Before the banks grant a loan, they first check the customer’s income situation. The bottom line is that after payment of the installments, there is still enough money left to make a living. If this is not the case, a credit request is rejected. People with a low income therefore have a hard time at the banks. Is there a way to get a low income loan?
Loan with guarantor
If a guarantor agrees to be liable for the loan, if it can no longer be repaid, some banks are willing to take out a loan. But even in such cases, it will not be easy to get a loan despite low income. But what is a low income? It is simply explained. Many people live on the edge of the subsistence level.
You may have 800 to 1,000 USD at your disposal, of which rent, storm, etc. must be paid. Now the cost is important. 1,000 USD can be enough to live on if the rent is low or maybe none has to be paid. So the low income must always be seen in relation to the costs.
Low income credit with spouse
The situation is different when a spouse is present and working. This income can also be added. Then there is definitely enough left to pay off a loan. In any case, the income must come from employment. If the loan seeker receives unemployment benefit or Social Welfare, there is no loan. It is also difficult for those customers who only work marginally.
If there is no working family member, such as a spouse, a loan request will not be fulfilled in these cases either. The Credit bureau also plays a crucial role. Even if the income is sufficient, but the creditworthiness is poor, there is no money from Cream bank. Then all that’s left is to get a Swiss loan. In many cases this is the last hope.