The birth of a child is one of the best days in the life of new parents. But soon the force of everyday obligations sets in. The child wants to be cared for, nurtured and pampered. The parents' financial possibilities quickly reach their end point in the process. A loan during parental leave should help. But an unpleasant surprise awaits at the bank: the financial institution often rejects the loan application. It is not easy to get a loan despite parental leave. The right preparation is decisive.<\/p>\n
A short-term loan from VEXCASH has no impact on your personal Schufa score. <\/p>\n
All lenders do not find a loan during parental leave ideal. The reasons are explained in this guide. First, there is something pleasant: In principle, a loan is possible during parental leave. No potential lender rejects such an application only because of the less than ideal constellation. In this regard, there is only one exception: If a single parent makes the loan application, it becomes much more difficult. However, loans for singles with children are complicated anyway.<\/p>\n<\/p>\n
Those who want to convince lenders that borrowing while parenting is an excellent idea need to understand the legalities and the concerns of banks. Who can clear these out, has excellent chances of a loan.<\/p>\n
A loan during parental leave is in fact a loan with parental allowance. For up to 14 months, 67 percent of the previous net salary continues to be paid to enable the mother or father to stay with the child. Therefore, most parents calculate as follows when applying for a loan: They add the salary of the parent who continues to work and the parental allowance. However, this is wrong. The legal situation throws a spanner in the works here: parental allowance is a state benefit that is mainly given to ensure that the family is provided for. This makes it seizure-proof.<\/p>\n
"Garnishment-proof" means that no lender can have this money collected on a pro rata basis if repayment of the loan does not work out. No lender therefore recognizes the parental allowance as part of the income that stands as collateral for the loan. Only the salary of the parent who continues to work remains. However, this salary must provide for three people. The legal exemption limit from seizure therefore increases. About the exact values informs the Dusseldorfer Pfandungstabelle. The bottom line, however, is that often there is little income left to stand as collateral against the loan and be used to pay the installments.<\/p>\n
Parents also calculate that the part remaining with the child will return to work after the end of parental leave. His or. their salary is therefore actually also against the loan, is a common assumption. Most lenders also see this differently. Banks, in particular, take the "worst case scenario" into account when granting a loan during parental leave: one parent wants to stay with the child longer for emotional reasons. Even the parental allowance will then be cancelled. By no means everyone is so skeptical: Vexcash, for example, assumes that parental leave is simply an interruption of regular working life for a wonderful reason. Therefore, applying for a loan despite parental allowance is much easier here.<\/p>\n
Regular lending means borrowing without special collateral or the involvement of another person. Applicants must meet the following requirements:<\/p>\n
– A person continues to work regularly and therefore continues to receive full pay.
– This income is high enough to guarantee a loan.
– The term and the loan amount must be chosen so that the monthly installments are not too high.
– Parents should be able to present a solid financing plan. This must include calculations for emergencies. How, for example, a defective refrigerator should be replaced? The budget must not be too much "on the edge" sewn.<\/p>\n
Info: Parental allowance is becoming increasingly popular – consequences for the loan application <\/p>\n
Parental leave and parental allowance are becoming increasingly popular in Germany. This has repercussions for the loan. The Federal Statistical Office found that four percent more people received parental benefits in 2018 than in 2017. Thereby there were 1.4 million mothers as well as 433.000 fathers who received this government support. The number of female recipients increased by three percent, the number of male recipients by as much as seven percent. Nevertheless, it is still significantly more mothers who opt for parental leave. This is likely to be related to salaries.<\/p>\n
On average, a German earns 1890 euros net per month, according to Statista. In all professions that result in 1500 euros net and more as earnings, however, are significantly more men than women represented.<\/p>\n
As an example: more than three times as many men as women earn between 2,500 and 3,000 euros in the Federal Republic (9 percent to 2.8 percent of the total population). In order to be as well provided for as possible, the higher earner therefore continues to work after the birth of the child, and the other parent goes on parental leave. So usually the father stays in the job and the mother stays with the offspring. The banks also expect this when an application for a loan is made despite parental leave. It must be recognizable that the best possible financial provision is the goal of the parents.<\/p>\n
Some lenders specifically advertise that they offer particularly good terms for loans during parental leave or for family loans. In fact, this is almost always just nice appearances. As with other applicants, the potential lenders also determine the creditworthiness and use this to determine the interest rates. However, there are some notable exceptions with regard to the loan conditions – both good and bad. The disadvantage is that some lenders always require the signatures of both parents. It does not matter that only the salary of an applicant serves as collateral. This results in joint liability. Positive are the following exceptions:<\/p>\n
– Some lenders offer a schufa-neutral application. Even if the loan is not granted, the rejection in this way does not worsen Schufa.
