Access to consumer credit is difficult in a precarious situation

  • March 29, 2020

The conditions of accessibility to consumer loans are not as flexible for people in precarious situations as for permanent contracts. Banks are still as demanding in relation to the financial situation of the borrower.

To meet the challenges of retirement, seniors can use consumer credit. Without the intermediary of the banks, consumer credit offers attractive conditions to reduce the cost of borrowing, a requirement for a retiree with declining income.

 

Banking conditions to access the loan

Banking conditions to access the loan

As all borrowers know, banking institutions require that they have all the information related to the client’s financial situation in order to take out a loan. This allows them to know the feasibility of the project and the viability of the debtor for the reimbursement of monthly payments.

It is easier for people on permanent contracts to obtain credit since their professional situation is stable and does not present much risk. The case is different for individuals in a situation of job insecurity.

 

Access to consumer credit is almost impossible for precarious workers

consumer credit

With the current economic situation, so-called “precarious” employment contracts are increasing. People with temporary employment also want to take out a consumer loan for the purchase of one or more expensive goods, such as an automobile. This type of profile does not interest banks since it does not guarantee an adequate standard of living.

Precarious work is often accompanied by low income and the duration of the contract is often very short, which does not reassure financial organizations. It is for this reason that a bank will more easily reject a request for credit for this type of job.

 

Higher rates in the face of precariousness

consumer credit

For people considered “at risk”, banks lend at a higher rate than for individuals on permanent contracts. The greater the risk taken by the bank, the higher the interest rate on the loan.

In addition, it is almost impossible for a precarious worker to access consumer credit if he does not have financial guarantees such as life insurance, a guarantor in case of non-reimbursement or a large amount of savings.

Loans with a term of 36 months

  • February 16, 2020

Loans with a term of 36 months can be applied for both online and in a local bank branch. It cannot be answered generally which variant is cheaper. This has to be decided on a case by case basis. Loans with a term of 36 months are generally freely available, but can also be earmarked. An example of this would be the car loans that are available both in a car dealership and at a bank.

requirements

requirements

If you want to get a loan with a term of 36 months, you would have to meet certain minimum requirements. This applies despite the fact that the loans with a term of 36 months are quickly repaid, which significantly reduces the bank’s credit risk. For this reason, the interest on these loans is also significantly lower than the interest on a loan with a longer term. A positive Credit Bureau information and a regular income is essential for a loan. This also applies to most loans with a term of 36 months.

Credit-dependent and credit-independent loans

Credit-dependent and credit-independent loans

A credit comparison often differentiates between a credit-dependent and a credit-independent loan. A credit-dependent loan is primarily characterized by the fact that those people who have a good to very good credit rating have to pay significantly less interest than those who have a rather mediocre or just enough credit rating. The latter are generally better served with a credit-independent loan. The same interest rate applies to all persons, which then only depends on the amount of the loan taken out and the term.

Application and approval

Application and approval

If the right bank is found and the loan application is made, it will be checked immediately. The bank will not only obtain Credit Bureau information, but will also check the type and amount of income. Anyone who can demonstrate a permanent and permanent employment relationship has the best chance of obtaining a loan. If you only work for a limited time, you could usually only get a loan until the end of the term of your employment. However, if the term is three years and all other requirements are met, loans with a term of 36 months should not be a major problem.

After approval, the loans with a term of 36 months are transferred to the customer’s checking account within a few days. This checking account does not have to be with the same bank that also provides the loans with a term of 36 months. The monthly installment is set when the contract is concluded. It depends on both the amount borrowed and the amount of interest. The rate remains unchanged during the 36-month term.

Loans for doctoral students

  • February 4, 2020

In addition to earning a doctorate, a doctorate also offers the opportunity to devote yourself to scientific research for a manageable period of time. A job as a research assistant at a university is ideal for funding your doctorate, but the number of doctoral positions is limited.

Scholarships also receive only a few doctoral students; this requires either above-average performance or a topic rated by the scholarship provider as particularly worthy of funding. Doctoral regulations usually do not stipulate a maximum duration for the doctoral procedure, so that doctoral students can work part-time.

