DEFINITION OF CREDIT WITHOUT INCOME

Credit without income is the first credit site without income. With Good Finance, you can obtain a loan without proof of income thanks to new financing options.

A credit without income seen from the angle of a traditional bank and other traditional lenders has no reason to be because any loan or financing is based on a security of repayment which is in turn based in general on regular income such as salary.

DEFINITION OF CREDIT WITHOUT INCOME

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A loan without income is defined as financing which is addressed to a borrower who does not receive any income.

The loan without income sees nuances as to the definition of income, because in principle without income if taken literally would mean without any money coming in. However, these cases are extremely rare and unfortunately only affect people who are homeless.

Financing without income takes into account different cases because a borrower will always have at his disposal a basis for bringing in money even if it is the social minimums allocated by the State.

WHAT REVENUES ARE CONSIDERED BY A CREDIT ORGANIZATION?

When applying for credit, the lender will essentially consider income, that is, any flow of money that a borrower will receive during the loan repayment period.

The credit institution will not take into account certain ‘income’ as it is supposed to cover minimum living expenses such as food and shelter.

WHAT IS NOT CONSIDERED AS INCOME FOR A CREDIT

The credit report is not going to consider certain cash receipts as income as mentioned above. These include:

  • RSA.

  • Different social benefits.

  • Different social financial aid.

This social aid is not recognized as income because it can never be seized by a bank as would be the case with wages or property.

WHAT DOES IT MEAN WITHOUT INCOME?

WHAT DOES IT MEAN WITHOUT INCOME?

The term ‚without income ‘for a lending institution is not equivalent to without allocations, the latter being considered as a subsistence minimum granted by social organizations. For a bank, therefore, without income means being in the following situations:

  • Without salary (cdd or cdi or interim).

  • Without annuity.

  • Without retirement.

  • Without property fruits.

  • Without financial investment dividends.

LOAN WITHOUT JUSTIFICATIVE INCOME: CONSTRAINTS AND OBSTACLES

A loan without proof of income is therefore normally impossible to obtain when you consider that a credit file when it comes to individuals, first analyzes the professional situation of the borrower.

Borrowing without income is therefore only possible from banks and credit brokers if the borrower provides the necessary guarantees which will convince the lenders that he will be able to repay the financing.

Being without proof of regular income other than income which originates from family allowances and other social aid does not give access to the funding enjoyed by a person receiving regular income excluding allowances.

DIFFERENCE BETWEEN A LOAN WITHOUT JUSTIFICATION / WITHOUT JUSTIFICATION AND CREDIT WITHOUT JUSTIFICATION OF INCOME

There has long been a great deal of confusion between the terms without justification and without proof of income. The first is a loan without proof of use, that is to say, that it is not assigned to a specific project and can be used freely, the second on the other hand is not secured by a domiciliation of salary and does not request any documentation relating to salary.

SOLUTIONS FOR BORROWING MONEY WITHOUT JUSTIFICATION OF INCOME

Funding without proof of salary is, despite the obvious constraints, possible if we consider only serious solutions and avoid illusory solutions which can have unfortunate consequences.

SERIOUS INCOME-FREE FINANCING SOLUTIONS

The serious solutions adapted to obtain a loan without income consist of several types of effective and feasible options:

  • A social loan from family allowances.

  • Loan on pledge (jewelry, car).

  • Revolving credit which does not require proof of income.

  • Real estate portage for owners.

  • Microcredit as a boost.

  • Loan of honor for the creation of one’s own professional existence.

  • Crowdfunding.

  • Participatory donation.

CAR CREDIT WITHOUT JUSTIFICATIVE INCOME

CAR CREDIT WITHOUT JUSTIFICATIVE INCOME

The car loan without income is a financing solution made available by the credit organizations for the benefit of a borrower who has no regular income and who wants to buy a car. The car loan without income is mainly intended for a person who cannot prove regular cash inflows and for this reason, takes the form of special financing solutions in the context of microfinance.

Auto credit without a payslip is a dedicated loan from credit organizations that make money available to borrowers with no income. The auto loan without income is in normal conditions very complex to be granted because the first thing that is asked when applying for financing is the source of income.

Financing a car without a salary card is however very realistic because microcredit programs make it possible to allow the borrower to be able to find a job and move around more easily.

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