Obtaining financing in a bank either through a credit card or a loan implies a payment responsibility on the part of the applicant and a risk assumed by the entity. But it is not a blind risk since that is your business and you should verify that whoever borrows has to pay, which is done by crediting income. But you may wonder, can I get financing without crediting income?
Can I get financing without crediting income?
If you are an independent worker, student, housewife, etc., and you do not have a payroll receipt that certifies how much your income is but you need to obtain a credit or a card you may wonder , can I obtain financing without crediting income? Unfortunately, the answer is no, you cannot obtain financing of any kind without crediting income.
In fact, crediting income is one of the unavoidable requirements that banks and financial entities require to grant financing since it is the proof that the applicant has a stable cash inflow that will allow him to pay his financing. If this were not verified, banks would easily lose money by giving credits to people who do not pay them back.
Another requirement that is accompanied by the accreditation of income to obtain financing is to demonstrate a minimum of seniority, or declaring income as independent. This, as well as proving income, serves the bank as proof that the applicant, if he is a dependent worker, already has a contract in his workplace and that he has a time working there, which gives solidity to his income.
Why do banks ask to credit income to provide financing?
Simple, because the bank will not lend to a client who is not fit or who probably will not pay his debt. By crediting your income you show that you have the ability to pay, that is, that you have stable income that will allow you to meet your obligation to them. And this requirement is fundamental in all types of financing (bank credit cards, non-bank cards, bank credits, fast loans, etc.).
However, what is good news if you need financing is that there are loans and credit cards where the amount of income you must credit is not very high, such as non-bank credit cards or online loans. You must also prove your income to obtain this type of financing, but they are more accessible because the minimum required is lower.
Another way in which you can obtain financing without crediting income is through an additional credit card that another cardholder gives you. In this case, the client has already demonstrated his income and has obtained a credit card, so he can request an additional card to which to assign a part of his credit quota and give it to a relative who does not have income accreditation to get a card alone.
In summary, it is not possible to obtain financing without crediting income since for the bank that is the letter of guarantee with which the applicant shows that he has the ability to pay to meet his debt. This requirement applies to all forms of financing , whether loans or credit cards, so if you want to access these banking products you must ensure that you can prove your income either as a dependent or independent.