Experience has shown, however, that the completion of the doctoral thesis and the rigorosum or defense of the doctoral thesis require a lot of time, so that borrowing is essential.

Borrowing while at work

Borrowing while at work

The easiest way to take out a loan for doctoral students is if they work alongside the doctorate and have a sufficient income for lending. The doctoral student takes into account when borrowing that he probably does not work during the last phase of his doctorate and therefore does not earn a regular income.

Ideally, he decides on a loan with flexible repayment, which primarily applies to the credit line. The interest incurred is lower than the interest rates on the overdraft facility or even a loan through the credit card account. It is possible to apply for the required availability during the first phase of the doctorate and only to call it up after the parallel employment relationship has been given up.

Another possibility of taking out a loan during the doctorate is provided by small loans or installment payments, which are agreed upon without proof of salary, whereby the doctoral candidate will of course not make any false statements.

Special promotional loans

Special promotional loans

All doctoral students can take out a loan for doctoral candidates in the final phase of their doctorate through the Lite Lender. A fixed income is not required because the salary that can be achieved after successful completion is considered sufficient security. Even negative Credit Bureau entries, with the exception of a personal bankruptcy application, are no reason to refuse the loan payment to doctoral students.

The most important advantage of a loan for doctoral students via Lite Lender is that the loan is only repaid after the doctorate has been completed. The Lite Lender doctoral loan is not interest-free, but has low interest rates. Some commercial banks offer doctoral students comparable offers like Lite Lender.

Depending on the supervising university, interest-free loans for doctoral students are possible, which are granted by the university, the student union or the student body. Since the budget for lending to doctoral students is limited, different quota arrangements apply at the individual universities.

These do not only refer to individual subjects, at some universities at least half of the doctoral loans granted have to be paid to women. It is not uncommon for university-based loans to be granted to doctoral students based on criteria similar to scholarships, so that good performance and an interesting research topic increase the chances of receiving them.

Loan for unemployed people without co-applicants without Credit Bureau

  • February 1, 2020

A loan for unemployed people without a co-applicant without Credit Bureau sounds like a loan that every person can receive, regardless of their own credit rating and financial situation or past. While such a situation would be desirable for many people, it is by no means a reality. Banks are obliged to secure the loans they issue, and the best way to do this is to only grant them to people with a low risk of default. This procedure is elementary for the banks if their own economic operations are to be secured – this principle is pursued even more rigorously in view of the global banking and economic crisis a few years ago.

Therefore, the loan for unemployed people without a co-applicant without Credit Bureau cannot be obtained through the banking channel, unless a guarantor can be brought forward who guarantees the debtor’s debt. If this is not the case, the only way is to find a private lender, ideally a person with whom a good relationship is maintained. This is important because a good relationship increases the chance of a loan, and then there is usually no interest charge or only a very small charge. The shame of asking friends and relatives for a loan must be overcome.

Choosing the right lender

Choosing the right lender

Contrary to popular belief, prospective borrowers have the choice of various lenders for the loan for unemployed people without a co-applicant without Credit Bureau, although not every alternative is equally attractive for those affected. The private lender from your own circle of friends and relatives is always associated with a certain basic risk, since the borrower naturally does not want to be in default with these people. In this case, there would most likely be no delay or dunning costs, but a default would of course be more shameful than borrowing itself.

Money for unemployed

Money for unemployed

The loan for unemployed people without a co-applicant without Credit Bureau can possibly also be taken out through a portal that brings together private borrowers and private lenders. Since the two people do not have any interpersonal relationships in this case, the admission is always linked to a basic credit rating. If this is not met, the loan amount can still be obtained from the loan for unemployed people without a co-applicant without Credit Bureau if willing lenders are found for this. However, these loans are usually associated with a very high interest burden, which would also mean that the total cost of the loan would be higher than when taking out through a bank. 

What is credit for cosmetic surgery?

  • January 15, 2020

Not all women and men are satisfied with what nature has given them. In fact, some of them are so bad that they hide away and avoid the public. In today’s medicine, a cosmetic surgery is already something normal and is carried out very often. Since these operations are very expensive, not every woman or man can afford it. Since the demand for cosmetic surgery is very high, there are numerous offers for a loan for a cosmetic surgery.

