January 11, 2020

Credit for single people

Do you know the following situation? The money you have available is enough to cover daily expenses, but unplanned expenses, such as a new car or defective equipment, are not affordable for this money. This has to be financed with a loan – but as a single person?

Single creditworthiness

Single creditworthiness

In principle, the banks’ loan offers are not only intended for couples, but also as loans for single people. If you have the appropriate creditworthiness, i.e. there is no entry with Credit Bureau, you offer a good income and security, it is no problem to get a loan for single people. However, difficulties can arise if this is not the case. Single mothers in particular often have to struggle with the problem, since in most cases their income is insufficient. Child benefit and maintenance are income, but in most cases they are not taken into account by the banks because they cannot be attached. This means that your income quickly falls below the required limit and you are not considered creditworthy.

Guarantee – yes or no?

Guarantee - yes or no?

There is an option to get a single loan if you can prove a guarantor. The latter signs the loan agreement with you and pays the installments if you can no longer pay them. In addition, citizens can experience difficulties if they want to apply for a loan themselves, as the guarantee is noted and is seen as a possible burden by the banks. A surety can be a family member or an acquaintance. However, you should carefully consider who you are using as a guarantor. A number of families and friendships have broken down on such loan guarantees.

It’s worth comparing

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If you need a single loan, you are primarily dependent on the benevolence of the banks. It is therefore worthwhile to inquire at your house bank first. If you have not had any difficulties here so far, you may also have the chance to get a loan without a guarantor. Furthermore, many banks offer a single loan. Before you take advantage of any of these offers, you should take a close look at the conditions. Many charge interest rates that are too high or charge fees for the request alone. You should keep your distance from these banks.

written by Veronica Geiger - Posted in Credits