Often you find yourself in the need to apply for a loan from a lender without knowing if you have the right characteristics to obtain it. Asking yourself this problem is at least fair, in fact all banks make rigorous checks on borrowers before granting them. The ways to implement a loan are the most nonsense and very often it is not possible to understand which one is best suited to your needs. Loans exist for the purchase of certain consumer goods, for example, and these are the easiest to obtain as they basically translate into a loan without guarantees.
How to get a loan without collateral?
This means that the financial company will be willing to disburse the requested sum simply by virtue of an agreement stipulated with the supplier of the asset. For this reason, in the particular forms of guarantee will be requested from the customer, who will simply have to be able to demonstrate his monthly income. Alongside these types of financing, however, there are many others, some of which explicitly require ancillary deeds that better guarantee the lender.
Obtaining a loan without guarantees, therefore, could be more difficult for those who want to take out, for example, a mortgage with a bank. In fact, almost always, the lender will want to be more protected from the risk of insolvency when there are significant figures at stake. For this reason, a mortgage is usually applied in case of purchase of property. This must be transcribed in the appropriate register and serves to guarantee the creditor in the event of non-payment of the installments due. In fact, it will take precedence over the other creditors of the defaulting subject, for the satisfaction of its credit on the object in question. Then he can proceed to auction the property to try to repay the invested capital.
If you do not respond to the classic fees sought by the bank, you could see your request for funding refused without necessarily having to offer more information. This is because the lender tries to keep themselves safe from any bad business. In fact, if the applicant were to find themselves in situations of economic difficulty, it would be more difficult for the bank to get what it deserves. For this reason, the figure of a guarantor, or a third party with respect to the parties to the original contract, may also be requested, which guarantees the payment of the residual debt in solidarity with the main debtor.
Very often this is sufficient to be able to access a loan that would otherwise be refused. Getting a loan without a guarantor, however, is not impossible. This is very simple when the applicant has sufficient income which does not cause fear for his insolvency. Usually it is calculated around 20-25% of the monthly income, the maximum amount that the installment should have. This calculation serves to insure both parties during the relationship. In fact, in this way the bank will always be sure of receiving timely and need payments and, on the other hand, the debtor will almost never be in a position to fail to pay its installment.
Get a non-repayable loan
Furthermore, for some categories of subjects, much more favorable market conditions can be found. Some institutions, and also the European Union, periodically offer calls to obtain a non-repayable loan. This usually happens for young entrepreneurs and has the function of trying to give new lifeblood to the whole economic system. Very often they are also intended for particular product sectors, such as agriculture.
In this way, in fact, we try to give a new impulse to an essential sector for global development which, otherwise, would be left too far apart from other activities. These funds make these markets attractive again and allow their livelihood and development. Calls are also made for female entrepreneurs to obtain a non-repayable loan. These are characterized by the lack of a return obligation. Basically, you get some capital that you don’t have to repay, or not entirely. This is certainly a valid help for those who want to start a certain type of business. In fact, the initial costs for a new company are always high and being able to count on a subsidy of this type is sometimes decisive.
Get an unsecured loan with low sums
The unsecured loan is also granted when it comes to relatively low sums. For example, even a person with a fixed-term contract could get one. The important thing in these cases is that the loan amortization period does not obviously exceed that of the employment contract. If the limits indicated by the lender are respected, there are no problems in providing the loan, especially if they are loans aimed at the purchase of a specific asset.
Obtaining a loan without guarantees, therefore, is possible, the important thing is to always be able to meet your contractual obligations. If you have a constant income and no gradients, you belong to a particular group of consumers, or you are not dealing with very high sums, the bank will be able to grant the financing even without the need for particular accessory guarantees. This type of guarantee, such as a pledge, a mortgage or a guarantee, are useful tools for credit institutions to reduce the specific risk of the transaction, however they do not necessarily have to be used in every transaction.
Indeed, they are usually affixed when the convenience calculation carried out by the professional operator shows some problems in the expected profit for the same. In these particular cases, the bank will rightly want to protect itself from any liquidity problems that would not arise from its ordinary management. The financial law is very detailed and always tries to protect the customer who is seen as the party with the least contractual power. For this reason you can always assert your rights and try to get a loan without a guarantor. If you have all the required features, you can legitimately expect to receive a positive response from the bank. In this case, the applicant will then make sure that he has understood all the main contractual clauses.