Problems with paying off payday loans

Many people who took advantage of the offers of loan companies had at least once a problem with timely repayment of their debt. Financial problems mean that some people start acting on impulse without carefully thinking about their actions. However, it turns out that only clients who remain reasonable and calm can cope with debts. Disregarding the problems or recognizing that they do not have them is the worst path that the borrower can take. The case will not resolve itself and, in addition, disregarding it may cause further problems.

React before it’s too late

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Problems with repayment of liabilities usually do not appear overnight. We are often aware earlier that our financial capabilities will not allow us to repay the next installment of the liability.

If we are worried that the repayment of the loan will cause problems, we should report to the loan company as soon as possible with a request to change the repayment schedule or postpone the repayment date. Admittedly, this usually involves additional costs, but compared to the growing interest for late payment of liabilities and the vision of the bailiff at the nape of the neck, these are small amounts.

Don’t underestimate the problem, don’t pretend it’s not there

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If we react too late, we probably won’t be able to take advantage of changing the repayment schedule or postponing the payment date. After all, the worst mistake we can make in this situation is to disregard the problem and pretend that nothing is happening. Ignoring the next request for payment may result in a bailiff knocking on our door. Charging with subsequent costs, seizing the account, lack of livelihood … Admit for yourself that the vision of such a turn of events does not sound encouraging.

Loan companies begin the process of collecting debt by sending reminders to the debtor in the form of reminders. This is an additional cost for the borrower, which increases the total debt. The customer then receives a pre-trial payment request. If the debtor repays his liability at this time, he can count on avoiding further consequences. Otherwise, he must take into account the visit of the debt collector or bailiff. As a last resort, the case will go to court.

Interest on unpaid loans may be up to four times the NBP lombard rate. Debt can therefore grow at an alarming rate.

Benefits of Student Loans.

A student loan is one way of financing your life while studying,

A student loan is one way of financing your life while studying,

So you don’t have to worry about getting a job done, but you can only focus on what’s essential – studying and getting a new profession. It can also be used to get the things you often need, for example, in a new home, in a cell, or even when you’re studying. Small and large purchases can be easily accomplished when the student can count on the money in the account and ensure a successful study experience. A student loan is also one of the most affordable loans available, and it does not require anything wonderful.

First of all, this loan is guaranteed by the state, ie no friends or relatives are needed to guarantee it. While the student grant is still in effect, all interest on the loan is added to the principal. Of course, hard work on the school bench also rewards the loan, for example, a student who completes university studies within the agreed deadline may be eligible for loan repayment support from Candy, for example. You may want to read more about the terms and conditions of Candy support on its own website or even by asking your office for help. This avoids misunderstandings and uncomfortable situations.

Many banks offer student loans through the Internet, so no special hassle can come from loan negotiations or other meetings. Each bank has a bit of its own terms and conditions for loans, so it’s a good idea to read them carefully to find the best student loan for you. Student loans can also have an age limit, and students between 18 and 32, for example, are often the most common target group for loans.

Depends the amount of the loan

Depends the amount of the loan

The amount of the loan depends entirely on the student and the current situation regarding, for example, Finland’s financial position. The Candy is the one that makes the loan guarantee decision when needed, meaning that the banks are ready to grant the loan without any other security or guarantee. The drawdown of the loan is also specified in the guarantee decision, ie it also indicates the schedule for the drawdown by which the money can be transferred. The interest rate is often linked to a 12 – month Euribor rate, which determines how much of the loan is paid to the lender. Some banks may change the interest rate commitment if specifically agreed upon. The interest rate on the student loan is thus added to the capital and applies only to those semesters which qualify for the student subsidy and those immediately following the semester for which the subsidy was received. These interest rates, which are included in the capital, can also be considered tax deductible. When the study subsidy ends, Candy notifies the bank and after that the loan has to be repaid in full and it is no longer possible to recapitalize it. The student loan itself does not pay less, but of course the bank or other lender will charge a shipping fee for opening and raising it, and the same applies to the drawdown, which will be charged separately.

If you want to take out a student loan, you must first apply for a student loan subsidy and, of course, increase the student loan guarantee from the state. After that, the incoming student grant decision is the one that gives the loan amount, the schedule for the drawdowns, and the installment installments. Only when these papers are in order can one apply for the student loan itself.

