A low-income loan is in demand more often than expected. There are many consumers who have to live with a small income. If larger investments are necessary, a loan must therefore be taken. With a small income, however, some hurdles have to be overcome. an elucidation on http://martingore.net/five-marketing-ideas-from-the-road/
When do you talk about a small income?
As a rule, the banks usually talk about a small income if it is below the exemption amount. Those affected are above all those who work part-time or have to make do with the minimum wage. How high the seizure tax exemption depends on the personal situation of the prospective customer.
For a single without maintenance obligations, the garnishment tax is currently at 1139.99 euros. For a low-income loan, it can therefore be assumed that the income is below this limit.
How can collateral be raised?
Collateral plays a crucial role in borrowing. They reduce the risk of default and make it possible to borrow first. With low incomes, it is important that enough collateral can be named. You should always be guided by the loan amount and the project.
The project is important because, for example, earmarked loans require less coverage than loans with free availability. The earmarking is already a security. A good security is always a positive Private credit The small income can be compensated with the help of a guarantor.
If the income comes from a permanent position, a residual debt insurance can also make sense. But only if it is a higher loan amount. The residual debt insurance is expensive and would unnecessarily burden the borrower when it is not really necessary.
Which credit sums are possible?
A low-income loan should not expect large sums of credit. Anyone who does that should honestly ask himself how he wants to repay the money. Because the small income will probably not allow the repayment of large sums of money.
However, those who show modesty and focus on a small loan have a good chance of getting a loan. In combination with small monthly installments, small loans can be repaid quite well. The monthly charge can then be well below 100 euros and adjusted to the borrower.
Loan agreements with dealers are also worthwhile. For example, if the new TV to be financed, then that’s very good about a dealer. He does not look too much at income, just asking for revenue. And the income includes child support or child support and sickness benefit. The dealer loan is therefore ideally suited as a loan that works even with a small income.
Low-income loan – the comparison
Any loan, no matter how high the loan amount, should always be searched by comparison. The offers are so extensive even with a low-income loan that it is almost impossible to get a good overview without comparison.
Our loan calculator allows this comparison. He uses less information to develop the best loan offers that fit the desired loan amount and term. On top of that, it takes into account the purpose of use, which can be determined variably.
When comparing, it should be ensured that not only is the effective interest rate particularly low. Due to the low income, it is important that the monthly installments are small, so there is no financial bottleneck. It would also be very nice if the financier allows payment pauses. If the money is not enough, the payment of the installments can be suspended for one month. So no debts arise and the bank does not cause trouble.
Low-income loan – recording
If the own financial possibilities are analyzed and a comparison is made, it can go to the admission of the credit. It must be ensured that the loan application is completed completely and truthfully. In addition, all documents that the bank needs for the examination of the loan application should be on hand.
If the low-income loan is taken together with a guarantor, then the guarantor must also have his documents together. Proof of income is needed as well as current expenditure. In addition, the identity must be proven. The identity card or a passport is sufficient for this.
The recording should be done in peace. The more shots mistakes are made, the longer it takes to pay. With a conventional loan offer this can take 2 to 4 working days. If faster processing and payment is required, a corresponding loan offer must be used. These are usually marked as express or instant loan.