A single mother loan may be taken for granted. After all, these women have a very big burden to bear.
Financial support should be self-evident. Unfortunately, it is often not as easy as we see the situation. Many single mothers do not get credit because they do not meet the requirements.
Single parent and responsible alone
For single mothers, money is usually always scarce. It is missing in all corners and ends, since usually only one income exists. Many sufferers can only work part-time or are completely at home caring for the children. They therefore receive state support and in the best case still support from the child’s father.
For larger and unplanned purchases, this money is often not enough. A loan for a single mother has to be made in order to bridge financial bottlenecks without much effort. Unfortunately, the conditions for a single mother loan are very narrow, so many mothers have no chance to fulfill them.
We therefore want to show how a single mother loan can work in spite of everything.
Which conditions must be met?
Single mothers must be able to meet the same requirements as all other borrowers. The banks therefore do not distribute a bonus or have special loan options available. Even if this sometimes works as advertised.
Applying for a single parent loan is a simple installment loan that anyone with a good credit rating can use.
Even with the single mother, a good credit rating is the basic requirement for borrowing. It is important that in the first step, there are no negative entries in the credit bureau. The second step is to see if the income for borrowing is enough. It must be above the attachment exemption amount.
How much this is depends on the number of children who live in the household and are dependent on the mother. The garnishment table provides information about which revenue must at least be reached.
Single parent credit – guarantor helps
For a single parent, it can sometimes be helpful to work with a guarantor. Especially if a larger loan amount is desired or if the requirements of the borrower are not optimal. With a solvent guarantor, a lot can usually be moved. Even if the single mother is not creditworthy.
The guarantor can come from the close environment of the borrower. Maybe the parents, siblings or helpful friends. It is important that the guarantor is aware of his responsibility and can provide financial support in an emergency.
Our Note: When calculating the income for borrowing counts only the pure income. Income such as child support, maintenance or unemployment benefits are not included in income and are therefore not taken into account by the banks.
Search online for good loan offers
Even if the range of loans is very large, so does the loan for a single mother but a special loan dar. Therefore, with the help of a reference computer on the Internet for suitable offers should be looked.
The comparison calculator not only displays daily loans. He also names the conditions that go with it. The loan applicant can see if the loan offer also suits her and complies with her requirements. This shortens the search and the loan can be specifically requested.