Direct Lender Payday loans no teletrack 100 Approval

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Direct Lender Payday Loans No Teletrack 100 Approval

To check the strength of your file, the banks will accurately calculate your income and their sustainability. By identifying your money, but also your expenses, the lending institution will try to determine if your income is sufficient to grant you a loan without consenting to too much risk.
For a lending institution, the difference between your recurring income and your fixed costs (rents, credits, pensions paid, etc.) correspond to your net resources . It is therefore to have a maximum of regular income, and this for some time, to reassure the lender and to obtain advantageous terms of loan!

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Your net salary

Of course, this document will be scanned first: your pay slip . The net pay goes into the calculation of your income, and usually accounts for most of your cash flow. In addition to the amount, will also be scrutinized the seniority you have acquired in this position. Indeed, with equal income, an employee who has been working for only 2 months and another who has 10 years of experience are not seen the same way by the banker! It must therefore be borne in mind that everything that can reassure the lending institution is important: it is for example considered that the employee for 10 years in this position has more stable income than the one who has been employed for a few months.

If your salary has been increased recently,can be taken into account if it appears on your last payslip. Some lending institutions also request a letter from the company that specifies the amount of the increase.

Rent, pensions and annuities received

Annuities, pensions and rents are also part of your total income. These are indeed sums of money that regularly reach your bank account. Note that a rent collected is a particularly good guarantee for the lending institution, because it means that you already have a property portfolio.

Benefits for non-salaried activities

If you have a secondary or primary business, your profits can also be used to calculate your income. Take the example of a self-entrepreneur (or micro-entrepreneur) who carries out this activity on a secondary basis. This monthly income, if it is regular, can increase its total income. Here again, it is necessary for the lending institution to have a visibility over several years for these secondary incomes to be taken into account: a self-entrepreneur with only a few months to his credit can not hope to see his secondary income “swell” the income taken into account by his banker.

Aid and social benefits

If you receive recurring social benefits money , you can also add these amounts to your total income. It will of course be necessary for these amounts to be collected during most of the loan period: one can think of family-type benefits (depending on the number of children in the household).

Other income that is not taken into account

Other incomes, considered as irregular (therefore non-permanent) are not taken into account by the lending institutions. Indeed, we can not be sure that these sums of money are always relevant throughout the loan. For example :

  • the extra hours are not taken into account
  • the travel expenses are not taken into account, except in special cases
  • the exceptional bonuses  : As their name suggests, their “exceptional” character does not consider that these are recurring cash flow.

However, if your employment contract proves the regularity of certain premiums (such as the 13th month contractual bonus ), these bonuses may be taken into consideration.
If these premiums are not contractual, they are not included in your total income for the bank; however, these sums of money can be an asset to your loan if you can prove that you are setting aside this money. Your savings capacity will be enhanced, and your profile will also be better considered.

Salary and commission taken into account for a commercial?

The case of the salesmen and the VRP is particular, since their salary is generally constituted of a fixed and a variable premium . Variable sales revenue includes commissions, but also expense reimbursements and dividends.

For a lending institution, the calculation of employees’ earned income differs according to the case:

  •  for a young salesperson , with one year or a few months of experience, only the fixed part of the income will be taken into account. The bank considers it difficult to have a decline in these revenues given the period, which is limited. In fact, and unless you have very substantial incomes, an employee paid mainly to the commission must have at least 2 years of experience to hope for a loan for his real estate project.
  • For a salesperson or sales representative with experience (from at least 3/4 years of experience), the bank can consider all of its income, ie its fixed salary and variable income.

Since the income of sales representatives often varies from month to month (due to seasonality, holidays, one-off bonus payments, etc.), the lending institution will calculate an average net income over the last two or three years. years. This calculation will provide a monthly amount close to the average net income, including variables.