It is easy, for example, through the Internet, and it is no stranger than filling out an instant loan application. The decision often arrives quickly too, and the next day you may already have a ready-made loan in your account. Of course, before the money transfers you have to sign the loan documents and this can also be done conveniently via online banking. In the end, raising is possible and living during studies is secured.

A convenient loan

A convenient loan

So a student loan is a very convenient and inexpensive option, as long as it is paid off during your studies and does not have to be paid when interest rates start to fall. It works just like a quick loan and a quick draw right into the account with offers, as everything is fine until late in payments, when interest rates rise significantly.

The same goes for situations where you need a little cash, you might not want to go for a student loan if, for example, a quick tip immediately brings the same relief to your everyday life, and this does not even require miraculous papers or reports from Candy.

Quick loan: where and how to get consumer credit quickly?

Difficult to wait when the need for money is urgent. We will see that it is fortunately possible to get a quick loan at the best rate. Let’s list all the best practices for getting a quick credit agreement, and getting the money right away.

Quick loan: where to apply for credit?

Quick loan: where to apply for credit?

Apply for consumer credit (from an online agency is the best way to get a quick loan. It is much easier to get a favorable opinion online quickly than from a bank or another player, such as an insurer.

Benefits of credit organizations

Credit agencies have two priorities: offer the best APR rate and a quick loan agreement. They are different from banks, which generally only offer credit to their customers whose accounts are well controlled. There are two main advantages when applying for consumer credit (personal loan, work credit, need for money, etc.) from an online specialist:

The rapidity

A quick loan is easier to get online. The best credit organizations indeed all offer credit with immediate response. The final agreement is also very fast, taking advantage of the development of the electronic signature. A credit organization is now able to provide a definitive response to a quick loan request in 24 to 48 hours. It is however impossible to obtain the money before at least the eighth day, it is the law (see here).

A very competitive APR rate

Our experience allows us to say that organizations generally have the cheapest credit. It is on the basis of the APR rate, an essential comparison index for consumer credit, that we compare all the offers. The APR rate makes it possible to calculate the interest on the loan, but also includes all the additional costs (administration fees or account creation fees, etc.). The credit of banks, dealers or insurers is generally always more expensive than that of the best organizations in our comparator.

A quick loan in three steps

A quick loan in three steps

There are three simple steps to getting a quick credit agreement online: two days on average.

1 – Apply for a loan quickly and without commitment on our comparator

This first step makes it possible to establish an immediate agreement in principle at the best rate. Our form questions the best organizations, and ranks the offers based on the APR rate. In case of a low acceptability percentage at the best rate, it is always possible to question the second, and the third best organism. A favorable opinion (acceptability rate> 80%, see below) indicates that nothing should stand in the way of a final rapid loan agreement.

2 – Ensure that the organization offers the electronic signature

Most major credit organizations now offer online signing and sending documents in digital format. This step is very important in the quest for a quick loan because it avoids going through a postal mail. We advise to inquire in advance, in order to verify that it will indeed be possible to subscribe 100% online. 

3 – Quickly send your documents and wait for the final response

You have to wait 24 to 48 hours on average to get a final response to your quick loan request. It is important to send all the requested documents, in which case the organization may ask to complete the file.

Quick loan: why should you avoid banks?

Conventional or online banks do not make consumer credit their priority. Their APR rates are rarely very attractive, and their procedure for obtaining a loan does not go in the direction of a quick loan. You should especially know that banks generally only lend to their customers, and not the least affluent. It will therefore be necessary to carry out most of the time steps (opening of account) before hoping to obtain a loan within a bank. However, nothing prevents you from getting closer to your current bank, in the hope of obtaining cheap credit quickly.

How long will it take to get the money?

How long will it take to get the money?

The law is precise with regard to consumer credit: the money of a credit cannot be paid into the account before the eighth day. A consumer credit is a loan whose amount exceeds $ 200 and / or repaid in more than 90 days. The time to obtain the money from a credit being incompressible, time is to be saved on the loan application.

However, there are three cases in which you can get immediate credit:

Quick loan using money from an existing revolving credit

It can be a credit contracted in store through a loyalty and payment card. When using the money available on the money reserve of a revolving credit, no proof is required. Beware, however, of the rate, which is often very high. This is the most common way to obtain an express credit of a certain amount (generally less than 3000 $).

