There are several ways to meet the requirements to get a loan without proof of work. Depending on the lender and the type of credit protection, large and small loan amounts can be realized. The article provides an insight into the possibilities of being creditworthy even without proof of work.
Credit without proof of work – but not without income
A loan without proof of work is not a problem if other income can guarantee credit security. It is not just wages and salaries from dependent employment that can enable lending. The pension or pension comes very close to the income from work. The age limit could cause problems. From around 70 years of age, the credit opportunities are significantly restricted. Anyone who is younger and who exceeds the attachment limit through their retirement benefits will have no problems finding a loan even without a work certificate. Of course, the generation of “Silver Surfer” receives particularly low-interest offers through the connected credit comparison.
Other credit options without being in a permanent employment relationship include, for example, a secure income from renting, leasing or from investment income. Again, the level of income is decisive as to whether very low-interest financing offers can be used. Landlords can usually even use very cheap credit-related loans, provided the property has already been paid off. The high real value of a house ensures creditworthiness in the context of almost every loan amount.
Loans for the self-employed
Of course, there is the loan without proof of work for the self-employed. The entrepreneur could issue proof of work, but this certificate would not be recognized for lending. It is unfortunately not always easy for self-employed and freelancers to prove their creditworthiness. It is possible to have the tax consultant prepare an evaluation according to the standard of the Basel 2 agreement. However, the effort to do this does not pay off for small company sizes.
However, a loan can also be made via the income tax notices. For example, Barclaycard even specifically advertises this credit option. According to the company, salaried borrowers and self-employed are treated equally. A look at the loan comparison shows, using the representative example, that the interest rate granted to 66 percent of all borrowers is entirely in line with the market. Other credit providers, such as Cream Bank, generally allow freelancers and the self-employed. The disadvantage of these offers is that the requirements are not clear and simply defined.
Credit options without proof of work – difficult income relationships
Even with difficult or unclear income relationships, there are credit options on the ordinary credit market. This requires a solvent guarantor or co-applicant who enters into credit liability. In this case, the requirements of the credit institutions are not uniform. However, they can usually be found in the credit terms.
Similar prerequisites, as with an ordinary credit institution, also apply to loans without Schufa and without proof of work. A guarantor or property can provide credit security.
The desire for a loan without proof of work is not always about large loan amounts. Often only a few USD should help to reach the end of the month. Social Welfare or another wage replacement benefit is expected at this time. In this case, there is even a very straightforward credit solution. The loan from the pawnshop is not linked to the proof of work, but to the value of the pledge.