How can the loan be taken out?

How can the loan be taken out?

In order to be able to take out a loan for a cosmetic surgery, there are a number of things to consider. For example, the applicant must be of legal age so that a loan can be granted. In addition, a fixed income must be demonstrated to ensure that the loan can be repaid. Credit Bureau is also checked at German banks, as this is the only way the bank can determine whether the creditworthiness is present. Those who submit these documents and successfully pass the exams will receive a loan for a cosmetic surgery.

Where can the loan be taken out?

Where can the loan be taken out?

Not everyone thinks that there are other options than just applying for a loan from the house bank. Sure, it’s an easy way to ask the house bank, but many don’t dare. Plastic surgery is a very intimate affair and not everyone can easily talk about it. Cosmetic surgeons have recognized the ravages of time and also grant loans. They either accept payment in installments or work with banks that issue this special loan.

Only a credit comparison can reveal whether these offers are really cheap. For example, the borrower should carefully inform himself beforehand before a contract is signed. Those who have been waiting for a cosmetic surgery for a long time can take another week to compare the loans. Those who prematurely sign a contract may get an overpriced offer and will have to pay it off on their own. Interest must also be expected when paying the clinic in installments. A conversation can all reveal the costs, so a loan decision can then be made.

A perfect loan for renovation costs

  • January 9, 2020

Even the most beautiful home or house is getting old and needs renovation. Regular maintenance and renovation of a house or apartment is also part of maintaining the value of a property. Anyone who has not built up reserves for whatever reason needs a loan for renovation work.

In this case, the loan amount can vary. The reasons are to be found in the work. For example, if you need a new roof, you have to apply for more credit than someone who wants to give your living space a different picture. This raises the question of which loan is the most suitable to cover the renovation costs. A building loan, for example, is only relevant if the credit line is around $ 50,000 and is therefore a mortgage-backed loan. If the loan for renovation costs is smaller, many banks charge high interest rates. In addition, the effort to register the land charge is too high with a low credit volume. However, there are a few options available for renovation work, provided the creditworthiness is good.

There are several options for a loan for renovation costs

There are several options for a loan for renovation costs

The classic installment loan is also suitable for renovation work, especially if the loan amount is small. At the bank, it doesn’t matter what the money is ultimately used for. For the bank, only the repayment of the loan for renovation costs is important. Small installment loans are available from 500 USD, the maximum loan amount is approximately 50,000 USD. It is necessary and should be considered that a loan of 50,000 USD over a term of 84 months represents a major financial burden for the borrower. For these higher sums, mortgage loans granted by the banks are suitable.

However, there must be collateral, which is normally not the case with an installment loan if the creditworthiness is good. In this case, you should evaluate positively if a land charge has already been entered in the land register, but has already been repaid but not yet deleted. This mortgage can then be used again to obtain a cheap loan for renovation costs. If the land charge is valuable, you can save a few percent on the interest rate.

Alternatives to installment loans

Alternatives to installment loans

An alternative to the mostly expensive installment loans is a loan from a building society. In many cases it is not even necessary to have a contract with the building society. A combination of an advance loan and a building society contract gives building societies a renovation loan of up to 30,000 USD. There is no need to register a land charge because the loan is adjusted entirely to income. The effect is that low interest rates can be used and the costs for registration in the land register are eliminated.

If so-called energy renovations are necessary, e.g. a new heating system, a Lite Lender loan may be applied for. The conditions are very favorable, since subsidies are provided by the public sector. Of course, good credit is a prerequisite for all forms of credit. That means the borrower has a regular income and no negative Credit Bureau.

Loans despite unemployment

  • January 6, 2020

Finding a loan with attractive terms is easier than ever before. It is not only the interest conditions that have developed in the area of ​​loans / credits to the benefit of the consumer in recent years.

