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If I don’t have a fixed payroll, can I access a payday loan?

How payroll loans work

How payroll loans work

As a general rule, private equity companies or private lenders are responsible for offering such payday loans. Unlike what happens with banks, the requirements to obtain liquidity are somewhat more flexible and allow more users to obtain credit.

However, although they do not require a stable payroll to be able to offer a loan, a series of income-level characteristics must be met. The most important are the following:

  • That it is periodic income. That is, although we do not have a payroll by a company, we must show that we have permanent liquidity. For example the unemployment benefit.
  • We must justify it. It is not enough to say that we have that periodic income, but also to justify it. To do this we will have to present official documentation. For example, if you collect a pension, you must present the proof that proves it.
  • That they are high enough to return the borrowed capital. Regardless of the type of lender in question, but having enough money to return the monthly installments along with the interest, no one can lend us.

What type of non-payroll loans exist?

What type of non-payroll loans exist?

  • Home equity loans. For example, those offered by Private Credit. To be granted one of these loans it is necessary that the applicant has a property owned. This must be susceptible of sale and free of charges. The amount in these cases may be rather high. For example in Private Credit you can get from $ 6,000 up to 30% of the total value of your property. In less than 72 hours after checking the requested documentation, you will have the money available. Another advantage is that you will have to return the capital from 1 to 10 years.
  • Micro loans. These are loans of very small amounts for which no payroll is required. They are also characterized by being very fast grant loans. In less than 15 minutes you can get them. In general, these types of companies offer from $ 50 to around $ 1,000 for regular customers. Their interests are high (around 1% per day) but they can be attractive if we need immediate liquidity. There are some companies that offer the first loan without any interest to be able to make new clients. Before the return was established in 30 days, but today there are companies that offer up to 60.
  • Personal loans. Personal loans are another variety that you can access to get liquidity without having to present a payroll. They are characterized by offering capital to finance some type of purchase. Such as a vehicle or an appliance. Its capital can be quite high and its interests range around 8% APR.

If you want to know more about loans, we recommend you read the following article on our website: Types of loans.

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