Providing loans to protested businesses and entrepreneurs and bad payers is not particularly easy, since credit institutions and financial companies prefer to deal with certain incomes based on what their internal risk policies prescribe, especially if the self-employed in issue have been reported among protesters and bad payers in the appropriate registers. As is known, in the face of difficulties in obtaining credit, banks and financial institutions propose a salary-backed solution, which offers solid guarantees, but this type of financing is applicable only to those who have a permanent employment contract, or determined but with a time limit in line with the loan, as well as to pensioners. Is it then impossible to have loans to companies and entrepreneurs protested and bad payers? Fortunately no, there are financial companies that offer solutions that fall within loans without payroll, but they are not many, and certainly the report for the previous financial problems is an obstacle in more.
Loans to self-employed persons reported, why give them
It is natural to ask why the financial companies grant loans to self-employed workers reported to the end-to-end knowledge company or to the Protest Registry, given the high risk profile: well, given the substantial nature of the labor market, where permanent employment contracts are no longer the predominant form of classification, and with the proliferation also following the economic crisis of young and even less young people who decide to open an entrepreneurial activity, the loan without payroll has become an unavoidable necessity to meet the demand, and depending on the individual cases cannot be a discriminating factor tout court the impossibility in the recent past to repay the borrowed money due to lack of liquidity.
This does not mean that it is easy to obtain financing for bad paying entrepreneurs, far from it: the companies that grant them are not many, and never as in this context can the individual case be raised by another. However, given the substantial denial of the classic bank, these financial companies that offer loans without payroll for bad payers still need alternative guarantees, and in general the process to reach the longed for payment becomes more complex.
Loans without payroll, alternative guarantees
So the financial companies need alternative guarantees to provide these loans without payroll to self-employed people like entrepreneurs: the case studies include
- Loans with guarantor or surety
- Mortgage on the house
- Loan with pledge
- Alternative annuities
- Loan with bills of exchange
Under normal conditions to obtain a loan without a pay slip, the Unified tax return form may suffice, even better than that of the last 2-3 years, as proof of a constant income without having a fixed income guaranteed by employment. However
in the condition of protesters or bad payers it is almost impossible to obtain in this way a loan without a pay slip, since the mere reporting in the databases corresponds to an insurmountable obstacle, being the risk of insolvency too high. Therefore the only options become these alternative guarantees.
Loan with guarantor
To obtain loans to protested entrepreneurs, the first opportunity that can be offered is that of a surety, or a loan with a third party guarantor. It is not that it is obvious to get this type of financing, but a company that has always had a good reputation, and that due to a sudden problem of immediate liquidity has found itself unable to meet the financial deadlines coming to the alert, could have some good chance of having a guarantor loan approved. Fundamental is that this third figure
demonstrate to the financial company that it has a solid balance sheet and an immaculate debtor spent, without protests and reports of any kind: in fact, if in its turn the guarantor has received reports as a bad payer, it will be impossible to grant the green light to the financing. But even if the guarantor has never requested a loan before it represents an obstacle to the supply, since the company must know the past reputation of the subject, and a guarantor without a past is unreliable as it is unknown to the bank archives.
Guarantees on movable and immovable property
Another possibility for a self-employed worker who is in financial difficulty is to rely on what he owns as a guarantee for obtaining liquidity: we thus have a lien on loans, such as jewelery or precious stones, which allows those who deliver them to release the cash consideration of the value of the asset against expert appraisal, and resell the same good to the auction in the event of failure to pay. Another possibility could be the mortgage on a property that allows the entrepreneur, if accepted by the financial company, to obtain the financing he needs. However it is good to keep in mind that for small amounts the mortgage could be refused, as the value of the loan is much lower than that of the mortgaged property: from a technical point of view it would be a partial mortgage, and for the credit institution it would be very complex return of the capital due in the event of non-payment of some installment.
Request funding through alternative annuities
Another attempt that can be made to get a loan to protested companies and entrepreneurs and bad payers is to offer an alternative income as a guarantee, as can be the regularly registered rent of a third property, or a small capital that generates a constant return and that it would not be convenient to release, so you prefer to request a loan. Assuming that a financial company agrees to provide a loan to a bad payer with this guarantee formula, it is necessary to demonstrate during the preliminary investigation that it can continue to be the holder of the annuity in question for the entire amortization period that will serve to repay the loan.