Quick loan in store 

Let’s cut short the questions: it is not possible to obtain money by taking out a store loan. More and more brands are offering to pay on credit. Associated with specialist organizations (sometimes belonging to their own group), the brands use their loyalty and payment cards to offer a quick loan solution. This small loan in store allows you to leave with your product under your arm, after providing some basic supporting documents (ID, bank details, bank card). Proof of income (salary slips) can also be requested, especially when the purchase is more than $ 1,000. In this case, we are talking about a credit “allocated” to a specific purchase.

The quick loan solution

You can get up to $ 199 in 48 hours, but it is not a consumer credit. Companies like Viloan or Zaloan (mini loan from individual to individual) have indeed made small urgent loans their specialty. The laws are different in the case of a quick loan of less than $ 200 and / or reimbursed in less than 90 days.

As this is not a consumer loan, we must remain vigilant about the conditions of the contract. The main shortcomings of this formula are simple:

  • The APR rate is generally very high, around 20%
  • The repayment tenure is very short, less than 90 days

This mini loan often takes the form of an unexpected credit, allowing you to pay an unanticipated invoice or finance a small exceptional purchase at the end of the month. The main risk of microcredit is to use it regularly, simply to avoid exceeding your overdraft. It is always more interesting to apply for a small personal loan amortizable before resorting to this solution.

The Astro Finance loan: finding the best rate

The loan from Astro is an original and attractive loan that allows you to borrow all or part of the capital of your blocked employee savings. Indeed, the sums paid into your company savings plan (PEE) are blocked 5 years from the date of payment. The Astro Finance loan gives you flexibility in relation to the availability of your savings.

Astro Finance loan: the explanations

Astro Finance loan: the explanations

Certain situations allow an early release of employee savings such as disability, over-indebtedness or the acquisition of your main residence. If you do not meet these unlocking conditions and or nevertheless have a need for money, Financo, via its loan, allows you to borrow money and pay only interest while waiting for the release of your employee savings. By paying only the interest during the term of the loan, you will have reduced monthly payments. Example Astro Finance loan: on 30/06/2014, offer subject to change over time:

  • your employee savings is $ 10,000 but still blocked for 3 years
  • you wish to buy a car and for that borrow vis a credit 8000 USD
  • The Astro Finance loan is currently at a fixed TEG rate of 3.67%
  • The monthly payments to be reimbursed over 36 months are 26.74 $ (interest monthly payments)
  • The last monthly payment will be $ 8,000, which is your borrowed amount which will be released on that date.

The advantages of the Astro Finance loan

The advantages of the Astro Finance loan

  • lower monthly payments than if you borrow via a car loan
  • you only borrow what you have, or rather “will”
  • your employee savings continues to grow

In addition, the Astro Finance loan has consumer credit regulations, which means that you can repay your credit at any time without penalty. You can also take out borrower insurance backed by the loan which will guarantee you against total and irreversible loss of autonomy and death. The downside is that the cost of credit may possibly be higher than for conventional credit. If the cost of credit argument is more important to you than all the other advantages, do not hesitate to compare credits with our comparator.

Take a revolving credit or a repayable loan

The Mistral account is BonaFinance’s historic revolving credit. It was created in the wake of the Kangaroo card from La Redoute to serve as a reserve of additional money. Since BonaFinance became Viloan, the Mistral BonaFinance credit account is no longer offered, it is the Color Reserve which has been substituted for it.

Mistral account: take a revolving credit or a repayable loan

Mistral account: take a revolving credit or a repayable loan

As soon as your debt exceeds 3000 USD, it is really preferable to opt for a depreciable loan which will cost you thousands of USD less…

Mistral credit, although very flexible like most revolving credit accounts, is quite expensive. As we have explained and demonstrated many times on our site, revolving credit (although subject to the same wear rate limit as depreciable credit) is offered at much higher rates than depreciable credit and very often at rates close to 20% of revisable APR. The Mistral BonaFinance account has its usefulness, in particular for the cash flexibility it can bring in case of fluctuating income, it can even prove to be cheaper than the cost of a bank overdraft. But all this is true for credits below 3000 USD. As soon as your debt exceeds 3000 USD, it is really preferable to opt for a depreciable loan which will cost you thousands of USD less, you will be able to see it yourself on our site.

