Credit without proof of income, beware of the rates!

Obtaining credit without proof of income is almost impossible. Only certain store credit applications can still be used to obtain a loan without proof of income. However, these requests concern very limited amounts and are offered at often high rates.

Credit without proof of income: general case

Credit without proof of income: general case

When we talk about credit without proof, it is generally a question of credit without proof of use of funds. Indeed, in terms of consumer credit, to obtain a car loan, a work loan or even a project loan, you must provide proof of the project to obtain the rate corresponding to this type of loan (purchase order, gray card, quote…).

Only the personal loan allows you to request a credit without proof of purchase. It is a little more expensive than the car loan, work… But like all the other consumer loans, it is necessary to provide a file supplemented with all the supporting documents credit and mainly:

  • Proof of identity
  • Proof of income ( latest salary statements, tax notice, sometimes last statement of account )
  • Proof of address
  • Bank proof

It is therefore not possible, in the context of a need for money, justified or not, to obtain a credit without proof of income. This is all the less possible since the law has framed this practice for several years through the Lagarde Law.

Loan without proof of income = mission impossible

It is planned that for any request for credit lower than 3000 USD or less, it is possible to obtain a loan without proof of income. But in practice, we have been able to observe that all the credit organizations request it regardless of the amount.

Indeed, through our credit comparator, we check all the rates offered by the credit organizations for all projects, in depreciable credit and in revolving credit. So that our customers get the best rate in concrete terms, we also observe the good final transformation of customer requests and therefore the supporting documents requested. Reason why, we noted that there is no possibility of obtaining a credit without proof of income. In any case, for any new request for credit.

Conclusion: the personal loan without proof does not exist. What we can find are credits without proof of use of the money made available

Credit exception with proof of income

As we have just seen, it is impossible to obtain a credit without proof of income for any new request. But there is an exception: if you already have revolving credit.

Revolving credit

Indeed, revolving credit is a reserve of money. It works much like a bank overdraft. That is to say that when you get this type of credit, you get the right to draw on an account that will generate agios only from the moment you use it. The right of use is capped at a maximum amount established at the time of opening. On the other hand, the reserve is replenished as the credit is repaid. Finally, as long as the credit is not used, it costs nothing. On the other hand, when it is, it generally costs a lot of money, the rates applied being generally those of usury, the latter possibly exceeding 20% ​​for credits of less than 3000 USD.

You can use this credit without proof of income since it will have already been provided at the opening but it is not to be provided again with each new use. This is a real case of unconditional credit.

Note: revolving credit is the only credit without systematic tax notice. The fact that it is a small loan allows lending institutions to skip this additional piece, mostly content with the last two pay slips.

Already a bank customer

Unfortunately, there is no particular advantage with his bank. It could be legitimate to think that the bank, which sees all the movements on our account, can grant a credit without proof of income, since the latter knows that we receive our salary every month.

But it is not. Not that the banks could not do it but it is precisely that the law says:

Obligation for the lender to check the creditworthiness of the borrower

A bank or a credit institution could therefore be accused of having failed to fulfill this obligation.

Credit without proof of income: exception of store credit

Credit without proof of income: exception of store credit

With what we have seen before, it turns out that for a loan request of less than 3000 USD, it is not legally impossible to obtain a credit without proof of income. The Largarde Law also framed consumer credit without proof of income.

From what we have observed in practice, only store credit offers it. And again, it’s for limited amounts. And it is not illogical. Indeed, when shopping for DIY, home equipment or electronics in large stores, it is quite rare to walk around with proof of income. It is therefore possible to obtain a loan without proof of income in this case but it is generally limited to a credit of 1000 USD maximum.

What proofs of income are accepted?

What proofs of income are accepted?

Credit must not be confused without proof of income and credit without proof of salary. In fact, many people do not receive a salary, or not directly. The proof of income accepted by the credit organizations are therefore quite numerous:

  • Salary slip (usually the last and often the last 2)
  • Tax notice (very often requested in addition to proof of income)
  • Assessment (for professionals, usually the last 2)
  • Liasse Cerfa (liberal profession…)
  • Aid statement (housing assistance, retirement, RSA, AAH…)

These supporting documents will be specified according to the different cases as soon as the credit request has already received a first agreement in principle.

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