What hurdles do singles and lone parents face when it comes to lending?
We offer you the information that could make it easier for you to fulfill your loan request despite a divorce. It’s about possible hurdles that lie in wait for you and possible solutions. We want your financial restart to succeed.
Credit after divorce – try again
To be divorced is to put life back on its own feet. In most cases, credit after divorce is one of them. In many cases, the signs are better for lending than for credit requests during the separation phase. In contrast to the period before the final divorce, everything is now regulated between the partners. No more “scramble” for maintenance payments, profits and the children.
For potential lenders, divorced people create the conditions to be considered as a reliable loan partner again. It is now absolutely clear how much money is available for living. At the same time, it is certain to what extent a borrower can afford his loan request. The best credit opportunities await divorced people who have no maintenance after the divorce.
Without having to pay children and without spouse support, the credit situation is comparable to a single. They work, earn their own money and just have to take care of themselves. Only if maintenance payments are received can this “income” not necessarily be considered safe. The media would understand how often people have to wait for maintenance payments and how difficult it can be to enforce claims.
Wake up as a single – responsible credit yourself
Waking up as a divorced single and applying for a loan can be easy without maintenance. Suitable loan offers for employees with income subject to social security contributions are shown in every free loan comparison. Of course, the credit rating for lending is no longer as high as that of a couple. In the case of a loan for two people, the common credit rating laid the basis for the loan decision.
For most newly divorced couples, a home loan may also be out of reach. – Ordinary installment loans, such as buying a car or furnishing a rental apartment, are available within the scope of personal creditworthiness. The majority of credit institutions only look at lending that the installments can be paid securely. No bank wants to grant a loan that the borrower cannot afford.
To secure the loan, the credit bureau must be clean and the net labor income must show a sufficiently high attachable share. Under these conditions, getting credit after divorce shouldn’t be a problem. It becomes more difficult if the divorce has not only painful emotional but also economic consequences.
Loans with poor credit ratings – despite the divorce
Children often come out of marriage. The partner, who is granted custody, faces difficulties on two fronts when requesting credit. For one thing, full-time work is not always compatible with young children. The income situation from part-time deteriorates the creditworthiness since small income does not necessarily prove the ability to repay without any doubt.
At the same time, the hurdles to credit after the divorce by the children increase. Probably a small income faces an increased garnishment exemption limit. Child benefit or maintenance do not qualify to be able to demonstrate sufficient creditworthiness. For bank loans, for example, child benefit does not play a role in granting credit. It is attachable and therefore cannot contribute to the exemption from attachment being exceeded.
The simplest and mostly low-interest variant of the problem solution is the loan with a solvent guarantor or co-applicant. The shared liability risk ensures that lending is not considered to be risky. In the case of a joint application for a loan, the attachment-free limit will also be exceeded again by the solvent co-owner. Every credit institution is happy to provide secure credit after the divorce and rewards borrowing with low-interest rates.
Bad credit bureau – Rose war with consequences
Rosary warriors often conduct their battles regardless of casualties. Unfortunately, they ignore the long-term consequences in the heat of the moment. They don’t think that late-paid bills or sluggishly paid credit installments worsen creditworthiness over the long term. With the divorce, these battles, which often affect the creditworthiness of both partners, are not forgotten. Credit after divorce with negative credit bureau is, of course, a problem.
No matter who wanted the loan during the marriage. It is also irrelevant who was responsible for the failure to pay a joint bill. In the end, the negative credit forecast blocks every regular loan request. Three years after the debt has been paid, the negative entry ensures that the credit bureau Score predicts the loan default. Only special loans can be taken out under these conditions.
Taking up special credit after divorce – hurdles
Taking out credit as a special loan after the divorce is possible through a few commercial credit providers and from private lenders. For example, Astro Finance, a provider of real lightning credit despite credit bureau, offers chances for quick mini-credit, but those affected are more often concerned with an adequate installment loan with small monthly payments. cream bank would be the central point of contact for this.
In the free credit comparison of the credit portal, you can find credit institutions that, despite poor credit, generally show the willingness to grant a loan. (Temporary credit check). However, the loan after the divorce with bad credit bureau from private could be more interesting. In the case of private loans, the “gut feeling” also determines the lending.