Everyone can come into the situation of having to borrow money. So it is not surprising that people of all walks of life and every income level take out loans. It is not that easy to get a loan despite private credit and low income. But there are still opportunities, so the situation is not hopeless.
A guarantor can help
When it comes to approving a loan despite private credit and low income, banks and savings banks often stubbornly fear that the loan will not be repaid. In addition, it is the case that a certain own contribution is calculated – if the person / household no longer has money available, then the bank may not grant any credit here.
However, if the borrower is sure that he can still pay back the money by himself, it is possible to seek a guarantor. He signs the credit agreement and, if the creditor becomes insolvent, has to pay back the money. Guarantors are mostly people from closest relatives, best friends or similar.
Of course, a loan can also be taken by private lenders. Here it is often much easier to get a loan despite private credit and low income. Mostly the lenders here are parents, grandparents, other relatives and best friends.
Important: here too the loan should be recorded in writing. A credit agreement is best certified by the notary, so that the relationship between the contractor does not break the money later if the creditor is in default or bankruptcy.
It is often easier for a private loan to adapt it to personal needs. If a rate can not be paid, you can often talk to each other here and quickly find a solution. Although banks and savings banks grant exceptions; but here it is more difficult to get a good solution quickly. Anyone who needs one can get a loan despite private credit and low income.
If a work is performed for a consideration, the employer can also be asked for a loan or an advance. This is often possible, but should only be asked if the other options have already been exhausted.