Currently, private companies that grant microloans will not require us to be backed by a third party in order to access their products. If you need money quickly and you do not have a guarantor, then you can see who offer installment loans, what are the main characteristics of these products and what requirements you have to meet to get them- maybe this one.
Why can I get a microcredit without having a guarantor?
The guarantee is nothing more than an additional guarantee required by some entities when they consider that the applicant for financing does not offer sufficient guarantees of payment, usually because it does not charge sufficient income to repay the loan or because they are too unstable. However, companies that offer mini-loans will never require us to be backed by a third party, since the amounts of money they lend are very small and, therefore, easy to reimburse if some kind of regular income is charged.
Therefore, we can get microloans without an endorsement provided that we show that we collect enough money to pay the reimbursement and fulfill the other requirements demanded by the lender company: be of legal age, be a bank account holder, etc. Some companies will even grant us mini loans without a third party that supports us even though our data appear in files of defaulters like ASNEF, without the fact of being included in a list of unpaid expenses.
Can I contract microloans without endorsement or payroll?
Yes, companies that offer microloans without a guarantee will not require us to charge a salary, although of course, we will have to show that we have some type of income to cover the payment of the loan. For example, we will not have problems to get a mini-credit without endorsement if we receive any of the following income:
- Salary as self-employed: if we are self-employed and our monthly income is relatively stable, most companies will not put obstacles in our way to access their microloans without endorsement and without payroll.
- Pension: as the pension for retirement is a regular income type, we will not have problems to get microloans without payroll.
- Unemployment benefit: we can also hire a microcredit without a guarantor if we receive an unemployment benefit that allows us to repay the money borrowed within the term.
- Scholarships or other subsidies: some companies will also approve our application if we charge a scholarship or some type of public aid. However, we can not obtain a mini-credit without an endorsement if the amount received does not allow us to pay the reimbursement.
- Rent: we can also hire one of these products if we are landlords and we charge a rent monthly enough to return the microloan on time.
If we have any of these sources of income, but we are not sure of meeting the requirements demanded by the microcredit lenders, we can download the free guide “How to increase the chances of getting a loan”. Thanks to this useful tool we will be able to know what our current possibilities of obtaining a microloan are, how we can increase them, what logic private lenders follow and which company is advisable to go depending on our economic profile.
What happens if I do not refund a mini-credit without an endorsement?
The guarantee of online microloans is exclusively personal, which means that we respond to the payment with all our assets, both present, and future. Therefore, if we delay in the reimbursement of the contracted mini-credit, we may suffer the following penalties for non-payment:
- Collection of fees and interest for late payment: first, the lender will charge us a commission for each notice of default and we will apply higher interest than usual for each day that passes, which will significantly increase our debt.
- The inclusion of our data in a file of defaulters: in the event of non-payment of their microloans without collateral, companies also usually include the data of the borrower in a list of defaulters such as ASNEF or EXPERIAN. Once registered, we will not be able to obtain bank loans and many private equity companies will not approve our financing request either.
- Claims for payment of the debt: either through the courts or through a specialized company in the recovery of defaulters. If we come to trial and lose, the judge could sentence the seizure of our present and future assets to pay the debt (payroll, current accounts, etc).
If we do not want to suffer all these consequences, before requesting mini loans without a third party that supports us, it is important that we make sure that we can return the borrowed money within the term and that we never request a microcredit if we do not have income.