You need a loan, but your income is not enough for a commitment from the bank? We’ll tell you how to get fresh money anyway.
For installment loans for free use, there is essentially only one security for the bank: your income. The salary therefore plays a central role in the credit check. Only if the income after deduction of the regular expenses is high enough for the payment of the envisaged loans, the bank may pay off the loan. On the other hand, if the money is insufficient, the bank must refuse financing for legal reasons.
The minimum net income required differs slightly from bank to bank. For Crediter, the rule of thumb is that you should earn $ 1,300 net a month or more. If your income is subject to fluctuations from one month to the next, the bank will follow the annual average credit check. So then the salaries are added from January to December and divided by twelve months.
Logically, the monthly minimum income increases with the amount of the funding – because the monthly installment increases in parallel to the loan amount. This results in the first lever in the event that you can not get your desired loan: Crediter then suggests automatically the maximum possible amount. For example, if you would like to have 20,000 euros, but the bank approves only half, then you will receive your free offer over 10,000 euros. You can then decide freely whether you want to accept this slightly lower loan or not.
If the reduction of the loan amount is not an option for you, there is another possibility: You start a new request with a solvent co-applicant. This can be your partner, it can be relatives or even close friends – the only important thing is that the second applicant has the highest possible income (again over 1,300 euros net per month).
In this way, the bank receives the second applicant’s income as additional security and is therefore often ready to be funded – even if the funding you have applied for was initially rejected.