Loans for Single Parents

Single parents have to cope with some problems in everyday life. Not only the double burden of parenting, household and a job to pursue, is often seen again and again.

No, from a financial point of view, there are significantly more single parents who are struggling with the financial shortage. Expensive purchases are often not possible from their own resources, so the number of people who would like to take out a loan is very high in this area.

Requirements for the single parent payday loan

Requirements for the single parent payday loan

Getting a single parent payday loan is tied to the same conditions as any other loan. So the banks will check the conditions for the loan request exactly. In addition to a good Schufaabfrage, it should not be a negative entry noted, is also looked at the income. Single parents who are in permanent employment and can demonstrate a solid income can easily get a loan. 

The situation is different when your own income consists only of child support and child support. This is too risky for most banks and so they will quickly decline the loan request. But not all banks act that way. For some banks advertising the special single parent loan, the maintenance payments are also included as income in the budget. If it is sufficiently high, lending will not stand in the way of this view. It can be seen, however, that many banks still apply a higher default risk to lone parents for this reason. The result is higher interest rates than for other groups of people. A loan can only be obtained if the borrower is prepared to spend more on it.

Alternatives to Borrowing from Single Parents

An alternative may be a payday loan from private to private. The online offers in this sector are currently experiencing an upswing. Fewer and fewer people are getting credit from the banks, and fewer and fewer people are investing their money profitably with the banks. Who lends on the online platforms credit-needy funds, which can often make a higher profit with it, than at the house bank. For the single parents loan requests can also be implemented here. The lenders alone decide which collateral the borrower must provide.

Especially for very small sums can be given as a lone parent for a loan. And also from the financial point of view, it can be worthwhile to take advantage of an offer here. Donors and borrowers negotiate the interest rate. Often, it is lower than the one for lone parents at the banks.

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