Bank offers loan for single people.

 

If you are single and have no children and you also have an acceptable income, you can take out a loan for single people from any bank. The income, the Credit Bureau and the permanent employment are the three approval criteria prescribed by the banks.

The single loan – an overview

The single loan - an overview

Generally, a loan for single people can be approved provided that the single person meets the credit conditions. Banks understand this to mean an income that is above the garnishment exemption limit. The Credit Bureau must be impeccable, it must not contain any negative entries. A permanent and permanent job is required. However, problems can arise if the necessary creditworthiness is insufficient. Banks want collateral, they want the certainty that their customer can pay the loan back.

It is women who face discrimination in the labor market. Studies show that they still earn 18% less than men in the same position. The customer is free to choose where the single person loan is taken out. He can go to his house bank and apply for a loan there. As described above, the bank will check how creditworthiness and the Credit Bureau. If there are no abnormalities, the loan is approved,

But it won’t happen that quickly, because the bank, regardless of whether the house bank or the Internet bank, will draw up a so-called household bill. She will review the client’s income and expenses. If the test shows a positive balance, i.e. if there is a remaining amount, the credit for single people could well be successful on approval.

Every loan seeker should also draw up their own budget statements before applying for a loan. In this way it can be checked whether a monthly loan installment fits into the monthly budget. In addition, the rate should always be adjusted to the income. An affordable rate arises when the term of a loan is chosen to be a little longer. A short term brings high rates, but the loan is paid off faster.

The location

The location

If you accept the offer from the house bank without comparing it with another lender, you may be giving away cash. Because the branch bank does not always have the best conditions for the house bank, on the contrary, they have worse conditions than, for example, an online bank or a direct bank on the Internet. But ultimately this is the customer’s decision. Anyone who appreciates the personal conversation at the house bank will also select this when lending.

The financial situation of a single person can of course not be compared to that of a couple. The single person has only one salary, the couple can usually be presented with two incomes. Therefore, the income must be high enough to be able to pay a loan for single people alone.

The single family also includes, of course, single mothers, where children are included in the household bill. However, one should know that neither child benefit nor child support payments are counted as income by the bank. These payments are not attachable, that’s the only reason. Since these funds are not taken into account, a loan for a single mother can be refused because the actual income will then not be sufficient.

However, there are single persons who are considered to be single before the law, but still live in a partnership, so there is the possibility that the partner as a second borrower or as a guarantor also signs the loan for single persons. Here the bank should differentiate between what is single and what is living alone.

When single people get to know a partner and a cohabitation is established, a new apartment is often moved into and purchases have to be made. However, there could be difficulties with a new loan for single people that a loan must already be paid. A debt restructuring might make sense here. Both loans are merged and signed together with the partner.

The bank could possibly insist on a prepayment penalty, since it loses planned interest due to the early repayment of the loan. The bank would like to compensate for this loss with a prepayment penalty.

The guarantee and the residual debt insurance

The guarantee and the residual debt insurance

If the situation is not sufficient, a loan could still be granted with a guarantor. The guarantor could come from the family, but it has to be solvent. The bank will examine this extensively. That would be the income, the permanent position and the Credit Bureau. If the characteristics are green, the bank will recognize the guarantor.

However, the surety must be informed in detail about the guarantee, which also poses a great risk. If there is a loan default on the part of the borrower, the guarantor must continue to pay the loan. Quite a few guarantees resulted in the guarantor being ruined financially.

If the income situation is not so generous, some banks insist on taking out residual debt insurance. However, the loan approval must not be made dependent on this. This insurance protects the borrower against sudden unemployment or a serious illness with subsequent disability, and it also applies in the event of death.

But these insurance companies have so-called pitfalls in the conditions. The insurance only pays if contributions have already been paid for six months and if the unemployment is not due. But these insurance policies are very expensive. The customer decides to what extent it is worthwhile. It would not be recommended for a small loan amount.

