Low-income loans ensure that the lower income groups are not decoupled from wealth. People who are looking for it and cannot find a loan offer with low income do not see the forest for the trees.
We want you to recognize your credit opportunities and finance them with the lowest possible interest. Even a loan with little income at zero percent financing interest and payment break is possible.
Low Income Loans – What is Small Income?
“Is your work adequately paid or do you get too little money for your work?” If asked, 99 percent of the population would probably describe themselves as underpaid. Little income is therefore a subjective feeling. Credit institutions assess somewhat more objectively what low-income loans are. The bank speaks of little income if it is possible to prove that there is little attachable income component.
In this case, “little” is defined by the fact that the installment amount, for example, can be demonstrated as an attachable share of income. The amount of the attachable income is based on the net income. The amount from which a creditor is likely to pledge is regularly adjusted. Another decisive factor is how many dependent persons have to live on household income.
The more people are dependent, the greater the share of protected income. Loans with little income are defined for singles without maintenance obligations from a net income of 1,080 dollars. For single earners with two children, it would be 1,940 dollars net work income without child benefit or childcare allowance.
Small income anyway credit – how does it work?
Installment loan is not the only way to borrow money from a regular credit institution. The requirements for lending are less stringent if, for example, an overdraft facility is granted. The overdraft facility may be very expensive, but it is easier to forgive because the bank can quickly delete it. If there were problems with the installment loan, the effort for the bank would be much higher.
Simple loans with little income also give credit card companies against a background very similar to that of overdraft facilities. A real credit card can be applied for with a net income of around $ 500 – $ 600, which is well below the garnishment limit. – Prerequisite the income is “reasonably” safe and the credit bureau is clean.
Installment loan with small income would be comparatively easy to approve for targeted shopping wishes. In terms of sales promotion, the requirement bar when buying in installments is very low. Even a trainee can have chances to pay off his new phone or tablet in installments. Not infrequently, the providers even forego interest and allow a break in payment at the beginning.
Fast credit despite a small income
With little income, loans are not always under the sign of fulfilling wishes for consumption. A small wage is enough to cover the usual maintenance costs. – But if an invoice turns out to be higher, there is no liquidity. An additional electricity payment of 100 dollars or 200 dollars unbalances the household budget.
The disposition for low-income groups is often very small and is often exhausted. It is precisely this problem that some providers of short-term loans have recognized (even despite credit bureau). They offer quick, low-income loans to spread the electricity back payment or other larger bill over two months. Microcredit can run for 30 days to 90 days.
In contrast to the installment loan, the eligible loan amounts are very small. The range for microcredits would be between $ 100 and $ 1,000. The quick short-term loan takes nothing from the interest rate compared to the overdraft facility. The interest rate is above 10 percent effective interest. The application process is simple. Existing customers can even arrange payment in real time.
Examples: providers of microcredit
The market for the smallest loan offers has grown significantly in recent years. Fidor Bank was one of the first banks to become active. (Partner bank of capital lender). It displays the money emergency call for customers on its website. If the button is pressed, an automatic credit check takes place and 100 dollars appear in real time on the account.
Another example would be Vexcash. Loan payments of up to $ 1,000 can be made within 30 minutes for existing customers. With microcredit via Vexcash, at least 500 dollars of regular net income would be the income hurdle to be overcome.
Installment loan with little money – choose a suitable provider
The principle of “freedom of contract” applies to loans in Germany. Not every credit institution grants loans with low income as installment loans because they require a higher income in their application conditions. But, some providers do not expect that an attachable income is absolutely necessary for a loan request to be approved.
How high the income must be, each provider determines for themselves. The chance of a serious installment loan exists from 601 dollars. capital lender unites both private and bank loan offers in a portal recognized as reputable. Excessive interest claims do not have to be feared either. Even very low-interest financing, below the interest rates for “average” installment loans, is possible.
Applying for low-income loans through capital lender is easy. An online loan application is sufficient to address both banks and private investors at a serious level. Of course, the borrower decides who gets the loan.