Loan Without Payroll: How to Apply for Mini Loans without Guarantees

In today’s article we have decided to talk about the loans without pay offered by Bank for all those who are in possession of a Pay Credit card. Let’s find out everything there is to know about this product which is an excellent opportunity for all those people who are unable to obtain a normal financing given the lack of an employee or freelance income.

Nowadays there are still many people or families who face a long period of economic crisis and do not always manage to make ends meet. In fact, more and more people find themselves without a permanent job that allows them to have a solid and dignified monthly income. And in many cases they are forced by necessity to apply for a small loan, but without a payslip is it really possible to get it? Certainly, but be careful because not having a payslip does not mean not having money.

To be able to get the loan from any bank, it is necessary to prove that you have a minimum income that can guarantee the payment of monthly installments. A worker without a payslip must therefore still have some kind of remuneration with credit in the bank, as happens for example for those who have an atypical work contract, for a fixed term, for continuous collaborations or a seasonal contract. This type of worker is therefore in possession of a remuneration that will allow him to obtain any personal loan and consequently guarantee payment of the loan installments.

If you do not have any of these guarantees, the figure of the guarantor may come into play, ie the person who undertakes to pay the loan installments if the beneficiary is unable to do so. Most of the time the guarantor is a close family member of the applicant (the spouse or one of the parents), but this is obviously not a mandatory requirement. The only thing that really interests the bank or the lender is that this person is financially reliable. The ideal profile is therefore that of a person who has a permanent employment contract or in any case a high enough income to be able to bear the payment of the installments without too many difficulties. Another necessary requirement is that he is not more than 75 years old at the end of the repayment plan and that he has no “stain” in his credit history. Another guarantee for obtaining a loan is the mortgage on one’s own home, but in recent times there are fewer and fewer banks and credit institutions interested in real estate collateral or possible future foreclosures, as they involve a procedure that is too long and inconvenient.

Pay Credit loan without payslip and without collateral: necessary requirements

There are many credit institutions that offer their clients the possibility of obtaining loans even for small amounts and we have decided to tell you about the opportunity proposed by Bank. The well-known company, leader in the Italian postal sector, has decided to offer an excellent offer for all those in possession of a Pay Credit. This is the new prepaid and rechargeable prepaid card issued by Bank and associated with an IBAN code that allows you to have all the functionality of a normal current account: it therefore allows you to send and receive transfers, get your salary / pension credited, shop online or in commercial establishments, pay postal bills, free withdrawals from PostaMate, pay highway tolls and have access to the online portal where to check the list of movements. The Pay Credit has an initial opening cost of 5 euros while the annual maintenance cost is 10 euros.

Thanks to this interesting offer you can receive a mini loan that will be sent directly to your card. Before finding out how to get it, however, let’s see what are the requirements and documents needed to be able to request it:

  • Be aged between 18 and 76 and reside in Italy;
  • Possess a regular identity document;
  • Possess the health card and / or tax code
  • be in possession of a valid Pay Credit card where you can credit the requested amount;
  • Present an income document (for example the CUD or the UNICO model).

In the event that a foreign citizen requests a loan, he must also present the following documents: valid passport, card or residence permit, document certifying that one has been resident in Italy for at least 12 months (if an employee) or by at least 36 months (if self-employed), documentation certifying that one has been working for at least 12 consecutive months at the same employer. In short, an offer that really represents an excellent solution for those who urgently need to receive a small amount of money in the short term to cover unexpected expenses. But let’s see how it works, what the conditions of the offer are and what to do to apply for mini loans even without guarantees from Bank.

How to apply for a Mini Loan without a payslip with credit on your Pay Credit

Once all the required documentation has been collected, it can be presented by going to any post office, even on Saturday morning. You can also book, both online and by calling the toll-free number you find on the official website of Bank, an appointment with a specialized consultant of the company who will show you all the possible solutions that best suit your needs. In this way you will be able to avoid the long queues typical of post offices. The consultant during the interview will make all the necessary checks and will take a look at all the documentation presented by the customer, making sure that all the above-mentioned requirements are met. Obviously the financial institution, if it deems it necessary, may request, based on the specific characteristics of the applicant, additional documentation with respect to that already provided for the presentation of the request. However, if the assessment made by Bank succeeds, Bank may grant the customer a mini loan. As already mentioned, this is an offer reserved only for holders and holders of a valid Postepay Evolution prepaid card.

But what are the timing of evaluation and provision of the requested funding? Usually the times are quite short and more often than not they are lower than those needed to approve a traditional personal loan. The way Bank’s mini loans are managed is also very convenient. In fact, the amount the customer has chosen to request from the financial institution will be credited directly to your Pay Credit card and always on the card, then all the monthly loan installments will be withdrawn. However, as an alternative you can also request that the installments be withheld from your Bank Current Account, which obviously must be in the name of the Mini Loan beneficiary.

What are the amounts that can be requested with Bank’s mini loan? The customer may request from a minimum sum of € 1000 up to a maximum of € 3,000. The mini loan has a duration of 22 months, regardless of the amount requested and the requirements of the borrower. The reimbursement will take place, as already anticipated previously, through the payment of fixed monthly installments with expiration every 15 or 30 of the month based on the agreements stipulated at the moment of the request for the loan. The repayment rate will be particularly low, given that it will be between € 50 and € 150 per month. As for the interests that will be applied, the average Taeg is set at 10.14%. For example, if you request a sum equal to 1000 euros you will have to pay a total of 1100 euros. Therefore the total cost of the financing will not be so high either because in any case it is a fairly small amount and it is because the loan has a duration of only 22 months.

If for any reason I have a second thoughts and no longer wish to receive the mini loan, is there a possibility to withdraw from the loan? Yes, it is possible but only within and no later than the 14th day following the date of payment of the Bank Mini Loan. Once this date has passed, it will no longer be possible to withdraw but you will be able to pay off the loan in advance by going to any post office authorized to use the service without having to pay any early repayment penalty. In which cases the Mini Loan may be refused. Among the various reasons that could lead to a possible lack of disbursement of the requested financing we find: the existence of another loan disbursed or the beneficiary is in possession of an unemployment benefit. These are just some of the reasons that could lead to a negative assessment by Bank that could then deny the Mini Loan with Pay Credit credit to the applicant.

In short, being the owner and holder of a Pay prepaid card is really convenient and allows all those families who need to cover unexpected expenses such as medical expenses or a trip or if you want to be able to carry out a small project you have dreamed of for some time. Furthermore, thanks to this offer, you will save yourself the long wait that is usually necessary for the provision of a loan in any other credit institution or bank.