Loans changed without pay how to do it

Loans changed for those who do not have a pay slip that acts as a guarantor are loans that make it possible to obtain a line of credit by signing bills. A type of loan that can therefore be requested from the bank by all those who cannot offer the guarantee of a pay slip or who have had problems reporting to end-to-end knowledge as bad payers. So let’s see more details about the features and functioning of the loan, a tool that has returned to be requested in recent years of economic crisis, in order to provide the necessary information to those wishing to access it.

Loan changed, features

Loan changed, features

A loan arranged as mentioned and as the word itself says is paid to the customer who requests it by issuing bills of exchange. Among the advantages of this form of financing is the fact that, given the nature of the loan, this is granted (once the customer’s requisites have been verified) quite simply and quickly, with a response from the bank that usually is provided within 48 hours.

How does the loan with bills of exchange work? In practice, instead of the normal repayment installments to be paid each month, the bank will issue bills of exchange that the debtor must pay at maturity. In this way the credit institution can proceed quickly in the event of non-payment by virtue of an executive act of the court and the customer can have the credit he needs even in the absence of the necessary guarantees to access a classic financing channel. Loans are issued with a fixed interest rate.

Requirements for access to loans with bills of exchange

Requirements for access to loans with bills of exchange

To obtain a loan as mentioned above, it is not necessary to provide the bank with the normal guarantees required when applying for a traditional loan or a home loan. However, some form of protection must obviously be provided to the bank by the customer. Thus the figure of the guarantor and / or the possibility of setting up a mortgage on a property becomes very important.

Who does not have a pay slip or is included in the lists of bad payers must, in short, provide alternative guarantees to access the loan. With the signature of a guarantor, the person who takes this responsibility must be able to prove that he has a reasonable income by presenting a pay slip, a pension slip, a CUD or other income statement.

The guarantor must then demonstrate that his name does not appear at a risk center as a bad payer. If, on the other hand, there is no one who can act as a guarantor, you can offer the mortgage on a property owned by the person requesting the loan, so that in the event of non-payment of bills, the credit institution can refer to the property with an auction sale.

What is a bill of exchange

What is a bill of exchange

The bill of exchange is a formal and abstract credit title which guarantees the legitimate owner (ie the creditor, in our case the bank) the right to obtain payment of the sum indicated at the due date and in the place provided. It is naturally a title to the order whose transferability by endorsement can also be excluded with the ad hoc clause “Not to order”.

The formality of the promissory note is an essential characteristic for its very existence, in the absence of the typical content prescribed by Article 1 of Royal Decree 1669 of 1933 (Mutual Law) it is not possible to speak of a promissory note but only a credit certificate.

The abstractness of the title excludes any reference to the fundamental relationship. The bill of exchange must always be in order with the stamp duty since its issuance and is enforceable, which allows for the direct expropriation of the assets of the person who issued the unclaimed bill of exchange to obtain the repayment of the disbursed capital. The Mutual Law, as stated in the Royal Decree of December 14, 1933, number 1669, distinguishes two types of bills:

-The bill-of-trafficking or bill of exchange in the strict sense: it is a title of credit to the order in which a particular subject, the so-called “traente”, orders a second subject, the drawee, the payment of a capital to a third subject, said borrower. The law guarantees the bill of exchange.

– The promissory note or promissory note: it is a credit note in the order in which a given subject, the so-called issuer, promises the payment of a capital to a second subject, the borrower. This is the case with the loan repaid.


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