– Some lenders allow an application during pregnancy and are here willing to fully consider both net salaries. However, it is then no longer a loan in the parental leave, but a regular loan.
– In certain cases, parents can obtain special purpose loans at good conditions. This concerns for example KFZ and real estate financings.<\/p>\n
The providers of cost-intensive products for the offspring are aware of the problems parents have in obtaining a loan. Often, therefore, there are financing offers that go beyond the manufacturer of the child seat, baby crib, etc. can be accepted directly.<\/p>\n
Such loans are easier to obtain and often less expensive. However, interested parties must be careful not to get into too much debt in the process. Unlike a regular loan, it is not possible to pay everything in one installment. Eventually, interested parents will probably have to take out multiple financing to make all necessary purchases. The monthly burden quickly becomes an intense problem in this case.<\/p>\n
Those who cannot adequately secure the loan through their salary do not have to forego a loan during parental leave out of necessity. Guarantors or other collateral can still make the loan possible – but not in every case. Planning ahead is the key to success here.<\/p>\n
A guarantor is a person who gives a legally binding assurance to repay a loan if the regular repayment falls through. The so-called guarantee case occurs in most cases, if two installments could not be paid completely. However, the parties may agree otherwise in the credit agreement. Therefore, special attention should be paid to this point if a guarantor is to enable the loan to be granted.<\/p>\n
In principle, full and partial guarantees are possible. In the case of a full guarantee, the person in question is liable for the total outstanding amount. In the case of a partial guarantee, for example, they are only liable for 30 percent of the sum. It is in the nature of things that banks prefer full guarantees. The actual borrowers can bring in as many guarantors as they want for lending purposes. In the case of a loan during parental leave, for example, all of the child's grandparents could stand in for 25 percent each in this way. None of the guarantors is unduly burdened, and yet there is de facto a full guarantee.<\/p>\n
As a guarantor is suitable in principle any person who is willing to act in a corresponding capacity. By the way, this also applies to legal entities. If the employer of the parent on parental leave is fully convinced that the mother or father will return, the company can theoretically also act as guarantor. However, this is the exception. For the most part, it is natural persons who secure loans on parental leave. A guarantor should meet the following requirements, if possible, in order to enable the loan to be granted to the parents:<\/p>\n
– No problems with the Schufa
– Permanently employed for an indefinite period (i.e., no longer on probation)
– As high an income as possible
– No current loans<\/p>\n
These are the ideal conditions. Guarantors who work on a temporary basis but have an employment contract for the entire term of the loan are usually also accepted. Self-employed persons with a well-run business also pose no problem as guarantors. The following rule of thumb applies: guarantors are suitable if they themselves would have no problems obtaining the loan as a regular borrower.<\/p>\n
Other collateral can be, for example, real estate, vehicles or other valuables. Acceptable is everything that the parents own and that is recognized by the lender as sufficiently valuable. It must also be able to be legally used as a pledge. However, most banks do not like such a solution for a loan with parental allowance. The provision of security is associated with a considerable administrative burden. If seizure occurs, this usually entails further problems. The item must be sold – but the bank is not active in this line of business.<\/p>\n
The only security, which is recognized in principle problem-free, is a real estate. Here, however, borrowers should ask themselves whether this model makes sense and is without alternative. Taking out a mortgage means a lot of effort, and the amount is usually much higher than what is actually needed as a loan amount. Therefore: Other collateral is a solution for emergencies, but really only then.<\/p>\n
There are no direct alternatives to a loan despite parental leave. The state pays parental allowance, child allowance and maternity allowance, it does not grant loans for parents. However, in addition to banks, there are borrowers from whom corresponding loans are much easier to obtain. As already mentioned above, credit brokers such as Vexcash are an excellent place to start. We offer mini loans and small loans. The application is much easier than with a bank. Otherwise, private individuals also lend to new parents. With luck these are to be found in the personal circle of acquaintances.<\/p>\n","protected":false},"excerpt":{"rendered":"
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