Low-wage earners are people whose wages are barely sufficient to support themselves. Consumers speak of borrowing in spite of Credit Bureau if information obtained from them when securing the loan contains at least one negative characteristic.
In fact, the Credit Bureau has data on almost every inhabitant, which are mainly neutral features such as the account ownership or proper loan processing. A bad Credit Bureau reduces the possibilities of borrowing as well as a low income.
Borrowing with low income and poor Credit Bureau through a bank
In order to take out a loan despite Credit Bureau and as a low-income earner, it has to make plausible to the financial institution that its overall financial situation has improved compared to the time at which its Credit Bureau entry was forfeited. At the same time, income from work must be sufficient to pay the loan installments, which can be achieved by a sufficiently long loan term. In the case of a classic loan, despite Credit Bureau and as a low-wage earner, it is advantageous if the bank takes into account all types of income and not only direct earned income. Low-income workers often take on part-time jobs or receive additional tips like waiters and hairdressers. The joint borrowing with a co-applicant who has a fairly paid job also increases the chances of the low-income earner with Credit Bureau for a bank loan.
Alternatives to bank loans
In principle, despite Credit Bureau and as a low-income earner, a loan can be taken out via websites for personal loan brokerage. The private lenders operating there mainly sign credit requests from members who find it difficult to get a loan from traditional banking institutions. The personal financial situation including the existing Credit Bureau entry and the low work income including any additional income is disclosed on the corresponding websites, whereby data protection remains ensured, since only the site operator knows the mutual contact and bank details of the private credit partners. As a further option for a dedicated loan, ordering on a partial payment basis in mail order offers.
A renewed Credit Bureau request is unusual for existing customers if there is sufficient reliable credit data from past purchases; only a few dealers ask about income. If the income from work is so low that there is a right to supplementary unemployment benefit II payments, the job center also grants its clients an interest-free loan for urgently needed purchases despite Credit Bureau and as a low earner.