If you are allowed to call several children your own, you can count yourself lucky. After all, children are our future and enrich our lives like no one else can. But children also cost a lot of money and as a parent you have a great responsibility for them. This responsibility is not just to provide them with a warm meal a day and proper clothing. Responsibility also means that children grow up in a safe environment, enjoy the best possible school education and also have the opportunity to go on vacation and experience great events. All of this costs a lot of money, which parents with 3 children feel particularly strongly. As a result, many families sometimes have to consider taking out a loan with 3 children. Not an easy task, but with a little bit of patience and will, it can be done.
The dear money
Since a loan with 3 children is always based on collateral, which includes, among other things, the income of the parents, this security plays a very special role in such a large family. Because the banks only grant a loan if the borrower’s income is above the attachment allowance. This is based on the number of persons subject to maintenance. With a loan with 3 children, it can be assumed that all three children still receive maintenance from their parents. Even if this is a natural kind. The limit on the garnishment allowance is currently 1929.99 USD per month. This means that the borrower’s income for a loan with 3 children should be at least 2000 USD. And this would be calculated very tightly.
But there is also another aspect. Because not only the income counts, but also the monthly expenses and the Credit Bureau, so of course the monthly expenses must not exceed the income and there must be enough space for the credit rate. In addition, the borrower must have an impeccable Credit Bureau in order to come anywhere near a loan.
Which loans are available?
Which loan is most suitable depends, of course, on what should happen to the money from the loan. The fact is that the banks of course look very carefully at an installment loan that should go to a family with three children. A real estate loan can be a little more relaxed. Even if the loan amounts are very large, a family with three children always benefits from government grants with a real estate loan, which the banks and savings banks are also mild.
If you want it particularly quick and easy, you should use a consumer loan. This is usually taken up directly from the dealer and thus avoids bank questions about marital status and the number of family members. In addition, a high income is not required for consumer credit.
How can lending be influenced?
Of course, even with three children, you don’t just have to rely on the benevolence of the banks, but you can actively do something to get the loan approved with three children. So it is always good if there is a valid reason for borrowing. In addition, both spouses – if available – should always take out the loan together. This means that the bank not only has two contacts, but also two incomes that can flow into the loan. If the spouse or life partner is not suitable for borrowing, another person can act as a guarantor. It is always important that the guarantor is solvent so that he can have a positive impact on borrowing.
Tip: If the borrower is a civil servant or works in the public service, this makes it extremely easy to borrow. If this is not the case, then one can perhaps find a guarantor who can show such employment.