Repay the loan with your own income
The requirements that a person in need of credit must meet so that the banks can also pay off the loan are described with sufficient creditworthiness. In addition to the Schufa query, which must be positive, this also means that a sufficiently high income is achieved. It will only be possible to repay the loan with your own income. The banks do not set any rate on the income. They are based more on experience or average values. A borrower must be able to cover his needs with his income. This includes paying a reasonable rent and keeping other household members, spouses and children entertained with the income.
Depending on the size of the household, banks are required to have a certain income. If the household allowance is deducted, there must still be enough money available so that the loan installments can be paid without any problems. But it can be seen that more and more people are earning a low income. Be it because the job is not a full-time job or because it is in the low-wage sector. However, since it is only these people who can rarely build sufficient reserves, it is understandable that this group of people has significantly higher credit requirements. The checks at the local banks too often result in a rejection of the credit request.
Get a low income loan online
Online loans promise to get a loan with no difficulty. No wonder that the people who are rejected by the branch banks because their income is too low see this as an opportunity to meet their credit needs. However, the direct banks will not easily pay off the loan either. It is still important that there is sufficient income so that the loan installments can be paid.
However, people can often be helped:
- second borrower for the loan agreement,
- Loan guarantee,
- smaller monthly installments so that this burden fits into the budget
A second borrower can be included in the loan agreement. It is important that this comes from your own household, such as a spouse. If this earns its own income, the income situation increases, but the household flat rate remains the same. Thanks to online loans, many people can be helped here.
A credit guarantee is also not uncommon on the online route. Another person with their own income increases the available money each month. This person does not have to come from your own household. With the signature, however, it is also held liable. If the actual borrower does not meet his payment obligation sufficiently, the guarantor must pay for his income so that the loan can be repaid.