Obtain a loan without contribution to finance a project
Do you have a personal project, but don't have a penny in your pocket to make it happen? The loan without deposit is specially designed for you. Find the necessary information here.
The personal contribution in a few words
A credit applicant is always someone who needs a financing solution to complete a project or to overcome a cash flow problem. Therefore, it seems illogical to commit funds for a loan application. However, you should know that for financial institutions, a personal contribution turns out to be a good indicator of the borrower's repayment capacity. It shows that the latter is able to save and control the budget on a daily basis. It is therefore an index of confidence between the lending institution and the borrower.
By owning this fund, it is even possible to renegotiate more easily the borrowing rate and amortizations. With an amount that amounts to at least 10% of the credit, the personal contribution always proves to be a blocking factor for a loan. Indeed, the majority of applicants do not have such a sum. On the other hand, banks grant a loan without contribution under certain strict conditions.
The criteria for obtaining a loan without contribution
Whether in consumer credit or mortgage, it is quite possible to benefit from a credit without personal contribution. For your information, this type of loan is often granted to young people, students or young workers who do not have enough savings for a personal contribution. Active people who have not been able to save enough due to a lack of income or those who wish to keep their savings are also eligible. For others, what to do?
To obtain this type of credit, it is mandatory to justify the absence of contribution. The organization wants to know the reason why the household cannot or does not wish to do it. The borrower will then have to be able to explain it. This can be a particular event, among others, divorce, the death of a loved one, an illness, or even an event organization.
Prove the stability of the financial situation
After having justified the absence of personal contribution, the borrower must prove that he has a stable financial situation so that the credit is granted. This is a token of confidence for the lender. In principle, it is essential that he has a regular income and has an employment contract. The latter will justify that the borrower receives a sufficient inflow of money to repay his monthly payments. It also allows you to precisely calculate your debt ratio.
Apart from that, even if the borrower earns a good salary, it is essential that it is not too regularly overdraft, especially when applying for a loan. If the case arises, the financial institution will question the consumer's money management capacities, and therefore reimbursement.
The different forms of non-deposit credit
To obtain financing, the borrower can opt for an online credit without contribution or a credit via a physical bank. He could, for example, make a personal loan. Note that this is the most generalized form of credit without contribution, whether revolving or amortizing credit. It can finance all types of projects without the need to provide proof of the use of the released funds.
In addition, it is also possible to obtain a car loan without contribution. This one is a good option. However, be aware that the interest rate can be quite high. A rental with option to purchase or LOA without contribution can also be complicated. In addition, it is conceivable to make a loan without contribution for the work. This just depends on the establishments that offer the credit. The borrower who wishes to carry out a real estate project can also subscribe to a loan without contribution. It can be quite difficult, but it is possible.