Loans without guarantees are very difficult to obtain, because the bank needs to be sure of the solvency of the users to whom it grants a loan.
When a credit institution provides a loan, in fact, it exposes itself to the risk that the applicant is not able to repay the loaned capital, within the time established by the contract and with the recognition of a certain interest rate. For this reason, before you can receive a loan, you often have to go through a series of checks on your personal, economic and financial condition.
The most typical case of financing without guarantees is constituted by those loans that are also granted to people without a pay slip . Usually, just the pay slip is the most important document to present to the bank in order to request a loan: this contains the information that allows the institution to verify the presence of a constant cash flow, which guarantees the solvency of the applicant. As a result, employees are at an advantage.
However, the banks have specialized in other services, which also offer financing to all those categories that cannot present a regular salary: temporary workers (often the loan is linked to the duration of the contract), self-employed, students, young entrepreneurs. For each of these social groups specific offers are provided, but all of them are united by the request for guarantees other than the pay slip.
Among the guarantees required by the credit institutions we remind the possibility of mortgaging a property , engaging a valuable asset (like a jewel), proving to receive another form of continuous income (for example a rent) or appearing with a guarantor. This last possibility is often used by young people, who, by presenting a parent as guarantor, are able to access funds to finance their studies or projects.
But what happens if none of these guarantees is available? Unfortunately, getting a loan becomes very complicated. However, there are some possibilities of loans without guarantees, such as that of subsidized loans guaranteed by a public body. In these cases, the State or the European Union act as guarantors for those categories, such as students or young entrepreneurs, who could not otherwise present their own guarantees. These are loans aimed at obtaining studies or starting a start-up, often with convenient rates. To apply, it is necessary to carry out a search among the tenders published by the various public bodies.