Granting of a loan than would be possible for employees
It is not possible to obtain an instant loan from a bank without proof of earnings, because unlike asking Credit bureau, proof of the borrower’s earnings is not optional.
A borrower’s earnings contribute significantly to the evaluation of the creditworthiness and credit limit, which is why every bank will require clear evidence of the type and amount of income in addition to the loan application. Customers at banks are particularly welcome when they earn their income either as civil servants or through permanent contracts.
Both persons enjoy an extremely high level of protection against dismissal, which is why the bank can plan better here with the granting of a loan than would be possible for employees with a fixed-term contract. The higher the income, the higher the borrower’s credit line, of course. This indicates the maximum amount a loan can be endowed without the borrower having to have an additional co-applicant or guarantor inserted in the contract.
The instant loan without proof of earnings is not possible in this form, unless a very liquid guarantor is used. Since the guarantor’s income and assets are included in the creditworthiness evaluation, borrowers may be able to dispense with proof of earnings (especially if there is no earnings due to unemployment).
The quick instant loan at a glance
The instant loan itself is therefore only ever issued on the condition that the borrower and / or his guarantor can actually be granted creditworthiness. The applicant is only promised a loan if the evaluation by the bank ends positively. The loan itself is also normally tied to an installment payment for instant loans. As a rule, these rates are all the same because the loan amount is added to the interest burden and then divided by the term in months.
So the longer the term is set, the lower the monthly charge. For this, of course, the loan is maintained for longer, which can make it difficult to borrow more. As a result, the instant loan cannot be obtained as a first credit without proof of earnings, at least not in the traditional way. Another possibility would be private loan brokerage portals that bring foreign lenders together with foreign borrowers.
But here, too, the loans are usually linked to the requirement that the applicant and future borrowers must prove their income beyond any doubt. Only private lending is exempt from such checks, since the loans are not seen directly as a loan, but as an uncomplicated financial injection that the borrower repays over an agreed period.