A loan without a certificate of earnings cannot be taken online or in classic bank branches. Since the loan itself, along with the accruing interest, must ultimately be repaid via income, a loan is always linked to a fixed income and the appropriate evidence.
To be issued or default
This is the only way for the bank to determine whether the loan should actually be issued or whether the bank is taking the risk of default. If the borrower can no longer pay his installments, the bank has the option of seizing part of his assets. This is unattractive for the borrower and involves a lot of work with the bank, and it can also never be said with certainty that the garnishment value of the property can actually offset all outstanding debts at the bank.
As a result, a loan without a certificate of earnings is not possible, since the bank simply does not see any approach in this case that the borrower can actually pay the installments. The only option remaining as an applicant is to compensate for the lack of earnings from the guarantor’s income. If the borrower does not have any earnings himself, a surety can serve as a last resort to the desired loan.
Here, the person deployed, who from then on acts as a guarantor, acts as additional security for the bank, which must be fully liable if the borrower fails to pay.
No earnings and still take out a loan
If you as a borrower have no earnings, a loan is always difficult, after all, there is simply no credit rating. Another option might be to completely refrain from credit institutions and instead ask people from the private sphere for a “financial injection”. Especially people like their own parents, grandparents, partners or very good friends are generally quite willing to help the person concerned and lend money over a previously defined period.
By definition, this comes very close to a loan without a certificate of earnings, since in the private environment usually no income has to be proven with a money loan. Most of the time, the lenders already know the financial situation of the person concerned very well, so that the loan is also issued more as an act of friendship, but not because the borrower has or does not have a credit rating.
Financial loans from the private environment are generally free of interest, so the borrowed amount does not earn additional interest over the duration of the repayment. This may save the borrower a lot of money, even if the borrowed amounts are usually so small that the interest burden would be very low.