Nowadays it is quite frequent to have to apply for a loan at any given time. It is not surprising if we think about the little job stability that exists and the devaluation of wages that we have been living for some years now.
However, going to our bank for a lifetime to get a loan is becoming more complicated. For example, it is not feasible to try to apply for loans without payroll at our branch. Fortunately, today there are very interesting financial alternatives that can help us cope with this need for punctual credit. We are talking about private equity companies.
What are payday loans
They are those loans that can be applied for with alternative sources of financing. In other words, it is not necessary to have a salaried job to get a loan. It is sufficient to have stable and regular income that allows you to repay the amount borrowed together with the interest.
This type of loan is one of the most requested today. Private equity firms, such as MB Private Equity, and private lenders are typically in charge of granting them.
To access loans without payroll, you must meet a series of requirements
Although it is not necessary to be a salaried employee, we will have to demonstrate:
- That we have regular and justifiable income with which to return the money. For example, unemployment benefit, some type of scholarship, retirement or that we are self-employed.
- Reside in Spain. Whenever we want to have a credit of this type in our country, we must be residents. Loans are not offered to people who do not live here.
- Be of legal age. In general, it is enough to be 18 years old to be able to access loans without payroll. However, it is true that some companies increase the age cut to 25 years on certain occasions.
Types of loans without payroll
If with our financial profile we cover the necessary requirements we will be able to access this type of credit. Within this modality there are different types. The most frequent are the following:
- Micro loans. These are loans of small amounts that must be repaid in 30 days. Today there are many companies that have specialized in this type of credit. So much so that due to the great competitiveness of the sector, offers have been improving. For example, there are companies that offer up to 60 days to repay the loan. Or even that they give new clients the opportunity to get microcredit without interest. The amount of these loans does not usually exceed $ 1,000 and the interest is quite high. About 1.1% a day.
- Home equity loans. To get these loans you only need to have a property that is used as collateral. It must be free of charges. It tends to have much lower interest rates than microloans and the amounts are higher. Very high figures can be achieved. Up to 25% of the market value of the property. Regarding the return terms, they can easily reach 10 years.
- Personal loans. They are usually used to acquire some type of good. For example, a household appliance or a car. They can be obtained from $ 1,000 to $ 100,000. Everything will depend on the economic profile we have. The interest on these loans is around 8% APR.