If your Mistral BonaFinance account is your only credit and you have more than 3000 USD in debt, you can opt for a personal loan. If you have several credits, you will have to go through a credit buyback. As an independent credit comparator, all the cheapest credits are listed on our site. After having exposed your situation, you will obtain the classification of the best rates corresponding to your situation compared to the Mistral credit.

But that’s not all. Thanks to our exclusive questionnaire, you will not only get the ranking of the best rates in personal credit, revolving credit or credit redemption. You will also benefit from a non-binding evaluation of your file by the organization offering the cheapest rate. You will know if you are interested in also questioning the other 2 best rates. It’s very simple, it is done in 2 clicks.

Mistral BonaFinance account: revolving credit with card

Mistral BonaFinance account: revolving credit with card

The Mistral account was only a reserve of money at its origin. The offer was then enriched with a payment card and a withdrawal card. With technological advances, BonaFinance has offered to use Mistral BonaFinance credit on the internet and even on its mobile site.

If you want to access the management of your Mistral account via the Viloan site, use the connection box via the following address: www.Viloan.fr. Just remember that if you need money and you use your Mistral credit, if your debt soars, your agios will reach new heights!

Now that BonaFinance has become Viloan, the Mistral account has given way to the Color Reserve, Viloan’s flagship revolving credit product.

That the owners of a Mistral credit account do not worry, the product will continue to be managed. And if you’re looking for the best rate for your credit, you’ve come to the right place at Bankate!

Compare Mistral credit

Compare Mistral credit

So that you can form your own opinion on the cost of debts in revolving credit, like on the mistral account, here is a very interesting little credit comparison.
NB: We were unable to recover the precise rates from the Mistral account because to be able to access them, you must be a holder of the Mistral BonaFinance credit.

Credit 4000 USD in amortizable loan. Fixed taeg rate over 54 months: 8.50% cost of credit: 795 USD
Credit 4000 USD in revolving credit. Taeg rate revisable over 54 months: 15.76% cost of credit: 1606 USD

The rate of the Mistral credit reserve being probably like all revolving credits between 15% and 20%, you see that for a debt of 4000 USD on your Mistral account, you could save money.

What are Guaranteed Loans?

Guaranteed loans are loans that are secured, for example, by property or money, which may be owned by the applicant or even by a different person. A purchased item, such as a car, boat, house, or artwork, can be a guarantee, and the guaranteed amount depends on the value of the item. The bank or other lender retains ownership of the object until the loan is repaid every cent, including, of course, all interest and account management costs. Other things, such as shares or personal property of some value, can also be used to secure a loan.

Guaranteed loans

Guaranteed loans

Often, guarantee loans are the best, and even the only way to get very large sums of money as a loan. The lender is usually not eager to give larger sums to individuals without a guarantee that money will be repaid on time, among other expenses. When a loan is secured by a house or, for example, a land owned by the lender, the lender immediately becomes aware that the lender will probably do everything to pay off the loan on time to keep the property.

Guaranteed loans are not limited to new purchases, but can also mean consumer loans or other home equity loans whose amount is based on the value of the equity. In other words, it is simply the value of the home minus what is still owed. Thus, the home is used as a guarantee and defaulting long enough will take the home ownership transfer to the loan provider.

Guaranteed loans often offer lower interest rates and higher loan amounts than non-guaranteed loans.

Guaranteed loans often offer lower interest rates and higher loan amounts than non-guaranteed loans.

As the term already implies, a guarantee loan means that you guarantee that the loan will be repaid in accordance with the terms and conditions.

As a guarantee loan, it is possible to obtain, for example:

  • mortgage
  • consumer credit
  • car loan
  • renovation loans
  • other loan, especially for a larger amount

For example, unsecured loans include:

  • plastic
  • personal loans
  • Quick loans
  • immediately loan the solutions
  • Student loans
  • other small loans

So the biggest difference between them is, right out of the box, the amount that the lender gives the lender. Of course, if the guarantee is small, the amount borrowed may not be very large. Of course, a mortgage guarantee often does not need to cover the full cost of the loan, but it does give the bank credit for saving and managing the money. In addition, a bigger home loan must of course also have a good financial situation, meaning that paid employment must be able to cover living and a loan.

