Getting a low-salary loan is not easy. The loan amount must be adjusted to the salary. In addition, it is necessary that the salary is above the attachment exemption limit. If this is not the case, the bank can not rely on it for arrears. The only possibility is that you provide additional collateral or switch to a private lender or credit intermediary.
Prerequisites for a loan
A good credit rating is an indispensable prerequisite for a loan. This applies regardless of whether you receive the loan from a bank or savings bank, from a private individual or through a credit intermediary. The amount of the loan depends on the income. In concrete terms, this means that you can only receive a loan of a few hundred or a few thousand euros with little salary. An exception is only if you can provide additional collateral or a guarantor. This person must have enough income or assets to pay all or part of your loan installments if you are unable to do so because of your low income. If you want to get a low-salary loan from a German bank or savings bank, not only income but also your private credit information a role. It should be positive or at least neutral. This means that there are no negative entries. Otherwise, lending will be difficult. Often, negative private credit entries even completely exclude a loan from the bank.
Compare credit with low salary
Especially if you receive little salary, it is essential that you compare as many loan offers and only then make a decision. If your income is an income that comes exclusively from a marginally paid job, then this is not enough to obtain a loan. Here you must be able to provide more collateral. An alternative is a personal loan or a loan that comes through a private credit intermediary. Again, you must have a certain amount of collateral. Nobody has money to give away and any serious lending will refrain from a loan if he can not trust that he will be able to get his money back.
In the case of a low-salary loan, particular attention should be paid to the amount of interest, the monthly installments and the possible loan amount. Especially if the monthly repayment installments are low, the interest rates should not be too high. In addition, a credit-independent loan is beneficial. Here it does not matter if your credit rating is very good, good, mediocre or just enough. Only the factor that you meet the credit requirements is decisive here. All persons who are given this receive the loan on the same terms and with the same interest rates.
Make loan application – get credit – repay loan
If you have found a suitable loan, you can submit the loan application on the Internet or at a bank branch. For personal loans or loans from a private credit intermediary, separate terms and conditions apply.
The loan application must be completed in full and correctly. When this happens, the details are checked by the lender. German banks and savings banks also get a private credit information.
If all goes well, the low salary loan will be paid out within a few hours or days. Now you can dispose of the money in the intended manner. The repayment begins at the contractually agreed time and extends over the entire term. The monthly repayment installments usually remain the same. They consist of a repayment portion and the debit interest.