Instant loans without proof of income: are there quick loans without proof of income?

There are situations in life when you need a loan as soon as possible. If, for example, an unexpectedly large back tax payment has fluttered into the mailbox. Or if unfortunately the washing machine, refrigerator or even the mobile base has given up the ghost. What happens, however, if just at this moment no proof of income can be provided?? In such a case, is it possible to apply for an instant loan without proof of income? Or should you expect to come up empty with all banks and lenders?

One thing up front: getting an instant loan without proof of income is not an impossibility! This is certainly good news for all those who currently do not have a regular income and therefore cannot provide proof of income. However, when taking out an instant loan without proof of income, unless it is from private or. An acquaintance comes to expect that the interest burden will be higher than with a conventional installment loan. Moreover, the award is usually subject to other conditions.

People who might be interested in instant loans without proof of income include, for example, housewives and househusbands, students, people who have lost their jobs or. Are currently unemployed, or Hartz IV recipients*. In addition, young entrepreneurs, existence founders or Freelancer*innen often stand before the problem of proving a regulated income, why an immediate loan without proof of income for it could be interesting.

Instant loan with no proof of income from a banking institution

Both traditional and digital resp. Neobanks will insist on the applicant providing proof of income when granting instant loans. Because with loan amounts starting at ca. 1.500 EUR, they are required by law to carry out a detailed credit check for the protection of the consumer. This also includes the notorious SCHUFA query.

If no (sufficiently high) income can be proven and the SCHUFA score may not be optimal, banks will generally refrain from granting an instant loan. But there are ways out of this situation: for example, the addition of a second borrower can work wonders!

Who has the possibility to apply for an instant loan together with a second borrower, without being able to prove a regular, monthly income, which could ultimately still force the approval of the lending. However, it is important here that the co-applicant has a sufficiently high income and a SCHUFA score as high as possible.

If a so-called joint loan for two is applied for, the credit check provides that the incomes of both applicants are taken into account. And if the corresponding lender determines that the installments of the instant loan can be repaid by both of them together without further ado, the loan is still granted at an acceptable interest rate in the end.

A guarantee can also be an interesting security for the respective bank on the subject of "instant credit without proof of income". However, the lender will usually insist on a directly enforceable guarantee. And again, the second borrower should have a high credit score.

Small loans without proof of income from special providers

In the section on the topic of "instant loan without proof of income from a banking institution" we have talked about loan amounts from approx. 1.500 EUR spoken. This is because we are aware that certain specialized providers offer instant loans up to 1.500 EUR granted completely without proof of income. For reasons of neutrality, however, we do not name these providers in this blog post. However, if you google accordingly, you will quickly find it here.

It should be taken into account with these credit offers, however, that the interest rates to be paid are usually much higher than those of conventional installment loans, where the proof of income is not required. Additional special fees could also apply to small loans without proof of income. The fine print is to be read through here therefore in detail!

Quick loans without proof of income from private

Another way to get a quick loan without proof of income is the loan from private. It should be noted here that the loan from private is not identical to the personal loan. While the private loan is simply a loan for private purposes, that is: a consumer loan that can be used freely, the loan from private is a loan from private lenders, which can also be used for private purposes. This difference is not given adequate attention in some articles floating around on the Internet, which is why we would like to explicitly point out again in this paragraph.

Classic loans from private individuals are those that come from people in one's own family or circle of acquaintances. Their interest rates are usually vanishingly small. Often interest-free loans are also approved completely without proof of income. However, it is advisable to draw up a written loan agreement even for a loan without proof of income from private sources, which regulates all rights and obligations of the persons involved in detail. Otherwise, misunderstandings could arise in the future, which can of course lead to major disputes or even discord.

Furthermore, it is advisable to briefly consult a tax advisor on the subject of "interest-free loan without proof of income from private". The reason? If the interest-free loan can be considered by the tax office as a gift and the loan amount is above the tax-free allowance for a gift, gift taxes must be paid to Father State. Admittedly, a nasty surprise if the corresponding check has not been made and suddenly taxes have to be paid in arrears..

Pfandkredit as a SCHUFA-free instant loan without proof of income

Last but not least we would like to introduce in this contribution the pawn credit. This loan is an extremely unbureaucratic instant loan, because here the credit check is completely eliminated. Neither proof of income nor SCHUFA information are basic conditions for taking out a pawn loan. Only and alone a value and/or. A pawned item is needed that can be borrowed and is accepted and accepted in the corresponding pawnshop.

Classic "pledged items" include gold bars, watches, jewelry, jewels, coins, porcelain goods, works of art, antiques or electronic devices. The mortgage lending value for these items is usually up to 50% of the actual value.

Cars, motorcycles, trucks and other motorized vehicles can also be pawned, but only in a special pawnshop: the motor vehicle pawnshop resp. Car pawnshop. In addition to the monthly interest, which may amount to a maximum of 1% per month in the case of a pawn loan, and the pawn fees, however, in this case there are also standing fees for the safe storage of the corresponding pawned item. However, it is pleasing to note that the mortgage lending value for vehicles is higher than for other pledged items: namely, up to 80% of the current value.

Basically, pawnbroking in Germany is highly regulated, which is why properly run pawnshops can be classified as reputable. If you want to open a pawnshop in a German city, you need a special business license. In addition, collateral must be provided and special insurance policies must be taken out. Furthermore, pawnbrokers are obliged to follow all guidelines and articles of the Pawnbroker Ordinance (PfandlV). Those who do not do this quickly risk losing their license to practice their trade.

We are of the opinion: pawn loans can be interesting instant loans without proof of income and without SCHUFA in certain situations! However, care must be taken that the loan term is not too long. A monthly interest rate of 1% is considered high. Furthermore, additional pawn and, if applicable, demurrage fees have to be paid.

Conclusion on instant credit without proof of income

As announced in our introduction, taking out a quick loan without proof of income is neither utopia nor an impossibility! Those who cannot prove a regular monthly income still have the chance to get urgently needed money quickly.

Certainly the cheapest instant loan without proof of income is the one given by a close relative or acquaintance. Here often even interest-free loans are within the range of the possible. Noticeably more expensive, on the other hand, are small loans without proof of income from special providers or also pawn loans.

Another (from our point of view very good) possibility is to apply for a classic installment loan together with a second person at a conventional bank. If the second borrower or the directly liable guarantor has both a high credit rating and a good SCHUFA score, there should not be much standing in the way of successful lending.

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