Families with 3 children often require credit to make urgently needed purchases. At the bank, families with large numbers of children rarely enjoy any advantages, these are almost only used for mortgage lending and are based on government or municipal subsidy programs. Whether a consumer loan with 3 children can be taken up at banks depends essentially on the way in which the financial institution carries out the budgetary account.
The crediting of the child benefit in the credit check can be decisive
Whether the requested financial institution grants the desired loan with 3 children depends in many cases on whether it considers the child benefit received in the budget statement. This amounts to 558 euros per month for 3 children and consists of 184 each for the first and second and 190 euros for the third child. This amount is undoubtedly available to the budget for the repayment of the loan debt and is included in the revenue and expenditure account if the financial institution checks exclusively the ability to pay the monthly installments. In some cases, however, credit institutions also require that the lessee obtains a labor income above the seizure limit, so that they can arrange for a seizure of wages in the event of improper repayment, whereby the child allowance is not attachable. In the case of vehicle financing with a transfer by way of security, there is no need for a possible attachment of the wages because the wagon itself serves as collateral. Consequently, banks partly count on child benefit for car loans, even if they do not take it into account when it comes to consumer loans that are not earmarked. When applying, the lender will check whether the financial institution includes child benefits in the household bill for a loan with 3 children.
Experience has shown that many domestic lending banks use the appropriate method of calculation, while Swiss banks generally do not take into account child benefit payments for their loans without private credit. From the point of view of the bank, the crediting of the child benefit speaks in terms of a long-term secured payment. If one of the children becomes of legal age during the loan period, an indication of a planned education, including study, is a good idea, as the child benefit will be extended in this case. Another option for obtaining a loan with 3 children, including child benefit as income, is the application for an instant loan without salary.
In this case, it is generally accepted that consumers take all income components into account when determining monthly household incomes. A different method of calculation of the bank is not to be feared, since such is not possible without proof of income. Households with 3 children look for a cheap loan before borrowing and do a loan comparison for this purpose. This is easily possible online, but not all banks give their loans to households with 3 children at the same interest rates, but are aimed at determining the loan interest in part on the personal credit rating. In this case, the individual family only learns the interest to be paid by it when it makes a condition request.
The evaluation of the individual creditworthiness of a family is not necessarily based exclusively on the private credit score, but can also be determined by the bank according to its own criteria. When planning the repayment term, borrowers with 3 children take into account the high likelihood of unplanned expenses and prefer a longer term associated with lower monthly installments.
Alternatives to bank loan with 3 children
Mail order companies usually approve installment payments as a special purpose loan with 3 children because they do not ask for their clients’ living conditions or earned income except for large amounts. However, it is important that a family with 3 children calculate for themselves whether they can properly serve all the installment obligations received. As a further variant of a bank loan, the organized private loan offers as a loan with 3 children. This is done through platforms for arranging loans between individuals, with the platform operator providing the clearing account and a means of communication.
In this way, the private loan seekers and lenders do not learn their mutual addresses and bank details from each other, so that the privacy remains guaranteed despite extensive personal information. As registered private lenders are largely based on social criteria, they are happy to draw a loan request from families with 3 children. If the household’s income from work is so low that it receives an increase from the job center, there is a loan claim against the office. In this case, however, a condition is that the household with 3 children uses the credit for the acquisition of a subject recognized as necessary. The main advantage of borrowing via the job center is the interest-free cash payment.