Low incomes are usually used whenever the income is well below the average income of the population. This income may result from a part-time or full-time job. On the other hand, unemployment benefits do not count as income and can not be used as collateral by the banks. For this reason, a low-income instant payday loan can not be a loan for the unemployed. A credit for housewives or similar groups of people is usually possible if the conditions are right, if there is an additional applicant and if the credit bureau information is in order.
Many loan offers are aimed at people with a middle income. This applies especially to the medium and higher loan amounts. For this reason, people with a low income in many cases can only get a small loan of a few hundred euros. This can also be a so-called micro-loan in the amount of 100 to 500 euros. This is a low-income instant payday loan that can be approved very quickly once the requirements have been checked. If necessary, an extension to up to 1000 euros is possible.
A low-income instant payday loan is often given by a private credit intermediary. Often, they actively promote the loans for low-income individuals. However, it is absolutely necessary to pay attention to the seriousness of the offers. Never should you believe unrealistic promises or somehow go in advance. If required, this is a sign that the respective credit intermediary is dubious.
Basically, an instant payday loan with low income can be applied for at any bank. However, this raises the question of the conditions under which a loan approval appears realistic. If the income is just above the attachment exemption limit, the basic credit requirements are met. In addition, if the credit bureau is fine, a small loan can be included. The maximum amount of credit available is determined by the bank after checking the customer’s personal requirements. The budget bill plays a central role in this. Only if, after deducting the possible loan installments, there is enough money left to make a living, can a loan be approved. All banks adopt this principle.
It is not always easy to choose the right credit from the large number of different offers. For this reason, a credit comparison is indispensable. For this credit comparison you can use a credit portal on the Internet and do not have to go from bank to bank and compare the loan terms. This requires too much time and is often not feasible. A credit comparison on the Internet, however, is very fast. In addition, you can compare many more offers directly with each other and select in peace. And they are not dependent on the official opening hours of the banks. You can search for the right low-income instant payday loan on any day and around the clock.
Several factors play an important role in a credit comparison. You should always pay special attention to the interest rates. They can be very different. Especially with non-credit bureau credit offers from abroad, they are slightly higher than with normal bank loans. Here too, the risk of a default on the part of the customer is significantly higher. This is something you should keep in mind when looking for a non-credit bureau loan and seriously considering borrowing.
A low-income instant payday loan can be broadly differentiated into a German bank loan, a foreign bank loan, a personal loan, and a loan made through a credit intermediary.
In Germany, all credit customers must prove a fixed income above the seizure exemption limit and a positive credit bureau information. If these conditions are met, nothing stands in the way of a low-income instant payday loan. The loan can then be paid out very quickly. However, there are also cases in which the borrower does not have the necessary preconditions, but can still obtain credit approval through additional collateral. For example, this may be the case of a guarantor or a second applicant being available. Other collateral can also be provided to the bank. Here, the examination of the loan application usually takes a little longer, so it seems doubtful whether it can still be spoken of an instant payday loan with low income.
In the case of a loan from abroad, the income in the assessment of personal creditworthiness is in the foreground. If the income is above the attachment exemption limit, an instant payday loan may be possible in many cases. A credit bureau information is not necessary abroad and is not checked there. However, nobody can get a loan without credit bureau, who has no fixed income and no permanent employment. For this reason, self-employed, freelancers, unemployed, housewives, apprentices and students are rejected as borrowers.
Personal loans and private credit intermediaries
Basically, a low-income instant payday loan can also be a personal loan. Many relatives or acquaintances are prepared to lend a small loan amount of a few hundred euros. Occasionally, larger loan amounts may be eligible. Up or down here are no limits. Also, the credit conditions in the private sector can be made much freer than is the case with bank loans.
Personal loans are not only available in your own circle of acquaintances, but can also be obtained via the Internet. This possibility exists for several years and enjoys great popularity. In this way, it is not uncommon for the approval of a low-income instant payday loan. Even people who have already been refused a bank loan can often find something in this way. To start the search for a personal loan, only a short registration on an internet portal is necessary. This also applies to potential lenders who are willing to lend a certain amount to other people. In return, they receive interest, which can be an attractive form of investment.
If your own search for a loan is unsuccessful, you can hire a private credit intermediary. He can realistically assess your opportunities and the risks of borrowing and often has a good overview of all domestic and foreign credit supply. Many credit intermediaries have been around for decades and can often provide you with a low-income instant payday loan.