Is it possible to obtain a personal loan without proof of salary? How to justify your income as a retiree, entrepreneur, self-employed or even disabled? Everything you need to know about the supporting documents for the personal loan, a credit without proof of use of money.
What is a personal loan?
The personal loan is a credit without proof of use of funds. This is a very popular type of financing, enabling small and large projects to be carried out. Mostly issued by online organizations, this “all projects” consumer credit is also offered by most banks. Let’s first take a look at the basic conditions of the personal loan:
- Credit without proof of use
- Amount: generally $ 1,000 to $ 75,000
- Duration: 12 to 72 months (rarely more)
- Fixed APR rate
- Proof of salary or compulsory income
The personal loan without proof of use is therefore absolutely not a personal loan without proof of salary or financial resources. We will see that the law obliges organizations and banks to claim several financial guarantees as part of a personal loan request, including the latest salary statements. Only non-salaried people (retired, self-employed, some entrepreneurs, disabled) can obtain a personal loan without proof of salary.
Can we get staff without proof of salary?
It is not possible to obtain a personal loan without proof of salary, unless you cannot afford to provide one. Retired, self-employed or entrepreneurs can indeed replace the proof of salary with their last tax notice (s). Some online personal loan specialists will just ask for the latter, while others will ask for at least two.
Personal loan: supporting documents requested
Here is the list of supporting documents requested by most credit organizations. The tax notice is an essential document, complementary to the proof of salary.
- Proof of address
- Tax notice (at least the last)
- Latest pay slips for employees
Our recent personal loan requests indicate that the major credit organizations all ask for proof of salary and tax notice. The first city is however not necessary for the self-employed, retired, or any self-employed person. Obtaining a personal loan without proof of salary is impossible for employees.
Why do organizations require proof of salary?
The law obliges lenders to check the creditworthiness of applicants. This is the reason why employees should not expect to get a quick personal loan to justify their financial resources. It is also a loan of money without proof of use. Not knowing which project the money is associated with, the lending institution logically needs collateral.
The personal loan without proof of salary for the self-employed
Retirees, self-employed workers or anyone who does not have the capacity to provide a salary slip can obtain a personal loan without proof of salary. The tax notice then substitutes the salary. However, it is to be expected that the organizations will claim at least documents from the last two years, in order to guarantee a certain regularity of resources.
Personal loan offer without proof of salary = mistrust
Any offer of credit without proof of salary or income must raise doubts. All establishments must in fact assess an applicant’s creditworthiness in order to provide them with an answer. Credit scams are common in the industry. Several elements make it possible to avoid being faced with a scam:
- Check that the organization is registered with ORIAS, the single register of insurance, banking and finance intermediaries. Bankate is registered as a comparator under registration number 14006971.
- Never pay money before you have obtained the loan. Several scams involve promising a personal loan without proof of salary, provided you make a small first payment. This practice is illegal. You should never make a transfer in the hope of obtaining a personal loan without proof of salary.
Our personal loan comparator only includes reliable and reputable organizations. Our tool can therefore compare the best personal loan offers online, generally more attractive than those of banks. A simple form makes it possible to obtain a principle response at the best APR rate, and a final contract proposal as soon as possible.
The APR rate, benchmark for consumer credit
Any consumer credit (work loan, personal loan, car loan, revolving credit) must display an APR rate. It is a legal reference. The APR (annual effective annual rate), associated with the repayment duration, makes it possible to identify the cost of the credit. It includes interest but also possible administrative costs. Online credit organizations generally do not charge any handling fees, which is not the case for some banks.
Good to know: any personal loan offer grants a withdrawal period of 14 days. A slip provided for this purpose is generally associated with the credit agreement. You should therefore be wary of a credit agreement that does not stipulate this legal right of withdrawal.