Credit for Single Parents – Prepare Household Account

Single parents are often financially worse off than other people. You only have one income and still have to take care of at least two people. For this reason, lending can be very difficult. Before deciding to take out a single parent loan, you should always prepare a household account. This is the only way to assess whether and to what extent there is scope for the repayment of a loan.

Credit conditions

Credit conditions

A single parent loan is only granted if the monthly income is above the attachment limit. It must also be paid regularly and should come from work as an employee. If only social benefits are drawn, lending is almost always impossible. There are only a few exceptions to this rule. They are available, for example, if there is a guarantor or a co-applicant who meets the credit requirements.

A person who wants to take on this task must have a very good credit rating, be able to stand in for the loan installments at any time and still have enough money so that they do not neglect their own financial obligations. If a loan is taken out in Germany, the private credit checker information must be in order. In the case of a foreign loan, however, it plays no role at all.

Loan comparison

Loan comparison

Once the decision has been made to take out a loan, it would be important not only to know which loan amount and the maximum monthly repayment rate are possible, but also which loan offers are available to single parents. Not only the interest, but also the terms can differ significantly from each other. If you go to a comparison site on the Internet and use a loan calculator there, you will be presented with various loan offers within a few minutes, from which you can choose in peace.

A single parent loan is paid in one amount after approval and must be repaid in monthly installments. These rates do not change during the term and consist of a repayment and an interest component. The loan agreement regulates whether special repayments or early repayments are possible for a single parent loan. It must be signed by all contracting parties after the loan approval.

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