An instant loan with low income is often not easy to get. This applies in particular if the borrower cannot provide any further security. Nevertheless, anyone who is looking for an installment or consumer loan and can only show a low income should give up prematurely.
Compare loan offers
Similar to many other loans, the same applies to an instant loan with low income that as many offers as possible should be compared. Only then could the borrower make a binding decision as to whether and to what extent it makes sense for him to apply for an immediate low-income loan.
Most banks require a certain minimum income for lending. How high the minimum income is cannot be answered universally. This depends primarily on the loan amount. Small loans with a few hundred to a few thousand dollars are generally much easier to obtain than loans with a larger volume of money.
Requirements for lending
The most important requirement for an instant loan with low income would be a positive Credit Bureau information. If the income is insufficient, the bank can request additional collateral. This could include, among other things, a debt-free property, life insurance, a securities account or a guarantor. In principle, only persons who can demonstrate a very good credit rating are eligible for a guarantee.
In addition, the income should be so high that it can not only secure the livelihood of the guarantor, but also the credit rates. Spouses or life partners can also submit the loan application together. This usually significantly increases the chance of lending.
Application and approval
An instant loan with low income can be applied for directly online. The bank then checks the creditworthiness and can either give the customer a preliminary commitment or a rejection. In the former case, the customer is asked to submit additional credit documents. This is likely to be primarily the most recent payslips, current employment contract, and evidence of additional collateral. These documents can either be given in a branch of the bank or sent using the PostIdent procedure.
The PostIdent procedure could be carried out at any post office counter in the Federal Republic of Germany. To do this, the customer would have to present the identity card or passport together with his credit documents. If everything is in order and the bank has received all documents correctly and completely, it will carry out a final check of the loan application.
If this check is positive, it will transfer the loan amount within a few hours or days. To do this, the customer would have to enter a checking account, which does not have to be with the bank responsible for lending.