A final possibility to obtain a loan without a pay slip with alternative guarantees is to try to request a loan with bills, where instead of the normal bulletins the payment of the installments takes place precisely through these bills of exchange that are
executive credit instruments which, once the debtor’s signature and stamped by a stamp, authorize the creditors to foreclose the assets for a value equal to the debt also following the non-payment of a single installment, without the need for a conviction sentence or an injunctive payment order.
Generally banks do not willingly grant loans, it is easier instead through financial companies, however the convenience must be well evaluated as the interests are very high and so are the costs related to insurance coverage that are imposed on the applicant.
Already in its “normal” version, loans without payroll have higher interest rates than normal personal loans or salary loans granted to those who can present a fixed income as a guarantee, especially for protested entrepreneurs and bad payers loans of this type, provided they are granted, they represent an exorbitant cost. The basic concept is that the higher the risk for the credit institution, the greater the growth of the interest rate. The APR, the Global Effective Annual Rate which includes all the expenses and financial costs related to a loan, without a guarantee pay slip in such loans starts from a minimum of 12 per cent to rise, so it is easy to imagine the burden at the moment in which even a financial institution should grant the loan to a person reported as a bad payer.
Beware of scams
In addition to the far from irrelevant aspect of high interests, protested entrepreneurs seeking funding should pay particular attention to scams, which especially with the advent of the Internet and online companies proliferate exponentially. We must be wary of loan announcements without pay slips and without guarantees, even for large amounts: generally behind these “baits” there are attempts to steal people’s personal data, and even if the offers turn out to be true, it is very easy for them to interest applied and the related expenses in a surreptitious manner exceed the level of usury established by the Bank of Italy. If a financial proposal seems too good to be true, it probably isn’t.
How to understand if a loan is cheap
We reiterate once again that a loan to a bad paying self-employed worker, as indeed can be an entrepreneur, is very difficult to obtain: but if you find a financial company that is willing to pay it, to understand if the financing is really convenient, you must keep account of these 3 parameters:
- TAN, or the annual nominal rate : it is the interest rate applied to the loan that must be paid for the repayment of the capital obtained. Personal loans without pay checks usually have a much higher TAN than traditional loans, so the most convenient solution would be to find the one with the lowest possible rate.
- TAEG, ie the Global Effective Annual Rate : this is the value index that indicates the total costs of the loan, including all the expenses and tax charges related to the loan. Also in this case it is good to identify the lowest APR loan in order to keep costs to a minimum, indeed it is perhaps the most important item to have a concrete idea of what one will have to spend on the loan.
- Insurance policy : mandatory in loans without payroll, very often it is the most expensive cost item among those related to its disbursement. It is important to understand how much it affects costs, and this item is not always reported in the APR: as a rule, if the policy is compulsory, its cost will already be included in the value indicated above, while if it is officially only optional, but the financial company obliges made to stipulate it for consent to the loan, it may not be counted in the APR, and therefore it will have to be calculated separately.
Independent payers bad loans: who delivers them?
Indeed, there are not so many financial companies that provide loans to protested companies and entrepreneurs and bad payers, but above all by searching online it is possible to come across financial intermediaries that operate by offering solutions to self-employed workers such as entrepreneurs: one of the best known and advertised precisely for financing protesters and bad payers are Prestitò, although they officially declare that they do not provide such loans to self-employed persons. However with a good guarantor you can try to ask, but it is good to know that the path to be followed is quite impervious.
Even Aliprestito offers the opportunity to provide loans to bad payers and protesters, but it is always good to ask one of their consultants what real possibilities there may be. In general you need to lose some time in research and make attempts in every possible direction, or if you do not have the time you can try to rely on an experienced financial advisor, to understand in your own case what the solution might be better and the way to go to get a capital without the guarantee of a certain work income.
We cannot hide behind fake illusions: obtaining loans as protesters and autonomous bad payers is difficult, very difficult, but now that we have left the most difficult period of the economic crisis behind, there is a little bit more. In general, without a certain work income on which financial solutions such as salary-backed loans can be applied, credit institutions and financial companies are extremely wary of granting loans: however the alternative guarantees we have indicated, perhaps combined with a good reputation of company of which one is the owner, could open some possibilities of financing, above all if one is at the first signaling of protest or if one has been the victim of an error and expects only the cancellation from the database, having started the process.
They are trivial examples to say that never as in this context the individual case can change the orientation of a financial company about the provision of a loan to a protested entrepreneur or bad payer : the opportunities are not really many, but thanks to help of an expert consultant it is possible to find the most appropriate and suitable alternative solution for one’s own situation, and in this way, perhaps, succeed in obtaining the necessary capital to resolve the financial urgency of the moment.