Borrowers who are looking for the best loan offer today can choose from a variety of providers. Banks and savings banks with a fixed branch system are available to borrowers with their loan offers as well as numerous offers from online and direct banks, credit brokers and financial service providers. Claiming a loan in spite of unemployment is not out of the question today, the online banks in particular are proving to be willing to talk to contractors and today also offer a loan in the event of unemployment or a negative Credit Bureau.

Borrowers who want to apply for a loan despite being unemployed, however, have to meet certain requirements so that their creditworthiness is classified as sufficient. In general, it is advisable for unemployed people to pay close attention to interest rates when comparing loans, especially for people with a limited credit rating, the loan comparison is essential if they want to secure an appropriate effective interest rate. An objective comparison can today be made via a credit comparison on the Internet, and due to the high number of offers, an objective comparison result can only be obtained with a credit comparison on the Internet.

Retrieving loans on the best terms despite unemployment – this should be borne in mind when comparing

Retrieving loans on the best terms despite unemployment - this should be borne in mind when comparing

When comparing multiple loans, borrowers should focus primarily on the effective interest rate. In contrast to the borrowing rate, the effective interest rate on the loan is variable and can therefore be influenced by the borrower. In addition to the borrowing rate and the loan fees, the effective interest rate also depends on factors such as term, loan amount and use, and the creditworthiness of the borrower also plays a decisive role.

The creditworthiness is influenced on the one hand by the Credit Bureau information and on the other hand by the monthly income. For this reason, unemployed borrowers should be able to provide positive Credit Bureau information. A positive Credit Bureau information can express the payment behavior and compensate for the low social income.

In order to present the lowest possible risk and a low capital commitment for the bank, it is worthwhile for the borrower to only claim a small loan amount and term. Low loan amounts and short terms are associated with a significantly lower risk and are therefore marketed at lower interest rates.

Find loans despite unemployment – use loan calculator and save a lot of money permanently

Find loans despite unemployment - use loan calculator and save a lot of money permanently

When comparing loans, it is worth using a loan calculator. In comparison with a loan calculator, the best loan can be selected taking into account the term, loan amount, income, etc. The best possible effective interest rate can be called up permanently through the loan comparison.

Credit for self-employed without BWA

  • December 1, 2019

 

With a loan for the self-employed without BWA, different wishes can be fulfilled, urgent bills paid or the liquidity in self-employment increased. A credit without a Credit Bureau examination is not possible at the house bank, so that the only chances for borrowers to work independently are on the free financial market.

The free financial market convinces with a variety of offers and can be used for large amounts, but also for small loans. The focus is increasingly on private donors, where favorable interest rates and flexible framework conditions are equally convincing and meet the requirements of the applicants. In the case of a loan for the self-employed without BWA, the approval is not based on the creditworthiness, but on the basis of the collateral actually offered.

Private donors impress with flexibility

Private donors impress with flexibility

If private investors make their money available to borrowers and thus also help with a quick loan for the self-employed without BWA, the interest rates are much lower than for bank loans. This brings advantages to the borrower and has ensured that more and more private lenders can be found online. Donors and borrowers meet in reputable portals, can use the personal contact and at the same time the unbureaucratic application.

Of course, a private lender would also like to receive protection and make provisions in the event that the borrower no longer serves installments or otherwise behaves contrary to the contract. Real estate or cars, but also capital-forming insurance and the applicant’s own savings facilities can be used as protection. If there are no real assets, a loan for self-employed persons without a BWA can be secured with a guarantee from friends, relatives or business partners and can thus be paid out quickly.

Saving costs in the free financial market

Saving costs in the free financial market

Not all loans have the same interest rate and the same general conditions. By comparing, a cheap loan for self-employed persons without BWA can be identified and selected, whereby the borrower’s own needs and requirements are clearly in focus. Transparency can also be achieved with a comparison without problems and thus avoid choosing offers that are too expensive or not tailored to personal needs.

With a cheap loan from an independent financial intermediary, who mainly works with foreign banks and lenders, you can save as well as with an offer that relies on a private lender. In both cases, sureties and real assets are accepted collateral if they are offered in the appropriate amount for the requested loan amount. Approval and payment are quick, so borrowers can avoid long waiting times and make rush purchases without waiting or bureaucracy.