A low-income payday loan is usually not a problem for banks. Easy, although for banks, monthly income is one of the most important credit requirements.
The second aspect is the remark credit rating or the remark score. The overall picture of the credit rating decides on the bottom line on the lending.
Quick read – summary in keywords
- Loan providers is an advertising term for payday credit
- Payday loans are not special credit models or guarantees of speed
- Payday loans are granted by most banks when the income level is above the seizure threshold
- Whether a fast payday loan is possible in a payday case is shown by the automatic case-by-case examination
- For this simply – first noncommittal – apply for the desired loan
Payday loan from the house bank – consumers need time
Consumers who need immediate money to make purchases or settle bills usually contact their bank first. The house banks usually manage all the finances of their customers and are responsible for all accumulating monetary transactions.
Payday loan with low income -with desire rate
If a bank customer needs a loan, he will be put to a small test of patience. A loan is only issued to these banks after a previously agreed consultation date.
The appointment with the customer advisor is arranged by telephone or directly at the branch office. The appointment is usually only after a few days.
For a consultation appointment in the branch, the bank customer basically only has to present a valid ID. All other data that is important for a loan, the customer advisor can take from his PC.
To ensure the creditworthiness of a remark information is obtained and the credit rating calculated. But, if the income of the bank customer is too low, further collateral must be provided.
An payday loan with low income is therefore only conditionally available.
Low-income consumers – additional collateral
A classic payday loan is secured almost exclusively with the salary of all lenders. With an average income and a positive remark, applicants can expect loans from many institutions up to 10,000 euros.
However, if you want to take on a higher payday loan with low income, you must be able to offer additional credit collateral to your lender. As a credit collateral usually various property and payday security are accepted.
These securities include, for example, savings, shares, funds or valuable coin collections and precious metals. Consumers who can not deposit collateral of this kind require payday security.
The best-known security of this kind is the loan bureau. As a guarantor close relatives or very good friends are eligible.
For a guarantor to be accepted by a bank, his liquidity must first be checked. Banks accept only guarantors who are absolutely creditworthy.
After verification, a guarantee contract will be concluded. The guarantee usually lasts for the entire repayment term.
Payday loan from the internet – direct banks
payday loans, for example, are provided by banks on the Internet. The loans of the online and direct banks can be requested directly on the PC.
An payday loan with low income is quite possible with these banks. Once the appropriate loan amount and term have been chosen, the applicant must enter his payday details in an online form.
Online and direct banks always ask for remark information. If the credit requirements for the bank are sufficient, the applicant receives a provisional loan commitment.
To verify the creditworthiness, the applicant must send the loan application online and submit his salary statements. This is still done by mail at many online and direct banks.
Identity is determined by the postident or videoidentification method. The loan application received will be processed as soon as possible.
Consumers applying for a low-income payday loan at an online or direct bank can therefore expect a final credit decision within 72 hours.
Find Cheap Lenders – Credit Comparison on loan providers
The number of credit inquiries on the Internet is constantly increasing. It is therefore quite normal for the number of loan offers to increase.
For consumers, the manual search for a low-income payday loan is often very cumbersome. Easier is a credit comparison on a loan portal.
Credit comparisons with loan amounts of 500 to 120,000 euros are possible with loan providers, for example. Consumers have the option of choosing repayment terms of 12 to 144 months, that is 12 years.
On the comparison pages of loan providers, a loan calculator is provided. For a simple comparison, consumers enter the required loan amount, the planned credit period and a purpose in the calculator.
Based on this information, suitable credit offers are displayed on the comparison page. Consumers can then compare the credit information of the banks.
Particularly important, however, are the product details and the annual percentage rate. In the product details, the banks often offer payday breaks or special repayments.
Incidentally, the annual percentage rate always includes all costs incurred for the selected loan. An payday loan with low income can be applied for online immediately.
Poorer credit requirements – payday loans from lenders
When consumers have a low income and can not provide additional collateral, banks often reject credit. Even so, a low-income payday loan is not impossible.
Financial help is given to consumers on credit marketplaces. Credit marketplaces are Internet portals where private lenders offer payday loans to individuals.
For their help, however, the lenders receive a return. The portal is essentially an intermediary.
These so-called payday loans are available on the credit marketplace of loan providers. Consumers have the opportunity to choose loan amounts of 1000 to 50,000 euros.
As on the loan portal, credit terms of up to 12 years are possible on the credit marketplace. The application is online.
If you apply for a low-income payday loan, you can specify a second applicant. This improves the credit rating and increases the chances of a loan.
When applying, a remark statement will be obtained. Consumers who have hard negative traits in their remark can not apply for payday credit on a credit marketplace.
Low-income payday loan – compare and save
Consumers who choose an payday loan have many different lenders to choose from. With a credit comparison you can save money with good credit and positive remark.
If you want to apply for a low-income payday loan, you should be able to choose a low loan amount or offer additional collateral.
In the case of poorer credit conditions, consumers also receive help from credit agencies or at credit marketplaces. The credit offers of these financial service providers are always a bit more expensive.