The guarantor does not always have to be the same person who takes out the loan, so other people can also be used as guarantors. It is often the case, for example, that parents provide their children with a first home loan to make it easier for them to get their own home and not have to spend a penthouse on rent and other unnecessary sources.

Even if the guarantees were found and the banks were ready to grant the loan, you still need to consider the time it is worth borrowing and what it means in practice. When a loan is taken out, it is covered and you cannot recover it except by paying off the loan. So if you know that the loan may not be able to be repaid and you do not want to give up the loan guarantee at all, you may want to postpone the loan.

Conversely, if everything is in order, a loan guarantee is a great option.

Conversely, if everything is in order, a loan guarantee is a great option.

As the low cost and interest rates it offers are of course, a more sensitive option for the lender than high cost and interest rate loans. It is best to study the matter properly, realistically review your own situation and make decisions accordingly.

What are corporate loans and how do they work?

Corporate loans are loans that are sought for a variety of purposes, but most often to grow a business or, for example, to hire employees. In these cases, the loan money makes a profit, but if the loan is taken to cover the basic costs of running a business, it is less comprehensive but sometimes equally necessary. The idea, however, is to keep the business and its expenses at bay, but in a tight situation, a loan can also overcome bigger challenges and quiet moments.

One of the most common times to take a corporate loan is when a business is just starting up. The difficulty with loans is that access to finance is not easy, especially for small and medium-sized enterprises. Banks and more traditional financial institutions are very scarce with loans, but today there are other alternatives. A quick loan and a quick tip to an account are already familiar to most people in the world of online loans, but nowadays it is possible to obtain corporate loans by the same means.

Corporate loans work in different ways, depending on what type of loan is being taken. Loans on the Internet can often range from hundreds of euros up to tens of thousands of euros, so depending on the need of the applicant company and of course the reliability, large sums of money can be obtained. Still, you need to consider what kind of Corporate Loan is right for you and where to take the loan. Always remember to compare to make sure the best terms are right for you.

Secured loans

Secured loans

In these loans, the applicant must have some form of security, ie property or money, to secure the loan. This means that you can get more loans, usually for the amount of the guarantee. On the other hand, non-payment of a loan also means forfeiture of the guarantee, so if one’s ability to pay is not lost. For investors, this is a less risky option and often also the loan applicant, the company, gets the best terms for such a loan.

Debenture loans

Debenture loans

Here, the company receives funding from a number of different investors who, in turn, receive returns, for example in the form of interest payments, or even according to the company’s performance. The return is not given to the investors until the company makes a profit, and this is not the best option for investors, for example, because in the case of bankruptcy, senior investors first get their investment back.

Hybrid Loans

Hybrid Loans

A hybrid loan is a capital instrument for a company and can include both equity and the capital of others. So basically this is a bond that is equity. The interest rate or repayment period is not well defined, meaning that there are many things that can be agreed between the company and the lenders, so there may be more. The company’s Board of Directors is formally quorum for interest and repayments.

Subordinated loans

Subordinated loans

This loan is one in which, in the event of bankruptcy, the principal and interest are repaid in the worst possible way. Such a loan is used, for example, to increase the company’s financial standing, or it is used to increase equity because it is very simple.

Convertible bonds

Convertible bonds

Limited liability companies can take either an interest-bearing or an interest-free loan from an investor, called a convertible bond. It is possible to agree separately with the investor whether, after the loan period, he will be able to change some or all of the loan amount, for example, according to the agreed exchange rate for the company’s shares.

Senior loans

Senior loans

Traditional bank loans are often senior loans, because in these cases the lender always has priority over any debt in the event of a bankruptcy. These loans can be hard to come by, but a company with a good track record and a payment history can easily find a place to get a loan and these loans can rise to large sums.

Loan without proof: does this product really exist?

The answer to the question is simple but the question is not precise enough. Indeed, if we consider the loan without documentary proof like the fact of making a request for credit without documentary evidence such as the identity document or a proof of income, then it is almost impossible. On the contrary, if the implication of the question is the non justification of the loaned money, then yes it exists.

Loan without proof of use, explanations

The borrower is not required to justify how he will use the amount of money that will be loaned to him. This is why we sometimes talk about a loan without proof or credit without a document to provide.

