Loans are still a popular type of financial support for people with various expenses. Granted by banks, they take various forms. Today we will focus on cash loans, answering a frequently asked question. Where can I get a cash loan as proof without proof of earnings?
Many consumers, faced with the need to borrow money, consider speed and ease of obtaining it as a key factor. Currently, loan companies are trying to take this aspect as their primary asset. The very term for payday loans is to be associated with the speed of obtaining money through non-bank companies.
More and more Poles trust banks
However, the alternative to the market of non-bank services is also the market for classic loans granted by banks. The fact, according to the Pantar TNS research center in 2017, only 17% of Poles have a favorable attitude towards loan institutions 1. This is relatively low compared to 66% of confidence in banks, but compared to a similar survey from 2016, there is an increase of 54%.
However, the banking sector is not only very popular. This translates into good indicators of consumer confidence in banking institutions. According to the research of the Polish Bank Association (ZBP) from April 2018, 44% of Poles express confidence in banks. Compared to 2012, the increase is more than twofold (then, 21%).
Cash loan as proof without proof of earnings – is it possible?
Many consumers, therefore, undoubtedly motivate their interest in banking services out of the trust they don’t have. Loans, although often appearing in the context of discussing liabilities as a mortgage, also have a different form. Cash loans are a popular alternative to long-term loans, with affordable amounts such as consumer or other urgent expenses.
However, using services at the bank is associated with a number of formalities that may deter some consumers with a view to obtaining services quickly and without complications. Is it possible in practice to obtain a cash loan as proof without proof of earnings?
Of course, certificates presenting, among others information on the amount of earnings received, employment and the nature of the profession are documents often required by many banks when applying for a loan. They are treated as key parameters that can help assess the current financial capacity of the consumer. For customers, however, these are additional formalities to obtain. Some data must be filled in by the employer, while others will be difficult to provide immediately. As a result, this extends the process of applying for a loan and makes it a bit more complicated.
However, more and more banks are meeting the needs of market expectations and strong competition from lenders. The result is cash loans for which it is not necessary to provide employment certificates. As a result, banks become more competitive and make their flagship product more attractive – the cash loans mentioned above.
If not a statement of earnings, what instead?
If they decide not to require their clients to submit classical earnings statements, banks usually have to compromise. Instead of a parameter that can potentially scare many customers, they must also maintain procedures that allow for secure verification of their data. Banking institutions must take appropriate security measures when granting credit to verify the creditworthiness and financial capacity of the consumer in the best possible way.
Here are the most common methods used interchangeably to present income and employment certificates.
- Presentation of an account statement – the client presents a statement of the bank account of which he is the owner. It contains the selected period of payment transactions, and in the era of electronic banking it can be generated in less than 5 minutes via a smartphone.
- Consumer’s statement on earnings – the document presents similar information as certificates – data on the amount and regularity of earning income. However, they are prepared in a slightly different way. It is the consumer who certifies in writing about the scope of the required data, and it is the bank’s responsibility to subsequently complete the efforts to verify the accuracy of the data provided by the employer. Therefore, the consumer only needs to remember when submitting the exact amount of their earnings and whether they receive them monthly or, eg, every two weeks.
- PIT – banks can also check the client’s financial standing by verifying his tax statements from the last accounting year. The income from this period is checked there.
Are there negative side effects of not requiring income certificates?
By the way, it’s worth remembering about the side effect. Although the abovementioned methods may compensate banks for not using the traditional method of verifying the financial standing of clients and be a kind of compromise, it still has side effects.
It happens that banks that do not require certificates of professional situation and the amount of earnings, at the same time offer slightly less attractive conditions for cash loans. Their maximum amount can be quite low, and the monthly installment for it – high. The detailed situation obviously depends on the bank’s offer. Many of them try to make it as attractive as possible.
However, there are also banks that go a step further – offer a cash loan as proof without earnings certificates.
Cash loan as proof without proof of earnings – where can you get it?
As already mentioned in an earlier passage of the text, banks are increasingly trying to meet the expectations of customers regarding the simplification of the process of applying for a loan. There are many banks which have recently constructed their offers with regard to the aforementioned aspect.
Below is a list of the 5 most popular banks in alphabetical order that offer their clients cash loans (sometimes called loans) without earnings statements. In addition to the desirable loans for proof, they can make the requirements even less problematic in making substitutes. Their role is of course to authenticate the creditworthiness of the potential borrower.