There are many people in Germany who have a very low income. You work in mini-jobs or only work part-time. This becomes a problem when a loan is to be taken out. The usually very tense financial situation generally does not allow large installment payments.
Since the banks know this, they usually do not lend to this population group. This can only be possible if the person concerned can name a co-applicant. But what if there is a bad Credit Bureau in addition to the low income? Can a Credit Bureaufree loan be taken out for low earners?
Not good conditions
The conditions for a loan could not be worse. A low income and a negative Credit Bureau – so you don’t get a loan. A Credit Bureau-free loan for low-income earners must therefore be put on a secure footing so that it can become a reality. In order for this to happen, one has to find a co-applicant. If he has a good income, he can secure the loan with it. He should also have a good credit rating so that the loan can be taken out from one of the large traditional banks.
Without credit help?
But what do you do if the Credit Bureau-free loan for low-income earners has to be taken out without help? Then the chances of getting a loan are pretty bad. You can find some offers that promise such a loan. But no one can say and certainly not promise whether the desired loan will ultimately come about.
Usually, the interest rates on such offers are quite high. In addition, preliminary costs may be due. You should therefore take a close look and consider whether you would like to have such a loan under these circumstances.
What can be done
In the best case scenario, you first postpone the loan request and try to improve the conditions for it. So the income can be polished up by an additional job. You can also try to delete the negative entries from the Credit Bureau. If this is successful, a normal installment loan can be taken out. With low interest rates and no upfront costs.