Banks are required by law to lend only if they have regular income, as this will actually be the cover for a Payday loan. If you have a decent income, one way to prove it to your bank is through an employer certificate. Income is also important because it determines the creditworthiness limit of the credit institution. All banks agree that the higher their earnings, the higher the amount they can safely withdraw. In terms of the amount of the loan, credit institutions can give up to three to four times more income to loan applicants. Now let’s look at how to take out a Payday loan without your employer’s certification. Can it be recorded at all? The answer is yes, there is a solution for taking out a Payday loan without your employer’s certification. Employer certification can be avoided, but income is essential to borrowing. Banks also agree on the type of income they accept when borrowing, that is, what is considered income when borrowing.
Credit institutions recognize two types of income when applying for a loan:
- Primary income (self-sufficient): the salary you receive as an employee; as an entrepreneur, the wages paid to himself; retired as a pensioner
- Secondary or supplementary income (cannot be assessed by the bank independently, but can be counted towards primary income): GYES, GYED, family allowances, social benefits, scholarships, dividends, equity, etc.
Payday loan Without Employer Certificate: Income Certificate
So there is an opportunity for banks to lend on the basis of income without the need for an employer certificate. However, it is important to know that some kind of proof is necessary. Usually this is a 3-6 month bank statement as an employee. If you are borrowing as an employee, you have the following options:
- As a pensioner, it is enough to bring a pension card (master card) to the bank, or a 3-month pension voucher if you do not lend at your bank and the bank does not see that you are receiving your pension.
- As an entrepreneur , you must apply for a certificate of income from the previous year and in some cases the financial institution may also request a certificate of NAV 0 from the company that you have no public debt or tax debt.
If the bank does not consider the repayment of the loan to be secured, it may order collateral and guarantors for the loan agreement, or, if the purpose of the loan is over-used and justified, it may secure the repayment of the loan by involving a debtor.
Payday loan Without Employer Certification: Foreclosure Reasons
- Minimum 3 months employment, but some where 6-12 months are requested. Probationary period, notice period are grounds for exclusion.
- Fixed-term employment contract. (Some banks accept a 12-month contract.)
- There are no valid Hungarian identification documents.
- It is on the Central Credit Information System (KHR) negative list of debtors (There are financial institutions that also lend to KHR listers).
Payday loan Without Employer Certification: Possible?
Payday loans are offered by almost every bank. Applying for a Payday loan is faster than having your own bank where you arrive. The terms of a Payday loan may be more advantageous if you apply for a loan from a foreign bank because you may receive an interest rebate on certain promotions, along with a transfer of interest. Credit institutions usually require a 3-6 month bank statement when applying for a Payday loan, which includes your income. In addition to the bank statement, the bank may also request utility bills and telephone bills for a period of at least three months. Not all banks have the option of taking out a Payday loan in cash. If you have a bank, you need a certificate from your employer. Borrowing also requires other documents that you should know in advance so that they do not hinder the borrowing process.
Use the Bank Payday loan Calculator to choose the best loan structure. You’ll find offers from multiple banks in one place, and our system will help you choose the best deal.