Desire for a loan with 800 USD income.
The desire for a loan with an income of 800 USD can basically be fulfilled. With small incomes, the list of possible loan providers is reduced, for loans without additional collateral, unfortunately noticeably.
This is not a reason to “pull your hair”. We would be happy to explain to you what is important for a loan from the perspective of a lender. We then present credit options that can be approved with a lower income.
Regular loan with 800 USD income – what’s the problem?
Credit with an income of 800 USD is not a matter of course. The income does not qualify for an installment loan, which every credit institution is happy to grant. The problem that regular credit institutions see with installment loans with a net income of EUR 800 is that they cannot be attached. Even without dependents, the garnishment table specifies 1079.99 USD net work income as unencumberable.
If there were problems with the loan repayment, the credit institution must assume that the income was seized fruitlessly. To put it bluntly, the “bank director is welcome to turn red”, if the borrower does not want to pay back, he is left behind. Nevertheless, regular installment credit from a direct bank or the house bank is possible with a low income. The easiest way that credit institutions offer in such cases is co-applicant credit.
With two people, the granting of credit with 800 USD income would not be a problem. A solvent co-owner takes on the risk. In the event of repayment difficulties, he enters into the repayment obligation. Who actually repays the loan is of secondary importance to the lender. The only thing that counts for him is that he receives his installment payment on time, as agreed, and that he can initiate fruitful coercive measures if problems arise.
Loan for trainees – why is that?
In contrast to the information mentioned, trainees who are in debt can often be read in the media. The credit opportunity in training, whether “apprentice or student”, is based on the future perspective of the training. In this case, installment credit stands for credit-financed training. Otherwise, a trainee receives a maximum of one mini-dispo from a regular bank.
The other option, how trainees get credit with 800 USD income, is the hire purchase. Promotional loans are not approved in the same way as regular bank loans. The purpose of lending is to increase sales. To do this, the companies take an increased risk, because the easier the installment loan is granted, the more the sales figures will increase.
For most installment purchase offers, the only important thing is proof of a clean Credit bureau and a regular income. For regular buyers who always pay on time, the amount of the proof of income is hardly important. An installment purchase is therefore often possible even with a training salary of only 500 USD. Another advantage of the simple lending system is that the risk of default is extremely low for small debts.
The debtor would like to be allowed to buy on credit again next time. He literally “scrapes” the last few USD together so that this chance remains.
Fast loan with low income
The microcredit is based on a similar principle as a quick credit for free disposal in spite of low income. Great Bank from Berlin is currently the largest provider in the fast mini loan market. Loans are offered in 24 hours or faster for people who can prove a secure minimum income of 500 USD net per month. A target group would be, for example, pensioners.
With the small real pensions in Germany, pensioners receive hardly any credit opportunities in the regular way. Without overdraft, a slightly higher bill can bring the household budget out of joint. Great Bank solves the problem with loans from 100 USD to a maximum of 3,000 USD with a short term. For first-time applicants, a maximum of 500 USD with a term of 30 days would be eligible.
After the first successful transaction, the company sets a credit line. How high the possible framework for credit with 800 USD income can actually be, depends on the further framework conditions. If in doubt, it is worth talking to the company. However, the hotline was so crowded that we had to give up on research. The queue hangs up every 12 minutes. For several days we were unable to ask questions.
Freely available loan with 800 USD income
Having only 800 USD of working income does not mean being a dishonest borrower. People with little money make sure to keep their good reputation. Private lenders show understanding for low income loan requests. Lenders committed to Best Lender or Good Finance often know from their own experience how to get credit problems.
The chances are not bad for a loan with 800 USD income. Because, private lenders do not base their decision on rigid rules. They only expect prospective creditors to play with open cards and explain seriously how they will safely repay the money. If there is an atmosphere of honesty and trust, it doesn’t matter whether the income is attachable or not.
It is crucial to convince the potential investors that there is enough money to repay them despite the small income. Bids are made in partial amounts. So no lender alone has to bear the risk of granting credit with an income of 800 USD. If there are sufficient bids and the borrower has accepted them, the loan is considered approved and is paid out.