The basic requirement for getting a loan in Germany at all is a positive private credit information. There are only a few negative entries, this not only leads to the loan with 400 Euro job, but also any other loan is rejected. The only exceptions are the loans without private credit, but they are not available in Germany, but only abroad. Here, a fixed income should definitely be present, which is well above the attachment exemption limit. But with a 400 Euro job this can not be achieved.
There is always a good chance of obtaining a loan if there is a second applicant or a solvent guarantor. However, GE must have a secure income and a positive private creditauskunft. In addition, other assets such as a life insurance or a debt-free property could serve as collateral. There are usually no problems with a loan with 400 Euro job, if this job is only a side job and otherwise a good income from another job exists.
Application, authorization and repayment
Anyone who is interested in a loan, could turn both to his house bank as well as to another bank or savings bank. There he will be informed in detail which documents he needs for the application. As a rule, this will be a proof of income in the form of salary, salary or pension. If other securities are required, they must also be appropriately documented. If the bank comes to the conclusion after the credit check that there are no impediments to a loan, it will also approve it very quickly and transfer it to the customer’s account within a few days. Only in the very rare cases may a cash payment be considered.
Subsequently, the loan must be repaid with 400 Euro job in even monthly installments. These installments are debited from the current account of the customer and consist of the repayment amount, the interest and any processing fees.