It is possible to take out a loan without proof of income, but it takes some diligence to get a good deal. Discover the different loan options and tips
The search for a loan without proof of income is becoming increasingly common. This is because many consumers have difficulty obtaining credit in the market by proving their monthly income due to the nature of their work.
In some cases, if payments cannot be proven to be compatible with interest rates, transaction risk increases very high. Therefore, it is very important to know different options before deciding on any type of loan.
Who needs a loan without proof of income?
There are some categories of workers who cannot prove income when carrying out a financial transaction. This applies to self-employed people who work alone and to informal workers without a formal contract or employment contract.
In Brazil, it is estimated that almost 40 million people are already involved in informal work, according to the IBGE (Brazilian Institute of Geography and Statistics). For this portion of the population, monthly income is generally not fixed and can vary greatly from month to month.
This situation makes access to credit difficult, as financial institutions usually require proof of income to grant a loan. This document serves as a guarantee to prove that the applicant will be able to pay the debt. But what do you do when these workers without a fixed monthly income need to borrow money?
Here are some tips for getting a loan without proof of income
1 – Pay your bills on time
The credit analysis phase is one of the most important in granting credit. At this stage, the financial institution decides whether or not to release the credit, as well as the fees charged for the operation and the payment term.
2 – Concentrate receipts in a single bank account, yours
Concentrating deposits and withdrawals in just one checking account is a way to control inflows and outflows more easily and prove monthly income for a few months through bank statements.
3 – Declare your income tax correctly
In addition to keeping you up to date with federal income and staying out of the tight loop, income tax returns can also help show monthly income, provide more information to improve your good paying record, and make it easier to get a loan.
Finally, remember that no financial institution can ask for any amount in advance to make the loan. Companies authorized to offer credit are registered in the Central Bank database.