Wondering how to find a loan despite Credit Bureau’s low income? The contribution provides a summary of the credit options that are possible with low income – despite Credit Bureau entry.
Credit despite Credit Bureau and low income – income measure
Finding that personal income is too low is not a question of income level. Subjectively, everyone has made this statement for themselves. Even the Chancellor’s income has been described by a former finance minister as too low. Subjective definitions do not help with the definition. Objective standards must be applied. The attachment table is such an objective yardstick. The table is regularly adapted to the increased cost of living.
In order for the loan to be possible with a low income despite Credit Bureau, the individual garnishment-free limit on income must be significantly exceeded. For a single person without maintenance obligations, the current limit value of the attachment is 1,050 USD net work income. Child benefit or parental benefit, as well as all other social benefits provided by the state, do not count towards the garnishment-free income. Accordingly, they cannot be included in a loan, too.
If the Credit Bureau is clean and the household bill is positive, a small amount above the allowance is enough to be creditworthy. With a bad Credit Bureau this trust advance is not to be expected. Realistically, a loan from a special bank is possible at the earliest from a net working income of 1,130 USD.
The sum applies to a single person without any maintenance obligations. The sum increases for a married person without children or a single mother / father with one child. Around 1,550 USD are then required to prove creditworthiness. Below these income limits, despite Credit Bureau with low income, a loan from a credit bank is only possible with guarantors.
Low income credit opportunities
A loan despite Credit Bureau usually comes from within Germany. Loan offers from Germany almost always make it possible to build a credit bridge through a solvent guarantor. The guarantor or co-applicant enters into credit liability and ensures that the credit request can be approved with his good credit rating. With the frequently advertised Swiss loan offers, there is no credit opportunity with low wages.
Although a look at advertising seems to indicate a large number of foreign loan offers, the selection is very small. As far as is known, all legal loan offers without Credit Bureau only refer to a single loan provider. It is Litebank from Liechtenstein. A loan with a guarantor or co-applicant is not intended for this loan offer. Only income from work is used to secure credit. The loan is not granted if the employee earns an income that just barely exceeds the garnishment limit.
Private lenders – loan without the bank
One loan option that has become firmly established in recent years is the loan from private donors. It is mostly small investors who try to compensate for the savings in purchasing power for their savings through private loans. Despite Credit Bureau, a loan can be approved by private individuals without having to impose clear income limits.
Private investors are not bound by complicated regulations. They make their credit decision based on “gut feeling”. Anyone who can win investors’ trust also has a fair credit opportunity despite Credit Bureau.
The loan is known from private to private, particularly by the two market leaders Spin Lender and Across Lender. Despite the basic possibility of applying for a bad Credit Bureau loan, there are limits. The score must not be worse than H so that the loan request can be published at Spin Lender. Across Lender is not so clear about the rules. But Across Lender points out that a medium score is the minimum requirement for a credit opportunity.
It is also important, in order to achieve the best possible credit opportunities, a good presentation of the loan request. For one thing, the credit request should be free of misspellings. It is no less important to clearly demonstrate repayment ability. If you only have a low monthly income, you will of course pay special attention to this proof.
Nobody can reliably predict whether a loan will actually be granted by private despite Credit Bureau with low income. If investors gain confidence, things can happen very quickly. If the ability to repay the funds appears to be in doubt, it may take several weeks to get the approval or a loan refusal may result.
The only thing that is certain is that trying to get a loan from Credit Bureau with low income from a private person costs nothing. The portals only charge fees if the loan is approved.