It is not easy to get a loan without pay slips. For most German banks, this is even impossible, since they do not give money without proof of salary. They could only make an exception if, as an alternative to their payslip, the client presents an employment contract that clearly states how much he earns and how long he has been employed by the current employer. Great value is also placed on an indefinite employment relationship. If, on the other hand, the employment contract is limited in time, a loan without a pay slip can either not be granted or can only be granted for a term which in no case extends beyond the end of the fixed-term employment contract.
If a pay slip is missing, in most cases it will be necessary for the customer to provide other collateral to his bank. This could be for example a property, a life insurance or a securities deposit. As a rule, however, there are particularly good chances of obtaining a loan without a pay slip whenever the borrower can make a second claimant or a guarantor. This is very important especially for unemployed or Credither recipients. Otherwise, they will hardly have a chance to get a reputable loan from a German or foreign bank.
In many cases, efforts to get a loan without a pay slip will not succeed. This is mainly because banks set certain minimum requirements for the creditworthiness of their customers. In addition to a positive credit bureau also includes a regular income, which is best seen from a payslip. However, it still contains a whole range of other information, which is also very important for the banks. For example, a payslip clearly identifies whether the employment relationship is fixed-term or permanent, since when it exists, and whether wage or salary liens exist. If the latter is the case, this always leads to the rejection of a credit application, because this is a sure sign that the customer has not been able to meet his payment obligations in the past. Here it is usually assumed that this will remain the same in the future.
Regardless of what the ultimate reason for a credit rejection, there is usually a solution. For example, a loan without a pay slip could also be a personal loan, a loan from the pawn shop, or a dealer loan from the mail order company or the discounter. For these loans, the customer’s creditworthiness requirements are much lower than for a bank loan. So a loan without pay slips will often be easily possible.