The bad Credit Bureau

The bad Credit Bureau

If the single person has a bad Credit Bureau and needs a credit for single people, the Credit Bureau-free credit remains. Foreign banks from Switzerland and Liechtenstein offer loans to Germans who have negative entries in Credit Bureau. However, these loans are mostly processed through credit agencies.

The loan seeker must also meet conditions such as sufficient income and a permanent position. Three loan amounts are approved, 3,500 USD, 5,000 USD and 7,500 USD. The terms and the rate are standardized and cannot be changed. These loans are also more expensive than a conventional loan and should therefore only be taken out if there is an urgent need for money.

 

Loan without certification – you will find it in these banks!

Strong pressure from loan companies meant that some banks decided to become more involved in the small cash loan market. As part of the current Recommendation T (from 2013), the Good Finance investment Corporation provided for the possibility of granting certain loans on simplified terms.

Several banks decided to use the solution introduced by the GFI. The clients of these institutions can receive quite a lot of money without asking the employer for employment and income certification.

As part of the promotion, you can receive up to 200,000 USD “as proof” …

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After analyzing the current market offer, it turns out that three leading banks have prepared interesting offers for loans and loans granted without income certificates (see the table below). Honest Bank’s offer certainly deserves a special mention .

The said institution proposes, among others, “4.9% loan”, whose holder may receive up to USD 200,000 without attestation of income. In the case of an amount not exceeding USD 15,000, there are additional promotional conditions (interest rate: 4.90% and preparation fee: 6.00%).

However, it is worth noting that the simplified credit procedure applies only to people who previously had relationships with the bank and have income obtained, e.g., under an employment contract or civil law contract.

Importantly, the promotional 4.9% Loan was intended for customers who currently do not have another cash or consolidation loan at Honest Bank.

Take a promotional loan without leaving your home

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It is a great advantage to be able to take a promotional loan without leaving your home. Similar restrictions do not apply to another Honest Bank offer – 5% loans with a guarantee.

As part of the said loan, the bank pays up to USD 4,000 based on an income statement and personal account history. As in the case of the 4.9% Loan, the customer does not have to buy the insurance and open a new account.

An additional advantage of 5% loans is the guarantee of the lowest installment and the possibility of receiving funds without leaving the house.

Cooperative Bank without a loan borrows much more than USD 4,000. Based on the income statement, the bank will pay up to USD 17,000.

It is worth noting that when borrowing money for a period of 3 months to 48 months, Cooperative does not charge a preparatory commission. Money for a maximum of 4 years can also be borrowed by Good Finance.

The loan from this institution has a small value (up to USD 3,500), but is available at every branch of Good Finance and paid during one customer visit.

Bank loans without income declarations

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*:
Honest Bank Loan 4.9% – a promotional loan of up to USD 200,000 without income certification, is available to people who previously had relationships with the bank and have income e.g. on account of an employment contract, work order or day contract.

One promotional loan with an interest rate of 4.90% is intended for a person who does not have another cash/consolidation loan at Honest Bank.

The loan amount with an interest rate of 4,90% and a commission of 6,00% is up to USD 15,000. The maximum loan amount is USD 200,000. Repayment period up to 144 months. In the case of a repayment period not exceeding 36 months, a fixed interest rate applies. Loan insurance and account opening are not mandatory.

The loan is available without leaving your home. A person who takes out a cash loan (under a simplified procedure) or a non-bank loan often declares his income as part of his declaration. You must realize that such a document, signed by the client, is the basis for granting the loan and has a great legal significance.

Providing false information about your income may be a crime.

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Pursuant to article 297 paragraph 1 of the Penal Code: “Who, in order to obtain for himself or someone else, from a bank or an organizational unit conducting similar economic activity pursuant to an Act or from an authority or institution, has public funds – credit (…) presents (…)

An unreliable written statement regarding circumstances of material significance for obtaining the aforementioned financial support, payment instrument or order, shall be punishable by a term of imprisonment from 3 months to 5 years “.