However, if it is the acquisition of real estate, the purchase of a vehicle or the performance of works, the borrower has every interest to declare the purpose of the loan. This will allow him to obtain special conditions for the credit: amount borrowed, repayment term and even a rate that could prove more advantageous. The more numerous the supporting documents, the more the lender is reassured about his capacity to repay. The borrower then has easier access to the lowest rates (see cheap credit without proof).

Here is an illustrative example dated 05/03/2018 for a Astro credit of $ 10,000 over 60 months

Personal loan without proof of Astro

  • maximum amount = $ 75,000
  • maximum repayment period = 60 months
  • Fixed APR from 4.29%

Car loan with Astro proof

  • maximum amount = $ 75,000
  • maximum repayment period = 84 months
  • Fixed APR from 3.19%

Justifying the purpose of the loan therefore allows in this case to benefit from a much more attractive rate.

Loan without supporting documents

Loan without supporting documents

Any opening of credit requires supporting documents. For example, it is not possible to obtain a new credit without proof of income (salary slip, account statement or tax notice).

The main reason is that the lender must ascertain the profile of the borrower before granting the loan and transferring the funds. This allows it to detect possible fraud (identity theft, inconsistent RIB, etc.) and possible inconsistencies between the data declared in the credit form and those entered on the supporting documents. The latter are also requested only when the credit organization has given a favorable opinion on the credit request.

What supporting documents are requested?

Depending on the product purchased, the requested supporting documents may differ slightly. In addition, the elements requested are specific to each credit institution. The supporting documents requested whatever the credit and the lending organization are:

  • photocopy of an identity document: identity card or passport
  • photocopy of proof of address less than three months old
  • RIB
  • latest pay slip
  • photocopy of tax assessment

If the applicant has a co-borrower, the latter must also provide the same information.

Mini-credit: limited supporting documents

The legislation is somewhat different for small loans of less than $ 200. Indeed, the withdrawal period of 7 days minimum before receiving the money is not news for this type of loan. Money can therefore be transferred very quickly to the customer’s account in 24 hours minimum. The subscription process is therefore more simplified, but it is also not a loan without proof. It is necessary to provide an identity document, proof of address but also salary statements. Note that the reimbursement must be prompt. The money will have to be repaid over a maximum of 30 days. This type of credit is relatively unknown and this is also the case for sector specialists: Bankate and Viloan.

Loan without proof for a revolving credit

Opening the revolving credit without proof requires the supporting documents described above, with the exception of the tax notice (not systematic). However, the peculiarity of revolving credit is that once the product is opened, it is possible to use it at any time within the limit of the available envelope. Each use is characterized by a transfer to the customer’s account. It is then possible to receive money without taking out a new loan without proof.

Loan without proof of income in store

For credits offered in stores of type 3 times without cost or in several times with cost, it is possible to have fewer supporting documents to provide. Indeed, the brand offers credit in order to facilitate sales. As potential customers do not have all the necessary documents with them, it is possible that the supporting documents to be provided may be reduced from the last salary slip and the tax notice. In return the customer will have to pay immediately the first monthly payment in store with his bank card.

Additional supporting documents for assigned loans

For car credit, you will need to provide the purchase order for the car purchased or a photocopy of the registration card for a used car. For the loan works, it will be necessary to have the estimate of works to be carried out and all materials referring to it.

Home loan: far from being a loan without proof

It is the credit that requires the most supporting documents. Rightly so given the amount of loan granted. In addition to the standard parts listed above, you will need to add your account statements and also the sales agreement.

Loan without documentary evidence: possible when the lending organization knows the client

It is the one and only case that allows the borrower to obtain a loan without proof. Suffice to say that to lend without asking for additional documents, the lender must be confident. This is the case, if he knows the client well, has recent information about him and that the latter is judged as a good client. Only the client’s bank is able to know their client enough to lend them money without proof.

Loan without proof: advantages and disadvantages

Loan without proof: advantages and disadvantages

The advantages of the loan without proof

The two main advantages are:

  • Quick credit to obtain because fewer supporting documents to provide
  • more freedom in the use of money

The disadvantages of the loan without proof

They are of two types:

  • APR offered on the loan without higher supporting documents in general.
  • credit organizations are generally less willing to accept this type of application. The borrower is thus more likely to have his credit request refused.

In conclusion, a loan without proof does not mean that no supporting document will have to be provided. It generally translates the fact that no justification is to be provided when using the money.