Can they also get a Personal Payday Loan that has no cover?
Do you need a personal payday loan, and more than a million? Surely you have experienced that the bank is asking for collateral, not even a little. This can be a high-value property or a car, or other assets. Don’t you know what to offer to the bank? You don’t necessarily have to say goodbye to the loan! Now we’ll show you how to get a personal payday loan without collateral.
What kind of coverage do banks have to ask for?
Let’s just say that there is no uncovered credit. Since the credit crisis, banks have been required by law to borrow without a collateral, so do not lend to everyone.
What does this mean, what is the basic coverage that every bank asks? This is your income. The bank can only lend to you if you make sure that you have a regular income, you get a payment. You can support this with a proof of income, so this is the basic requirement for any loan. With this, it is fundamentally overwhelmed that you can borrow money without collateral, as your income serves as collateral for every loan.
Of course, there is not only an income margin: the longer you take out the bigger the loan, the more unpredictable the risks for the bank. Because what happens if you lose your job? Or worse, what if you get bored of a lifetime? There is very little chance that you can repay the loan. That is why the bank is asking for a guarantee that can sell for up to a decade so that the loan is not thrown out of the window.
The following collateral is the most common that a bank may ask for a loan agreement:
- Real Estate Coverage: The most typical is to sign a mortgage on your property. This means that if you do not repay the loan, the bank will sell it and pay the loan out of its price.
- Car: For medium-sized personal payday loans, the financial institution may make the purchase of a new car as a cover for the purchase of a new car.
- Other Asset Value: Whether it is a piece of art, a share in a company, an equity portfolio, savings can be included as collateral if you need additional collateral to borrow.
These are the property of the bank if you do not repay the loan. But what can you do if you do not have or do not want to offer your assets as collateral?
You can get a personal payday loan without cover
So you have to have a fortune to get a larger loan, or you have to offer the bank the purpose of a loan (new home or car) right from the start. What can you do if you do not want it or you do not have enough coverage?
The good news is that you can still get credit. Here’s how to avoid real estate cover:
- Get fewer loans: if you don’t get enough money, your income can be enough for the bank. Typically, you can borrow up to $ 5-6 million from your income. What do you need for this? Of course, the higher your pay. If the bank sees that you can take on a larger amount of repayment and your workplace, and when it comes to credit assessment, it is clear that you have paid off the loans so far, you have a good chance of applying for lower interest rates and higher loan amounts. Banks usually offer interest rate reductions above 250,000 forints.
- Invoke the guarantor: The guarantor is responsible for his own wealth if you cannot pay the loan. If you do not have the right property, the bank may ask for a guarantor. This means that if you manage to persuade someone to take care of you (most often a family member or friend), then his or her property will be covered by the credit agreement. And if you do not pay the loan, the guarantor’s property is auctioned. The value of the property of the guarantor is estimated by the bank in the same way as if it were a debtor.
- Be a co-partner: if you want to raise a larger amount, but you do not have enough income and coverage, look for a partner with you. The income of a tax colleague will count towards the income test in the same way, so you can even raise a higher loan amount without collateral if the income of the two (or more people) is adequate. As a tax collector, you can involve almost anyone, typically family members close by, and people living in a household take responsibility together. As with the guarantor, your tax partner is also responsible for the loan, in this case with income. In some cases, the spouse or life partner is compulsorily entered into the credit agreement, usually when the credit target is shared. The taxpayer is subject to the same income test as the debtor, if it is involved in improving solvency. The taxpayer must comply with the banking criteria that would vary from one financial institution to another. In general, it is not common to be of a high age and not included in the KHR.
As a KHR customer you can only get a loan if you involve a clean partner with whom you had no problems before, so you can get a loan through it. Therefore, there are opportunities for a personal payday loan without collateral. The only important thing is to find the best deal for which you can get the best help from an online credit calculator. If you have the most sympathetic loan, you only need to inquire at the bank about the conditions under which you can get the real estate cover.