money to this account number.
- After confirming the indicated email address, Bank.com.ar will make the pertinent verifications to know if the provided data are true. After that and after a brief automatic analysis of said data, Bank acts as an intermediary between the client and the lender, who will be the ultimate responsible for establishing the credit conditions (APR, interest for delay, etc.).
- The client receives his money in the indicated bank account, being able to use it as he wants: withdrawal of cash, online purchases, etc.
- The client must return his loan without a salary receipt within the period indicated at the time of the request.