If already having a source of income is sometimes not enough to get a loan, loans to protesters and bad payers without income could really be a chimera, especially for those who, in addition to being in a state of unemployment or unemployment, have unpaid debts. paid or even problems related to bank or postal checks protested. In spite of these very uncomfortable starting conditions, some loan opportunities for protesters and bad payers without income and without any source of income are not so strange, being able to count on some options, both for obtaining a sum of money for use staff, both to be able to re-enter the working world or start with a business of their own, thanks to some types of non-repayable loans.
How to get a personal loan without income: the guarantee
Not having any source of income is already in normal conditions a ruling that would prevent access to credit, a fortiori loans for protesters and bad payers without income becomes a solution not feasible by normal means: the only way to be able to access a loan personal with such credentials is to have a third party guarantor who acts as co-obligator, in order to “reassure” the credit institution or financial company about the amortization of the debt. What is technically called a surety therefore provides
the obligation of an economically sound and financially reliable guarantor that ensures the balance of each monthly installment for the repayment of the disbursed capital plus the related interest, in the event that the holder of the loan is unable to provide for amortization.
Now not all credit institutions agree to provide a loan with a guarantor : it is necessary to evaluate both the starting situation of the main applicant and the income documentation of the third party guarantor, thereby establishing the financial conditions to provide the credit. Now, starting from the assumption of our interest of a loan to bad payers and protested without income, so that a loan can be granted by guarantor, these variables must be verified at the same time:
- Request for an amount not very high
- Not too heavy an assessment against the principal applicant (it is easier to be granted the loan to a bad payer who is reported for a few missing installments than for a protested example)
- Possible presence of real guarantees, such as a property owned
- Guarantor of an employee with a permanent contract, or a pensioner with a social security check of a sustainable amount on depreciation
- Guarantor must not be reported as protested or as a bad payer, no bankruptcy proceedings or bankruptcy proceedings must result
Respecting more or less all these conditions it is possible that a financial company or a credit institute accepts to finance a protested subject or bad payer without sources of income, but in case of refusal how to do? Are there any viable alternatives? Let’s see together what alternative ways can be taken to get a sum of money.
Loans with bills of exchange for unemployed
An easier way to obtain loans to bad payers and protested without income could be the loan financing, that is to turn to those financial companies that offer a type of loan in which the sum paid must be repaid not through the classic amortization installments to be paid each month, but by means of bills of exchange, ie credit instruments guaranteeing the credit institution about the balance of the amount agreed, since in case of non-payment the attachment of the debtor’s assets is triggered with relative simplicity. This mechanism makes delivery easier, even for protesters and bad payers: those who are in a state of unemployment or unemployment he must in any case resort to a guarantor to present the loan application, unlike those who are also self-employed, who simply need simple income documentation. In any case, the requisites required in the preliminary phase are more flexible, even for the guarantor himself, since the bill of exchange itself acts as a guarantee for the funding body: for those who have no income, it is advisable to request an amount that is not very high so that the demand can be accepted, between 2,500 and 5,000 euros, in order to have more opportunities to obtain the concession of the capital.
In order for the individual bill of exchange to be legally valid it must contain:
- Name of creditor and debtor
- Expiration date
- Support bank at which to make the balance
- Signature of the debtor
- Stamp that certifies the validity in progress
We remind you that in case of difficulty, subject to agreement between the parties, it is possible to obtain the postponement of the due date of the bill of exchange, in order to avoid the attachment of the assets. The loan with bills shows amortization plans that can be customized from a minimum of one to a maximum of 10 years, the interest rate, on average higher than that of a normal loan, is fixed for the entire duration of the amortization guaranteeing a constant amount, and it is highly probable that the costs inherent in the loan must include the costs of an insurance policy to further protect the credit.
