Credit without a bank - smart, reputable & simple options

WHAT ALTERNATIVES DO I HAVE FOR A LOAN WITHOUT A BANK?

A non-bank loan could be a valuable alternative for you if a conventional bank loan is not available or not what you want. We show you various options below so that you can flexibly decide what is right for you depending on your life situation.

1. Pawn loan: This form of loan could be an option for you if you have collateral that you can do without for a certain period of time.

2. Salary advance: If you are in an existing employment relationship, your employer may be able to give you a loan.

3. PayPal credit: As an entrepreneur, you have the option of taking out a loan under certain conditions. As a private customer, you can also pay for consumer goods in installments.

4. Private credit: There are various forms of personal loans. If you don't have a bank, you can use online platforms to arrange your financing from a private lender.

5. Credit from friends or family: If you know someone who has the amount of credit you need, you could suggest a private credit agreement to get liquid.

FOR WHOM IS A LOAN WITHOUT A BANK POSSIBLE? WHAT REQUIREMENTS MUST BE MET?

We summarize below which loan is best for you in which situation.

WHERE CAN I GET A LOAN WITHOUT A BANK?

Depending on the loan you choose, you can process your loan without a bank directly with the provider:

• Pawn loan: At the pawnshop

• Advance salary payment: Directly to your employer

• PayPal credit: Choose installment payment with PayPal or contact us for a business loan.

• Private loans: online on various brokerage platforms

• Credit from friends and family: Among friends or relatives

CAN I GET A LOAN IN ANY CASE?

This is generally difficult to say. With collateral as security, you can take out a loan without any further hurdles. However, the basic prerequisite is that the pawn shop actually accepts your item. Therefore, find out in advance where you can find the pawn shop with the right focus. With all other options, approval depends primarily on your credit rating or the willingness of your employer or friends to lend you money.

WHAT DO I HAVE TO CONSIDER WHEN TAKING OUT A LOAN WITHOUT A BANK?

With a bank, you have to meet many requirements, but it also offers you security. We'll tell you what you should look out for with alternative providers to minimize your risk.

In Austria, pawn shops are subject to strict legal regulations to ensure that customers are treated fairly and that their collateral is kept safe. Make sure that the pawn shop bears a seal of approval from the Austrian Federal Economic Chamber.

• In Austria, pawn shops with a seal of approval from the Austrian Federal Economic Chamber are subject to strict legal regulations from the Austrian Association of Financial Service Providers. These ensure that you are treated fairly and that your collateral is kept safe. (Source: Austrian Federal Economic Chamber)

• If you receive an advance salary payment, make sure that you can pay it back within a reasonable period of time so that you don't feel permanently indebted for overtime.

• PayPal only offers installment payments via certain companies and only for customers with a good credit rating. As a rule, you are on the safe side there.

• Personal loans can be taken out via banks, platforms or with family or friends. Make sure that you really choose the loan that is best suited to you.

• If you take out a "private loan", make sure the platform you choose is reputable. The company should be able to provide a legal notice and have positive reviews.

• You should conclude a private loan agreement with friends and family to avoid any misunderstandings. If necessary, you can enter the term and interest rate there, if agreed.

Further information on forms of credit and their legal framework can also be found on the website of the FMA (Austrian Financial Market Authority). The VKI (Association for Consumer Information) provides you as a consumer with further information and tips on loans and financial products.

DOES A CREDIT CHECK TAKE PLACE WITH ALTERNATIVE CREDIT PROVIDERS?

Not all providers will check your creditworthiness - in some cases, however, you may be able to get a loan even if your creditworthiness is average, as your financial situation will be assessed individually:

Loans without credit check: pawn loan, salary advance, loan from friends or family, personal loan from friends or family
Loans with credit check: PayPal loan, personal loan from banks and via platforms, loan from private
Loan approvalpossible despite check with medium credit rating: loan from private

CAN I GET A LOAN WITHOUT PROOF OF INCOME?

The only ways to get a loan without income or a loan for the unemployed are a pawn loan or a loan from friends or family. Someone who knows and trusts you may be willing to lend you money without collateral. The advantage of a pawnshop is that collateral is sufficient and you don't have to provide any further security.

If you do not have a regular proof of income, for example because you are self-employed, you also have the chance to get a loan on private lending platforms. Proof of income is not necessarily required and your financial situation is assessed comprehensively. This means you have a chance of getting a loan even without a regular income.

WHAT DOCUMENTS DO I NEED FOR A LOAN WITHOUT A BANK?

You will need these documents to take out your desired loan

HOW IS THE PAY OUT MADE AND WHAT REPAYMENT OPTIONS DO I HAVE?

Pawn loan: The term for a pawn loan in Austria is always 30 days with optional extension, partial repayment or repayment. With CASHY, processing is conveniently carried out via your account - so you are completely independent of location. You will receive your money immediately in cash in the store, if you decide to collect or ship your collateral, you will usually receive your money the next working day after receipt of the goods.

Salary advance or loan from friends or family: In these two cases, the pay out, the repayment option and the duration of the term can be agreed individually.

PayPal installment payment: With a PayPal installment payment, you do not receive any money paid out, but can order an item from a participating company and pay the price in installments. The term is 3, 6, 12 or 24 months and is debited monthly from your PayPal account.

Private loan: With a private loan, you borrow money from private lenders who you can find via various intermediary platforms. Once approved, the pay out is available after 24 hours and is usually in your account 5 working days after signing the contract. Repayment is made monthly in installments and the term is usually a maximum of 10 years.

FREQUENT QUESTIONS

I only need a small loan. Do I have a better chance of being approved?

If you only need a small amount to bridge a financial bottleneck, you often have a better chance of being approved. In most cases, a credit check is carried out, but you often don't need a regular income for smaller amounts. If your credit rating is poor, a pawn loan is the best option for you.

What is a credit brokerage?

Reputable loan brokers often increase your chances of being approved, as they often know the banks and lenders personally. They are therefore better able to find a tailor-made offer for you. However, in this case you will also have to pay a commission fee to the broker. You can recognize reputable providers by the fact that they only charge money if they have successfully referred you to a lender.

Where can I get a loan for the unemployed?

If you are unemployed, a loan from friends or family is a good option - but a pawn loan is also ideal for this situation. Your financial situation doesn't matter if you pawn collateral.