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Cheap loans without proof of income – fast and instantly on your account

Loans without proof of income from non-bank providers tend to be less favorable than normal bank loans. They have higher interest rates, as well as related fees and possible sanctions for non-payment. Yet, loans without evidence of income reveal profitable and cheap loans that can help many people solve their financial problems.

Cheap loans without proof of income can be talked about especially when providers offer the first loan for free. It’s not an unusual offer. Those who take a loan for the first time and pay the full amount by the agreed date do not really have to pay an extra crown. The first free loan does not reach high amounts and is granted for a very short time.

Not all providers provide the first free loan, it is always offered by a specific non-banking institution. However, products with associated interest rates of up to 5% pa can be described as cheap loans without proof of income. Normally, interest rates over 10% per annum can be met for loans without proof of income

What other general conditions apply to these loans? And what about income proof in this case?

The amount of revenue must be communicated

The amount of revenue must be communicated

According to the title of the loan itself, one might think that it will not be necessary to disclose any information about the income when it is approved. Not so. According to the law, the applicant’s creditworthiness must always be assessed – but the law does not specify in what form.

In this case, the loan without proof of income means that the provider does not require official confirmation of the amount of income from the employer. In order to assess the applicant’s creditworthiness and to decide whether or not to lend money, it is sufficient to obtain information directly from the applicant on his / her monthly income and expenditure. In some cases, he is also interested in the source of his income.

 Despite the name of the loan, the amount of income must be communicated.

Who is the best loan without proof of income and who uses it most often? It is about:

  • unemployed persons
  • working persons who cannot substantiate their income
  • working persons, their income is very low

Cheap loans without proof of income are sometimes provided to persons with debts or foreclosures. They have no purpose, so the money can be used for virtually anything. Many people use them as a payday loan.

Although the terms of this kind of loan sound tempting, everyone should first realize whether they are actually able to repay the loan properly and on time. While providers in some cases leave the interest rate at an acceptable level, fees and related penalties in the event of default are high. It is logical that the lender compensates for the risk of the loan resulting from the absence of official confirmation of the applicant’s income.

Arrangement of the loan without proof of income

Arrangement of the loan without proof of income

Most often you can meet with an online loan without proof of income. In this case, the web form is filled in and all the relevant information is filled in. Usually a scan of two identity documents is also included.

 The applicant shall be informed of the decision to approve or disapprove the loan in two ways. Either the operator will call him (he may still request some information) or the decision is sent by SMS.

The approval of the loan takes only a few minutes. For this reason, this loan is sometimes referred to as a quick loan without proof of income.

For many, simplicity and speed of settlement is one of the reasons why they choose a loan without proof of income. Simple administration, however, again records even those who take the loan thoughtfully, only by increasing their debts and thus complicate their financial situation.

How much can I borrow?

How much can I borrow?

While for other types of loans consumers have become accustomed to asking for tens of thousands, the maximum amounts here are calculated in the order of thousands of units. Again, this is due to the fact that without factual proof of income, the provider enters into a certain risk and lending smaller amounts is safer for him.

A cheap loan without proof of income can be even higher than just a few thousand. However, most non-banking institutions already require guarantees, most often securing real estate. If this condition is met, the loan can reach hundreds of thousands of crowns.

What to watch out for


If anyone arranges a cheap loan without proof of income, he should be careful about a few things. It is advisable to check the overall APRC and to inquire about any fees and penalties associated with the loan. Of course there should be a really detailed familiarization with the contract and all other documents.

A lot of reviews can be found on the Internet about the credibility of the provider itself. These can also be used to check how customer service works, whether they adhere to all written arrangements, what to do in the event of default, etc. Information from people who have already taken out a loan can be very valuable and can prevent potential problems.

Cheap loans without proof of income – comparison

Cheap loans without proof of income - comparison

As already mentioned, some lenders hold interest rates at a relatively sympathetic level without proof of income. The table below compares cheap loans without proof of income and their most important parameters. If the provider allows the first loan free of charge, this table is presented this option with zero interest rate.

As you can see, there are a lot of offers with the first free loan. While the second and subsequent loans from one provider already cover fees and interest, on the other hand, the maximum loan usually increases and the maturity period is extended.

Why do non-banking institutions ever provide their first free loans? Everything is related to the fact that there is a huge competition in the field of non-bank loans. Providers use the first free loan as an attraction. And given the statistics that say that a client of a non-banking institution usually takes a loan repeatedly, it is simply worthwhile to give them the first free loan.

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