Microloans without payroll are currently a type of financial product that is relatively new in the market unlike other types of products that are already consolidated.
However, its use and therefore its market has seen a considerable increase in recent years, given the ease of its features and that is easy to access or request.
As is to be known, in the past it was very difficult, if not impossible, to obtain the approval of a microcredit without payroll, however, nowadays due to the different advances that exist in the matter, it is already possible to obtain the microcredits without payroll easily and quickly.
Inclusive, more and more companies are being observed offering or offering this financial mechanism in a more usual way to what was customary in previous years, each one with its own characteristics and forms.
What are microloans without payroll?
The first thing to know is that these are a kind of loans of which the main aspect that characterizes them is their speed to obtain it.
When to request them?
This type of product is used when it is very necessary to acquire money in specific economic difficulties that are not very high but must necessarily be met, for example honoring bill payments, repairing a small breakdown in the house or a breakdown mechanic in the car.
What is its purpose?
It is very easy, they are intended to give answers or be a kind of extra help in times of economic need in relatively short times, because their speed of obtaining is given that it does not merit to submit any type of paperwork as is usually done on the banks.
The amounts that are granted in the microloans without payroll are of low amounts, it is something that must be taken into account just in case we expect high amounts, and in the same way the payment term is in a short time from the moment or date that was approved, and as in any loan or credit a variable interest rate will be paid.
Requirements to obtain a microcredit without a salary
The truth is that to obtain a financial mechanism of this type do not require large requirements or paperwork unlike the other types of products that banks usually offer.
In the first place, age is taken into account, because for this you must be of legal age, in the same way as you reside in the country where you order the product and that you have a bank account in your name where the requested amount will be paid. loan.
Late payment lists
Always to obtain a loan, a microcredit, or any financial aid product, whether with banks or financial institutions that grant them, it is good not to appear on any delinquency list, however when we talk about microcredit without a payroll, this does not turn out to be a minimum requirement for approval thereof.
If you do not figure in one of these lists better, but for microcredits if you are in one of them many times companies usually place an amount which should not exceed, ie have some flexibility with respect to this point.
Among the facilities that they present is that they do not usually require payroll or guarantee and that they do not have to justify income to approve or grant the microloan.
Another clear difference is that the companies that grant them do not usually ask what the loan that has been approved will be used for, which happens in traditional loans with banks.
How is microloans without payroll different from traditional loans?
We know that the main objective shared by both mechanisms is to provide a certain amount of money that must then be returned with amounts or fees with a certain percentage of interest in a time or period determined by the entity that grants the loan, however there is a clear difference between each One of these, let’s see what they are.
Requirements for the application and approval
The main aspect in which these mechanisms differ is in the requirements for obtaining each of them, as you will know the requirements to obtain a traditional bank credit are usually many since these entities take care of their interests and it is also given because the amounts They are usually high.
And as already mentioned, microcredits are a very ideal option for people who do not have regular income from money.
Amount borrowed and the payment term
These aspects are also often different between these products. The microloans grant in the form of loans small amounts or not so high in comparison to the bank credits that depending on your solvency, and for that you request them, they are usually higher amounts.
However, the microloans that have been referred to throughout this article give amounts a little lower but that is necessary, in the same way they are returned usually in 45 days approximately, this period will depend on the characteristics of the granting company.
Pro and against of the micro credits without payroll
One of the most striking positive aspects of this financial product is its easy obtaining and the short time in which it can be obtained. They are usually obtained in a comfortable and fast way, besides that it is related to a very simple procedure that does not merit that you move from your home to another site.
However, as there are many positive characteristics, we can mention one that makes a negative aspect, and that is that the interests of a microcredit without a salary are many times higher than those of a traditional loan.
That is why they should not be used as usual and less as a usual form of financing.
As you have observed, there are many characteristics and aspects that you should know and know before applying for a loan of this type, as well as the aspects described here there are many more, the recommendation is therefore to investigate a little more thoroughly.