Ideal loan for families
- Start your credit request now (this does not result in a contract).
- After checking your request, the money will be in your account after 4 days.
- All you have to do is accept our offer. If not, then not. No catch, no upfront costs.
The granting of loans is not arbitrary, but the banks follow certain criteria. These criteria take particular account of the solvency and payment behavior as well as existing payment obligations of the applicants. These selection criteria make it difficult for different groups of consumers to get a loan. This includes single mothers with children.
How do you apply for a loan for single mothers?
The fact that it is more difficult for this group of customers to apply for a loan is due to the general requirements for granting loans. Single mothers are at greater risk of default than other customers. Nevertheless, single mothers can also get a loan if they meet the general requirements. The current proof of earnings is always required for the loan application.
In order to apply for a loan, the minimum monthly earnings must exceed the limit of 900 USD. At the same time, the employment relationship must be permanent and exist for at least 12 months. In many cases, this information is already included in the proof of earnings. If not, the bank may also request a copy of the employment contract for review. Even if you apply for the loan online, you still need to send these documents in for verification.
How can you get a loan more easily?
Banks do not consider social benefits such as child benefit or parental allowance to be income. The situation is different with child support payments (child support payments). If they occur regularly and without delay, they count as income. This enables you to apply for a higher loan amount. A loan for single mothers is easier approved by the bank if you manage to involve the child’s father. For example, he might agree to be available as a guarantor. This significantly reduces the risk and the bank is more inclined to agree to the loan for single mothers.
There is also the possibility that the father will appear as a co-applicant. Both incomes are taken into account when applying for a loan. This often means that better terms can be negotiated than if you went it alone. Before you apply for a loan, it’s best to compare the different offers. Do not only rely on online loan comparisons, but also ask your bank.