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Low income is not necessarily the best way to take out a payday loan. Because, as you know, income secures the payday loan and ensures that the monthly installments around the payday loan can be paid.

But all of this does not automatically mean that a low-income payday loan is not possible at all. Any “problem” can be solved. As a borrower, one only has to know where the leverage has to be applied so that, for example, a payday loan can be realized despite a low income.

What are the hurdles to taking a payday loan despite a low income?

A low income is a permanent companion for many consumers. Although we have a good employment rate, many consumers work in the low pay sector or only work part-time. This is then reflected in the income, which is so low that it is not enough to take a payday loan.

The banks and savings banks have set a limit that must at least be achieved in terms of income. This is based on the attachment exemption amount, which provides information about how much of the income can be seized. If the income is below the seizure allowance, the bank has no opportunity to seize any of it. Only the part above the seizure allowance could be seized in case of a case.

The banks shy away from the risk

Since no bank wants to run the risk of defaulting on the cost of the payday loan despite low income, there is no credit on a low income. This would only be approved if a high-income guarantor hedges the payday loan.

But there is another way. Because there are certainly offers around a payday loan despite low income that work without a guarantor.

Which alternatives are available?

In order to be able to take out a payday loan despite a low income, one has to work out one’s own advantages. So there are many consumers who have other collateral in addition to the income. These could flow into the payday loan and secure it.

Often there are material securities that can flow into the payday loan despite low income. A car, a real estate or valuables could be this. Or also a capital-forming insurance, which can be terminated in the event of a default.

An equally good alternative is a low-income payday loan from a trader. Who wants to finance commodities with the help of the payday loan, can do so directly through a dealer. Many traders now offer good financing coupled with low interest rates.

Why do merchant payday loans work?

With such credit offers, the income is not in the foreground. Here it is always important to have a good remark. Which revenue or which income is responsible for the repayment of the payday loan is secondary.

Because the purchased goods are recognized by the dealer as security. This means that there is no need to go too far elsewhere to make the payday loan a reality. If the payday loan can not be serviced, the dealer has the option to recover the goods easily. Because these correspond to the value of the payday loan and therefore represent perfect security.

Our tip: Before taking a payday loan despite a low income, a comparison should always be made. The comparison must clarify whether the offer from the dealer is better than the offer of traditional banks and savings banks. This can indeed be claimed with the help of a guarantor.