If you need a personal loan or a loan for the purchase of your first home, it is not unusual for the bank to require, in addition to personal and income requirements, the presence of a guarantor, a third person who, in the In case of non-payment, insolvency or difficulty in paying the installments for the most varied reasons, I can pay for us. The figure of the guarantor must therefore be a figure very close to us, considering the importance, and also the danger, of signing such a contract.
In fact, the possibility of being able to benefit from a guarantor is not taken for granted, which is why the possibility of obtaining financing is excluded and reduced. How to do then if you don’t have a guarantor? Is it possible to request a personal loan, a loan, a mortgage even if you do not have this figure at your side? We see together the details of all the types of loans that can be obtained, and for which there is greater possibility of acceptance and access to credit, the requirements, the conditions of the request, the documentation and any other guarantees to be presented to the Institute credit to replace the guarantor.
Loans without guarantor: HOW TO REPLACE IT?
The first important thing to know is that, in general, the bank that does not require the presence of a guarantor to access the credit requires a form of replacement of this figure, as each credit institution has the objective of guaranteeing the return / recovery of the disbursed capital. To this end, it requires the subject of the guarantees that, if they are not third parties like the guarantor, they belong to the type of tangible assets, as for example is a property to be subjected to a mortgage with a value equal to or greater than the requested sum.
In any case, this form of guarantor is to be considered only in the case of loans, loans or mortgages, for which a high sum of money is required (different is the case of a personal loan of 5,000 USD, for example, where the sum is reduced and more easily recoverable). The guarantor constitutes a necessary guarantee for the bank if the person requesting the personal loan does not have a sufficient income condition, an atypical work contract, has an inadequate remuneration for the purposes of financing or is a new employee.
Loans without guarantor: WHO is the GUARANTEE?
In the signing of a personal loan it is an essential figure if you do not have the income requirements to access the loan, but who exactly is it? Knowing the characteristics of the guarantor figure it will also be easier to search for solutions to replace it and obtain the desired loan :
The guarantor is a figure who has the real possibility of paying the debt of the person who signs the loan: the permanent employment contract is the most requested requirement.
Loans without guarantor: TYPES
If you do not have a guarantor to request to guarantee real credit repayment for us, you can opt for other specific loan solutions that do not require the presence of a guarantor due to their characteristics and conditions of access. On the financial market there are many types of personal loans without guarantor :
- salary or pension transfer;
- loan delegation;
- small rechargeable loan;
- credit card;
- finalized financing;
- loan repaid.
Loans without guarantor: ASSIGNMENT of the FIFTH and DELEGATE LOAN
Each type of personal loan listed above does not require the presence of a guarantor, as the subscription conditions provide for the guarantee of an income, as for example is the case of the sale of the fifth or of the loan, in which the installment, which respectively it cannot be higher than 1/5 and 2/5 of the net salary, it is deducted directly from the salary by the employer who pays it to the credit institute. In this case the guarantor for the credit institution is the same employer who cannot refuse to accept the form of the fifth assignment (he may instead refuse to accept the delegated loan) by paying the installments due.
Loans without guarantor: CREDIT CARD and SMALL LOAN
The other forms of credit, such as the small rechargeable loan, the credit card or the finalized loan do not envisage the figure of the guarantor due to the reduced amount of the loan and easily recoverable. These are small amounts of up to $ 5,000, for example, a loan for the purchase of a high-tech product, a PC, a computer. Furthermore, there are income factors and their monthly remuneration to be considered, but in general these forms of personal loan do not require a guarantor.
Loans without guarantor: CHANGEOVER LOAN
A different case is that of a loan that does not provide for the guarantor, since the form of repayment used is the bill of exchange, which is enforceable. This means, in fact, that in the event of insolvency or non-payment, even of one / two installments, the asset is attached. This is a guarantee for the lending institution of recovering the capital disbursed with the loan: the credit institution refers directly to the good purchased with the money disbursed with the personal loan.
The bill of exchange is the means of credit and at the same time the guarantor of the repayment of the personal loan disbursed. With the signing of the bills of exchange for the payment / repayment of the loan, these become the monthly installments, and the way in which the bank, in the event of failure to pay the amounts due, can advance the procedures for the attachment of the asset or, if not distrained, request payment through other goods of equal value. This is why this form of loan does not provide the guarantor.
Loans without guarantor: OTHER GUARANTEE FORMS in lieu of the GUARANTEE
In the case in which the forms of personal loan or financing are not suitable to resolve one’s own financial situation and one needs to obtain a higher quota than those permitted without guarantor, as mentioned in the introduction, it is possible to try to replace the figure of the guarantor with other forms of guarantee, such as, for example, the ownership of movable and immovable property, which can be presented to the bank following the calculation of their value on the market.
One of the assets that could replace the figure of the guarantor in the certainty of the return of the disbursed capital, is the exhibition of a property owned, a land, a box, a garage, with a value equal to or greater than the requested sum. This solution can be adopted for access to credit of sums exceeding 50,000 USD : in the event of insolvency, the credit institution may have recourse to the property or land, pushing for the sale of the asset.
THE RENTAL FEE!
The guarantee of the rent in the restitution of the credit is very often used also by the subjects without payroll (workers with a non-certified monthly salary, with atypical or collaboration contracts).
A second opportunity to be exploited for obtaining a personal loan or financing without a guarantor is that of the rent. The receipt of a rental fee for a property or a box is to be considered a guarantee of additional income and, based on the duration of the contract and the amount received, constitutes a real guarantee on which to refer. Consider also the ownership of the property which, at the time of the presence of tenants, cannot be shown as a guarantee but it is possible to consider the sum of the rent as an income to be invested to pay the loan installments.
Loans without guarantor: GUARANTEE OF ASSETS OF VALUE
A third possibility for accessing credit is to pledge valuables that, valued in their value, make it possible to obtain a liquid sum for our spending needs. This form of guarantee belongs to the type of loans on pledge, often used by persons without a pay slip, as reported above, who remain excluded from the credit. With this particular form of personal loan without guarantor, it is possible to pawn up jewels and valuable goods of any kind.
The party that signs the loan sells its asset of the same value as the capital that it requires as financing and that in the event of non-payment it can be sold at auction to recover the sum paid. The bank estimates the asset in proportion to the commercial value of the moment and provides the corresponding liquidity: the asset is the pledge, the guarantor of the repayment of the money lent, based on the conditions and characteristics of the loan shown in the following table:
|LOAN ON PEGNO||GUARANTOR||LENGTH OF THE LOAN|
|LIQUIDITY ON THE BASIS OF THE VALUE OF THE ASSIGNED GOODS||WELL SOLD||FROM 3 TO 6 MONTHS|
Loans without guarantor: SMALL RECHARGEABLE LOAN
With the exhaustion of the possibility of having a guarantee to be taken to obtain a personal loan, if one needs to have a small liquidity, it is also possible to opt for a credit card or for the subscription of a small loan that can be recharged on paper. prepaid. The types of loans without guarantor are certainly among the most convenient, considering that the interest rate applied can be up to 11% but they constitute the forms of loan and financing of wide and easy access without the need to have a guarantor.