Many young parents have the legitimate question of whether it is possible to take a loan despite parental leave. We dedicate our contribution to this interesting topic and give suggestions for solutions if the loan does not work despite having parental leave. Read all important information about credit here, despite parental leave.
Especially younger parents often lack the necessary savings to make important purchases. After the birth of a child is to set up a nursery to buy a stroller or even a new car with enough space for the next generation. These purchases usually can not wait until the necessary reserves have been saved. It must react immediately and a loan be taken despite parental leave. The problem with this is that the parental allowance is not considered by the banks as a seizable income. That is, it is available, if at all, only the income of the currently working partner. That must be enough to feed the family and pay the installment.
As long as the parental allowance is paid, only one person in the family earns. Its income alone is used in assessing the economic performance of banks. The parental allowance is a wage replacement benefit. It is only paid for a limited period of time and is not included in the budgetary accounts that banks use. Similarly, child support and possible maintenance are counted as pawned income, so it may be that despite actually quite good income, the bank does not comply with the loan.
A loan despite parental leave is only approved in certain cases. This is always the case, for example, when the working partner alone earns a high income from which the installment can be paid without any problems. A loan during parental leave awarded banks even with a very short term of the loan. If the loan does not run for longer than the parental allowance, it can be included in the budget, increasing the income overall.
There are also banks that respond even more specifically to customer requests. If credit applicants can provide the employer with an attestation that they will return to work full-time after parental leave and then earn a good income, a loan will also be approved if the credit rating altogether allows it.
The examples presented in the article are examples in which parents want to take out a so-called cash advance. Here is money to flow into the current account, which can then be used freely. Things are a little better for young parents who want to borrow directly in connection with the purchase of retail consumer goods. These commercial loans and credit by mail order are much easier to get. Most banks do not even require a salary statement in connection with the granting of trade credit. For them, the purchased goods are a security that only becomes the property of the buyer after full payment. Commercial loans are therefore always available when larger purchases are made in the mail-order business or the nursery is bought in the electronics retailer or in the furniture store. Here young parents usually have good opportunities to get a loan if their Schufa information is in order. Should there still be problems, there is always the possibility to include a solvent guarantor in an urgent loan request. Here, parents or grandparents are usually in great demand.
Our tip tends to be that young parents should always try it first without a guarantee. If the bank necessarily needs additional security in the form of a guarantor, it is also possible to limit the guarantee. In that case, the guarantee will only be valid until both parents have returned to work and can prove their income. This relieves a guarantor prematurely.
An enforceable guarantee is considered by the banks as a contingent liability. That is, if a guarantor later wants to take out a loan himself, the installment of the guarantee enters his / her budget. This can lead to the guarantor now needing a guarantor if he wants to take out a loan.