Loans are granted a thousand times a day in Germany. The requirements can hardly be more different. A wide variety of loans and financing options are inquired, from highly endowed professors to small workers or even students and trainees. The installment loan is particularly popular. It is accompanied by an uncomplicated application and can include very small as well as high loan amounts.
But not every loan seeker is also suitable for a loan from the perspective of the banks. It is not always easy for unemployed people, housewives or the self-employed to find suitable financing. And what about a loan with a 400 USD job? Do you break open doors at the banks with this requirement? Or are they more cautious and dismissive when you ask for financial support with such a prerequisite?
The starting point
It is generally the case that all reputable banks in Germany require a minimum income for the granting of a loan. This must be above the garnishment limit so that the bank has the option of garnishment in the event of payment defaults. Thus, income serves as the most important security.
A 400 USD job is not one of the jobs that a bank accepts as security. Firstly, because the income is significantly below the garnishment limit. On the other hand, however, because these 400 USD jobs can be canceled quickly and the bank does not usually see this as “permanent” work. A credit with a 400 USD job at a bank cannot be obtained in a serious manner.
However, this person does not have to despair. Because there are ways to get a loan with a 400 USD job despite everything. The consumer credit should be mentioned first. Companies such as mail order companies, telephone companies or even large technology markets approve these.
The consumer credit is tied to the purchase of a specific item and cannot be used for any other purpose. The companies only require a regular income and a Credit Bureau that has not recorded any negative entries. How and in what amount the income is achieved is irrelevant. This type of loan is therefore ideal for people who contribute to their livelihood with a 400 USD job.
A surety offers another possibility. If you can give the bank a solvent guarantor who can stand in for the cost of the loan taken out in the event of a fall, you will tune it a lot milder and at least make the path to the loan a little more even. However, it would be even easier if the guarantor was the applicant and thus assumes primary responsibility for the loan. In such a case, the bank should have no problem approving the loan.