Do you have an income of 800 USD net or 900 USD net and would like to take out a loan?
Large amounts of credit are not possible with such an income. You are certainly aware of this.
The vast majority of all financial service providers will not want to give you a loan at all.
There is an obvious reason for this. A garnishment of wages is not possible for income of 800 USD net per month.
Only from an income of $ 1,180 is a small part of $ 0.99 subject to the garnishment. This amount results from the currently valid attachment table (as of September 2019).
Some banks do not necessarily expect that the entire agreed loan installment can be paid from the attachable part of the monthly salary.
But if no attachable income is available at all, a traditional credit institution will not be willing to grant a loan.
For free installment loans that are used to finance consumer spending, cession of wages is the only security. Direct banks in particular do not accept any other collateral at all.
Another reason stands in the way of borrowing if no more than 800 USD or 900 USD are earned.
Loans are only granted if there is freely disposable income to pay the monthly loan installment.
Freely available means that after deducting all living expenses, including the cost of housing and rent, there is still an amount for the loan installment.
Free disposable income: self-assessment
A loan with a net income of USD 800 or USD 900 is not only a risk transaction from the perspective of the banks.
The borrower is also exposed to a risk – the risk of falling into debt.
A household bill can provide information as to whether you can or would like to afford a loan.
The following screenshot of the household calculator from Kredit-mit-Verantwortung.de shows which items should be included in the household bill.
When you visit the website, you can enter the individual items in a form and automatically calculate the freely disposable income.
Of course, we do not know what result you will reach.
But there will hardly be a freely disposable income if you have to cover housing costs (e.g. rent plus additional costs) from 800 USD net or 900 USD net per month.
However, freely disposable income can exist if they do not have to pay for housing costs. Example: You are still a trainee and live in your parents’ household.
Also note that banks use credit guidelines to assess the economic performance of their credit customers.
Living expenses are often estimated.
For example, it is assumed that the cost of living is only USD 600 to USD 800 for a single person without maintenance obligations.
For every additional person living in a household, an additional 200 USD is often set.
Maximum loan amount for 800 USD or 900 USD income
The following examples give you an idea of what loan amounts are realistic with an income of 800 USD or 900 USD.
These are theoretical calculations. Practice can vary considerably.
The possible loan amount always depends on three factors:
- Amount of the monthly loan installment.
- Agreed loan term.
- Agreed effective annual interest rate..
For interest rates, we use the average interest rates for consumer loans to private consumers. The statistics are provided by the Deutsche Bundesbank. Interest rates can change slightly every month.
Take a look at the total credit costs in the sample calculations. As the term increases, the interest burden increases significantly.
As you will see shortly, the interest rates offered by the individual special providers can deviate significantly from the average interest rates – unfortunately mostly upwards.
The score values are often a decisive factor in determining the level of interest rates. The same applies to the question of whether a loan is granted at all.
Score values are measures of the personal creditworthiness of the borrower. The score values determined by the credit bureaus (Credit bureau) are a measure of the probability of default.
Credit with 800 USD income from Trucredit
a loan project that a large number of private investors can bid on. Formal lending is carried out with the involvement of a partner bank in order to comply with German law.
Thanks to modern technology, creating a loan project is extremely easy. Basically, just a normal loan request is required after you register. After sending the online form, you will be guided through the further procedure.
The most important step is the classification into a scoreclass by Trucredit. The score class is decisive for the amount of the annual percentage rate.
Costs only arise with the conclusion of the loan agreement. All other services are free of charge.
A loan request to Trucredit does not require a regular salary. Low earners also have credit opportunities.
With an income of between 800 and 900 USD, lending will be an option, especially for trainees, towards the end of the training period.
The chances of getting a loan improve if a confirmation of acceptance from the training company can be presented.
Short-term loans from special providers
Short-term loans are mini-loans that can be applied for from special providers. With some providers, income of USD 800 or USD 900 is enough to apply for a mini loan.
Before you decide on a short-term loan, there are a few things to consider.
First-time applicants (new customers) generally only receive relatively small loan amounts of a few hundred USD. The terms are also relatively short.
The regular interest rates are already relatively high. But additional services cost extra. Express payments or installment payments often have to pay disproportionately high fees in relation to the loan amount.
The terms are one to two months, sometimes only a few days. At the end of the term, the entire amount must be returned immediately.
Therefore, only take out short-term loans if the full repayment after the short term is 100% secure.
Centiloan loan comparison with 800 USD income?
If you do not earn more than 800 USD or 900 USD net per month, a loan via the Centiloan credit comparison is not possible. You cannot make a loan application alone.
However, a joint loan application with a second applicant who also has income is possible.
In this case, the freely disposable income is calculated from the jointly generated income.
Make a loan application only if sufficient attachable income is available. In other cases, an application will not be successful. I
Here is an excerpt from the currently attached garnishment table to give you an impression of how high the income must be.