Loans without guarantees: what are the alternatives?
Today I want to deal with a rather controversial topic, about which, on the net, there is a lot of information but all conflicting. I refer to unsecured loans, have you ever heard of them? Surely; for many they are a simple chimera but for many they can represent a real opportunity. Everything is about finding the right guidelines to follow online. Yes, just like the ones I’m going to provide you with this article!
In this guide my intent is to provide you with a practical handbook containing all the different opportunities or better alternatives that you can take advantage of to request a loan without guarantees, or more precisely with other types of guarantees. I will explain how to apply for a loan even with a simple fixed-term contract, with a precious stone or even with a simple business idea! Sometimes it takes very little to open a door to the future and here you will surely find the turning point that is right for you!
Well, how about starting to get some clarity? Are you ready to find out all the steps to take to apply for a loan without guarantees? Let’s not waste any more precious time and let’s get to work immediately! Read this article carefully. Once you reach the end, you will certainly have found all the answers you were looking for and you will be able to make the most convenient decisions for you, based on the reality of the facts. Let’s begin!
Loans without guarantees: in what sense?
Ok, let’s start by clarifying this concept which, expressed in these terms, could be misleading. As you can understand, in reality you will never find any credit institution willing to provide you with a loan for nothing! Each type of loan, of whatever nature, requires as a counterpart of real guarantees, concrete and proportionate to the amount you need.
In light of this clarification, doesn’t it also seem to you that this term is at least inadequate? I’m sure yes, it would be more correct, in fact, to speak of loans without additional guarantees. Indeed, from now on we will interpret it in this way! Here, now that you are clear about this clarification, you can proceed with the reading of the article and discover all the various loan solutions that I have thought for you.
Loans without guarantees for unemployed but with demonstrable income
Does this seem a contradiction? Absolutely not, in this specific case you read very well. If you are unemployed, but you have the opportunity to demonstrate a monthly income, fixed and constant over time, you can try to apply for a bank loan. Continuous crediting of this amount of money to your account will offer the bank the guarantee it needs to grant you the loan requested and will allow you to achieve your objective more easily.
In this specific case, I advise you to consider the possibility that the bank asks you to involve a guarantor. This is because the lender will seek further protection because even if there is demonstrable income, the risk remains high.
Do you want to make an approximate calculation of the amount you can receive? The bill is quickly done! Subtract your out-of-pocket expenses from your pension, i.e. the costs you pay each month to pay bills or rent. Done? Well, the result is the amount that you can try to get recognized by the lender.
Loans without income guarantees: the loans changed
We start immediately by specifying that the loans changed are very rare today, but looking in your area you could still find small banks or financial companies operating locally that are available to evaluate whether or not to grant this type of financing. It should also be remembered that these loans can also be managed by private individuals. If you have friends or relatives who trust you, then, you can also try to apply for a loan directly to them.
But be careful, assuming that the bill of exchange is a fully-fledged executive title, it is worth emphasizing an extremely important concept. Remember that the counterparty, before granting a similar loan, will surely check the existence of sewable goods in the event of default and will grant you the amount requested only in the event that the goods that may be seized have a value such as to guarantee him an adequate return.
Before applying for a loan, therefore, it is worth stopping for a moment to think about the pros and cons of this form of financing and above all it is good to contact only credit institutions or known people. Be wary of proposals from people you don’t know or with whom you don’t have a close relationship of trust.
As a last suggestion, before starting the search for a possible lender, I suggest you also read the article where I explain in simple words what bills are and how they work.
Loan without guarantees: the mortgage annuity
Unlike the previous one, the mortgage lifetime loan is obtained with much more simplicity. Let’s briefly see how it works : this type of loan can be requested by subjects aged 60 or over who are owners of a residential property.
The credit institution granting the loan usually pays an amount ranging from 15% to 50% of the value of the property brought as collateral. The percentage value increases proportionally with the age of the applicant and is usually determined after an expert opinion. Once the contract has been stipulated, the property given as guarantee cannot be sold or modified anymore and must be kept in good condition.
Another peculiarity of this loan is that it does not provide for the preparation of a repayment installment plan but must be repaid in one installment by the heirs of the applicant, within one year from the date of the latter’s death. In the event that there are no heirs or in any case the latter decide not to settle the position, the bank appropriates the property and the transaction ends.
At first glance it may still seem like a bargain, in reality the real deal is for the bank which, in the event of insolvency, will be able to acquire and sell a property with a significantly higher economic value than the amount of money recognized!
If you want more information about this type of loan, I recommend you read the article: Mortgage Loan: what it is and how it works
Loan without guarantee but with pledge
Once perhaps it was more in use, today this form of financing is also quite rare. Generally, the credit institutions that grant these loans do so against a precious stone or a certain quantity of gold, offered as collateral by the counterparty.
The bank, after having the valuables valuated by a trusted pro-enthusiast, if interested in the transaction, determines the amount that it is willing to disburse. Obviously the amount recognized will be lower than the value of the property brought as a pledge and this is because, in addition to acting as a guarantee for the amount granted, the value of the asset must also be considered adequate to cover the costs of the case, interest and all any expenses related to the loan itself.
Loan without guarantees and lost fund
If you need liquidity to open an economic activity, the non -repayable loan is a hypothesis that you should seriously consider. It could be said that it is the real and only occasion in which a loan can be obtained without presenting any type of economic guarantee. Usually they are loans proposed to favor the economic recovery of the country but, although they are really very convenient, these forms of financing are unfortunately still little known. It is worth inquiring about this possibility because there are excellent opportunities to take advantage of!
If you think that the non-repayable loan is a viable way, I strongly suggest you read the article: Non-repayable loans: how they work, who provides them. You will see, you will find a lot of useful information.
Loan without guarantees: ok even if the job is temporary
Even if you have a fixed-term contract, you can still try to apply for a bank loan or a financial loan. As you well know, the working situation and consequently the economic one of our country has changed a lot in recent years. The status of precarious worker is common to many today and who better than credit institutions knows the truth since millions of possible customers have disappeared? As a result of what has just been said, in recent years, banks and financial institutions have adapted to the new circumstances and today they are able to offer loans even to those who do not have a permanent employment contract.
In conclusion, if you have a fixed-term contract I advise you to contact local or financial banks such as Bankate, Astro Finance, Caloper etc. anyway. etc. You can find all the contacts of these and other lenders in the banking and financial category.