Being considered a bad payer until a few years ago was equivalent to the impossibility of accessing personal loans and financial products in general. In recent years, however, this situation has changed considerably, as evidenced by the emergence of several personal loans specifically dedicated to bad payers.
Who is a bad payer?
According to the terms commonly used in the financial field, a payer is defined as a subject who in the past has not been able to cope with a financial commitment taken, such as the return of a personal loan or a mortgage. The inclusion of a person in the bad payers’ databases affects the possibility of obtaining additional personal loans, mortgages, credit cards and other similar products.
However, there are many products designed specifically for this category of people, as we will see later.
In addition to the inclusion of bad payers, the databases also consider those who, on the contrary, were able to repay a loan in the manner agreed upon. In this case the presence among the subjects deemed reliable has a positive influence on the possibility of obtaining a loan.
Bad payers with reporting to databases
To check the ability to repay a personal loan, finance companies and credit institutions consult some national databases, such as CRIF or CTC notes, from which you can learn about the presence of any non-payments from those who require the personal loan, know additional loans already granted or refused and then evaluate the overall profile of the applicant.
Please note that the registration of a subject in these databases is not however forever; in fact, after a certain period of time, the names of the bad payers are removed , unless in the meantime no further reports of missed payments or similar behavior have occurred. The time spent in bad payers’ databases is variable, but does not normally exceed 36 months .
Personal loans for bad payers: dedicated products
As anticipated, the condition of bad payer does not imply exclusion from any type of financial product. In fact there are numerous personal loans specifically dedicated to bad payers, with differentiations also based on the work and income situation of the applicants.
A first type is that of personal loans for bad employee payers; in this case, the presence of a continuous income is considered an additional guarantee that makes us lean towards the allocation of the loan. In some cases, a loan with a refund through a transfer of the fifth could be advised; in this way the employer returns the agreed installment, which is directly deducted from the employee’s paycheck.
A second type of personal loan concerns the bad self- paying payers, that is those who carry out an independent work activity. In this case the lack of continuity of income could affect the obtaining of a loan. Usually this category of bad payers is required to present the last two income documents (for example the Unico model ), to evaluate the actual income and the ability to repay the loan with respect to the income received.
For self-employed workers, as well as for bad payers who do not have enough pay, sometimes the presence of a guarantor for the loan can be requested. In this case it is requested that a person other than the applicant guarantees the possibility of repayment of the loan in the event that the applicant is no longer able to do so. Normally it is required that the third person is in possession of a paycheck , but the characteristics required vary depending on the type of personal loan required.
From the variety of bad paying profiles and the multiplicity of personal loans available for this category of people, it is clear that in this case too the comparison between different personal loans is the most suitable strategy to find the best product for your needs. Finally, consider that even for bad payers are available many personal online loans , which can be requested in a short time and without the need to go to banks or other subjects that provide loans.