How to get a loan if you have a gray salary

Usually, people with a fairly large white salary do not have problems with loans. It is enough to confirm the income with a certificate, and banks are willing to issue both mortgages and consumer loans. On the contrary, it is quite difficult for people without official earnings to receive a large amount on favorable terms.

At the same time, there is another large group of potential borrowers who may encounter problems. These are people who are legally employed and earn enough to service the loan. But there is one caveat: officially the salary is low, and the employer pays most of it in an envelope. A paradox arises: there seems to be money, but the income statement does not reflect this. Therefore, problems may arise with a loan: the bank may offer a smaller amount or unfavorable conditions. For example, it will approve a loan for a longer period than planned, which will increase the overpayment of interest.

There are several ways to fix the situation.

Take out a loan on the terms that they give, but pay off ahead of schedule

This loophole is suitable for those who are provided with the right amount, but not on suitable conditions. Let's say the bank is ready to give you a million at 15%, but not for two years, but for at least five. But in the first case, the overpayment will be 163,680 rubles, and in the second - 427,396. The difference is impressive. At the same time, the monthly payment for a loan for five years is 23,790 rubles, and you are ready to pay 48,487 rubles each, as it would be with a loan for two years.

But the loan can be repaid ahead of schedule. If you pay 23,790 every month and another 24,697 on top with recalculation, which implies reducing the loan term, then it will be possible to repay it in two years and one month, and the overpayment will be 164 167,24.

Confirm income with a bank statement

Banks are willing to accept income statements in the form prescribed by the tax service. But they usually have their own document formats. You can download a template on the website of a credit institution and ask the employer to fill it out. For the certificate to become valid, it must be signed by the head of your company or chief accountant and stamped.

The main advantage of such a document is that a specialist can enter your real income into it. But much will depend on the willingness of the company to meet halfway. In fact, for the organization, this means admitting to non-payment of taxes. But so far there have been no high-profile cases when the bank would have transferred such documents to the Federal Tax Service, so getting such a certificate is often quite realistic.

Attach proof of other income

It often happens that salary is not the only source of money. For example, a person still earns money somewhere, rents an apartment, receives retirement and so on. Usually, if the income at the main place is large enough, these ways of earning can be ignored. But in the case of a gray salary, it is appropriate to attach documents confirming additional income. But it is better to find out in what form the bank is ready to accept such papers.

Attract guarantors

A guarantor is a person who is ready to confirm to the bank that the recipient of the loan will repay the debt. And if not, the institution will have the right to demand compensation already from the guarantor. A co-borrower is a person who, together with the borrower, draws up a loan and has the same rights and obligations.

That is, finding a guarantor is easier than a co-borrower, although this will not be easy either. Because the person is risking their money and must trust you very much. But you can also try this option.

Secure a loan with collateral

Banks can approve a large loan even with low official income if they receive additional guarantees. This is a pledge that they can sell in case of emergency in order to get their money back. Typically, real estate is used as collateral. But you should be careful and carefully weigh the risks. As long as your property is pledged, you will not be able to dispose of it. And if something doesn't go according to plan, you can lose everything.