How to access loans without a bank endorsement?

We explain how to get the financing you need without using third parties to provide a guarantee.
An endorsement provides an additional guarantee for the bank that the stipulated loan repayments will be made and that if the customer does not make the repayments, the money will be repaid to the financial institution by some other means. However, if you do not know another person who can provide this backing for you, and you do not have a specific asset to use as collateral, for example a home, how can you access loans with no bank endorsement?
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Elements of a bank loan

The banking procedures involve terminology that may be unfamiliar to many people and, therefore, should be explained to prevent misunderstandings. It is important to remember that operations carried out with financial institutions always involve movements of money, which is another reason why all of the terms used must be well understood in order to prevent unpleasant surprises at the end of the month. When applying for a loan there is some essential information you must know: how much money can you ask for, how much interest will you have to pay in exchange for borrowing the money, what commissions or other fees will you have to pay, how much time you will be given to pay back the loan, and the amount of the periodic payments.

Having an endorsement available may help convince the bank to grant you a loan. However, this is not a universal rule and these decisions will depend upon the specific financial institution, the amount of money requested, the financial solvency of the borrower, etc.

Loans that can be requested with no endorsement

When classify the loans, these can organize in two large groups: mortgage loans and personal loans. Financing in the form of a personal loan tends to be easier to get than a mortgage loan, and the bank usually will not require a specific guarantee (such as the home that serves as collateral in a mortgage). However, borrowers will be obligated to pay back the loan using all of the assets they possess, both present and future.

Financial institutions offer personal loans to their customers to help them cover specific financial needs that may arise at a specific time. The most well-known type are consumer loans, which are dedicated to financing consumer durable goods such as cars, motorcycles, home furnishings, etc. There are also other types of personal loans, for example those designed to help pay for educational expenses.

BBVA offers to your new customers a loan that not requires bank guarantee. The Loan Fast Without Documents is a personal loan between 3,000€ and 10,000€ and can contract 100% online.

A loan simulator lets you calculate the amount of the monthly payments and interest for your loan.

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Requirements for access to loans with no bank endorsement

It is important to understand that all the requirements that must be met before a loan is granted are designed to enable the bank to verify the solvency of the customer and to make sure that the borrowed money will be paid back with interest. For this reason, a financial institution will impose the following requirements on a potential borrower, among others:

  • Being legally of age.
  • To be financially solvent: in other words, to have sources of income that exceed the obligation taken on with the bank to pay back the loan.
  • During its study for the operation, the bank may request additional documentation from you.

If any uncertainties arise, we recommend that you should visit the BBVA loans simulator.

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