The mortgage on a building as collateral
When there are no real sources of income, an alternative, although more impervious, way of obtaining a capital from a credit institution is to focus on real guarantees, such as having a property owned on which to turn on a mortgage, a financial opportunity that allows the applicant to not lose possession of the asset, exploiting it to obtain a sum of money. The property can be used by the unemployed person
both as a reinforcing guarantee in the event of a loan request with guarantor, if requested by the financial company, or alone, especially for those who want to obtain a large sum of money: credit institutions and financial companies tend to accept this formula of real guarantee only for large amounts of capital, since in the event of insolvency the procedure for recovering the residual capital through the asset would be excessively complicated, and there would be no convenience for the provider for a modest amount.
Small loan with pledged credit
As a type of loan to protesters and bad payers without income through real guarantees, a last opportunity that presents itself, advisable especially in the case of small amounts, is the pledging credit offering a good of value, as can be for example jewels, in order to obtain a capital to be repaid then through the classic amortization installments, with repayment durations in a few years, usually maximum within 60 months. In summary, this loan with tangible assets includes these different phases :
- Estimate of the committed good
- Provision of the corresponding value in cash
- Repayment of the debt
In the event of timely repayment of all the installments, the legitimate owner of the asset will regain possession of the assets committed at the end of the depreciation, otherwise the finance company may regain the residual capital disbursed by auctioning the asset by selling it to the best bidder.
How to enter the world of work through funding
The ones we have analyzed here are the classic unfinished loans that can be obtained in the difficult starting conditions described so far described: there is also a specific branch of non-repayable or low-interest loans that allows loans to be made to protesters and bad payers without income through specific institutions: we talk specifically about two forms of financing, or
- Honor loan
- Loan of hope
Let’s see in detail what it is.
Honor loan for self-employment
For those who are in a state of unemployment or unemployment, and live in economically depressed geographical areas, the State makes available the loan of honor through the Invitalia agency, which proposes partly non-repayable loans and partly to be repaid to subsidized rate, in order to stimulate economic growth through self- employment, in Italian self-employment, ie
creation of individual start-ups or franchises, aimed above all at young people under 35, women, and inhabitants of Southern Italian regions, namely Campania, Calabria, Sicily, Sardinia, Molise, Abruzzo, Puglia, Basilicata. The loan of honor in the composition varies according to the type of call for tenders, generally it includes a part that can go up to 50 percent with no repayments, without any kind of refund, and another part on favorable terms, to be repaid on average in 7-8 years. The loan, guaranteed by the State itself, is granted until the funds are exhausted.
Just as an example, a loan for protesters and bad payers without income that is paid in 2018 with a non-repayable loan is the loan to the South, which allows you to receive up to a maximum of 50,000 euros through a non-repayable grant of 35 per cent of expenses, and the remaining 65 per cent through a bank loan guaranteed by the Central Guarantee Fund for Medio Credito Centrale SMEs, and another to cover interest on bank financing. The part to be repaid at a reduced rate has an amortization period of 8 years.
An economic aid from the loan of hope
Another way to reintegrate into the labor market is through a loan called hope loan, provided in collaboration by Cei and Abi in support of families and workers in difficulty, which also help to set up a professional retraining course through funds for courses of updating and / or professional integration. This is a very special loan,
open to all those who have documented problems of access to credit, and who wish to return to the world of work: up to € 25,000 can be obtained, with repayment plans at a reduced rate of up to 6 years, including 12 months amortization, while in the event of early repayment of the residual debt there are no penalties.
Despite the difficulties of starting, obtaining loans to protesters and bad payers without income is not impossible, and there are also real chances of getting up after a moment of difficulty and trying to re-enter the labor market thanks to state and European funds available from the relevant bodies. Certainly it is complicated to obtain loans that are not finalized, having no source of income, it is necessary to have someone who can act as guarantor, or make real guarantees available and hope to obtain even small capital: for those who find most of the financing doors closed, the most viable option remains that of loans with bills of exchange, but those who have no source of income must necessarily present the documentation of a guarantor also for this type of financing.