The single parent loan is not always equally easy to obtain. The sole responsibility for raising children is not the only burden to be shouldered. The article provides more information on credit options, requirements and restrictions.
Loan for single parents – there are good credit opportunities if …
There are good credit opportunities for a single parent loan if the income from work clearly exceeds the seizure allowance. To be a single mother or father does not automatically mean creditworthiness. However, the bar is set high. In addition to the personal exemption limit, which is 980 USD for single people without children, the children are also given allowances. A single father with 2 children must already have a net income of more than 1,659.99 USD in order to be creditworthy.
The current attachment table according to 850 ZPO provides a precise overview of the personal situation. This table is put online on the pages of debt counselors and debt collection agencies. Anyone who can overcome his personal attachment restrictions is just as creditworthy as any other working person.
Since single parents do not have as much time due to the double burden between work and family, it is advisable to search for loans on the Internet. A detailed credit comparison of direct providers can be carried out in a quiet minute.
There are fair credit opportunities for single parents if …
Fair credit opportunities can exist for income within and below the garnishment exemption threshold. A well-paid part-time job could be the starting point. At least for the use of credit in mail order, the income is usually sufficient under these conditions. Of course, the Schufa must also be free of negative entries. Department store loans are granted in terms of sales promotion. The loan amounts are mostly small, and the repayment period is generally limited to around 12 months.
The single parent loan, from a sales promotion perspective, can even enable you to buy a car. Nevertheless, restrictions can be expected. The down payment made so that the lender accepts the risk must not be too small. Anyone who can raise about half of the savings has a fair chance of getting a loan approval for the rest.
There are also fair chances for a small loan from the Internet. However, direct providers can request additional credit protection. The easiest way to do this is to guarantee a solvent guarantor.
There are practically no credit opportunities if …
With the usual credit providers, local credit institutions, direct banks and mail order companies, there are hardly any credit opportunities if the income is too low. Anyone who can only provide spousal maintenance or Social Welfare as income is practically cut off from the credit supply. Even a 400 USD job is not a safe way out of the credit crunch. No ordinary lender, not even a specialist provider, as advertising often promises, will take credit risk.
One last remaining chance to get the single parent loan as a microcredit still exists. It is the loan from private donors. You are not tied to complicated lending criteria. Private investors do not always act rationally in their decisions. Compassion for the difficult life situation can lead to lending. You shouldn’t rely on that.