A loan of 1300 net is possible in principle if “net” is the pure labor income. Nevertheless, there are no big leaps from this income.

We want you to get the credit that you have in mind and that you can actually afford. Our credit advisor uses formulas and information to explain what is possible, where there are limits and what offers are possible.

Credit with 1300 net – basic

Credit with 1300 net - basic

Whether a loan with 1300 net wages can be approved depends on other factors. In principle, credit institutions are encouraged to only grant “safe” loans. Credit security serves both to protect the creditor and the debtor. People shouldn’t get a loan they can’t afford.

Across Europe, commercial lenders are subject to the condition that only secure loans may be granted. Only private donors were exempt from this requirement. They are considered “not systemically important”. There is room for maneuver because each bank sets its own standards for how it defines and implements credit security. Regular credit providers decide on credit based on the credit bureau credit rating and the score.

In addition, there is a check of real solvency. The budgetary bill is a decisive factor in whether a loan of 1300 net is granted. They must prove that there is sufficient money to pay the installments out of the net working income. For regular credit, it also plays a crucial role whether and to what extent attachable income can be proven.

Labor income – the most important factor in credit security

Labor income - the most important factor in credit security

If a TV costs 1300 USD, then it does not matter to the dealer where the money comes from. Every legal source of money enables payment. It is different for lending. Social benefits provided by the state, such as child benefit, are not attachable. To assess the creditworthiness of an installment loan, credit institutions usually only allow income that is subject to social security contributions.

In addition, the 1300 net loan is expected to last as long as the loan runs. That is why many banks are demanding an unlimited employment contract for lending. – But even a permanent employment contract does not offer a credit guarantee. For example, if the employer were a temporary employment agency, many banks would reject the loan application without being checked.

“Hire and fire” in the industry means that the income of temporary workers is considered insecure. The self-employed face a similar problem. Your income is often very high, but it is considered insecure. As a result, the self-employed often do not get credit, while lifetime officials carry the loan offers practically into the house. They cannot be terminated and the income is considered extremely secure.

Garnishment exemption limits – hurdle for regular credit

Garnishment exemption limits - hurdle for regular credit

Loans with 1300 net working income are easily possible if no dependents have to be supported with the income. – Provided there are no other credit rating restrictions, such as a negative credit bureau or high payment obligations. Work income is only protected against attachment up to a net income of USD 1,079.

It would be possible to attach 158.47 USD per month. This results in the first rule of thumb, installment payments in the amount of the attachability, in this case just under 160 USD, are considered safe. In this case, however, cell phone contracts, savings contracts or other long-term payment obligations such as old-age provision would have to be considered. The amount that remains after their payment would be the maximum rate.

However, if two people had to live on an income of 1300 USD, finding a loan would be more difficult. In this case, the income would be attachable up to 1479.99 USD. The loan search would therefore have to be limited to loan offers that are also granted below the pledge limit. A loan with guarantor to secure the loan would also be conceivable.

Loan despite being unassociable

Loan despite being unassociable

Our example for banks is not generally binding. For example, Best Lender offers the installment loan from a net income of 600 USD per month. With even less income, the house bank could grant overdraft facilities or apply for a “real” credit card. It is easy for anyone to decide for themselves which rate level is compatible with income so that there are no bottlenecks.

Spending about 10 percent of net income on repayments is usually easy for the household budget. With a loan of 1300 net, it would be around 130 USD per month for current payment obligations that are not part of the “normal” cost of living. (Ordinary living expenses would be rent, water, electricity, food, …).

Serious credit – tailor-made offers

Serious credit - tailor-made offers

Small income loan searches don’t have to go from bank to bank or from broker to broker. If the overdraft facility is exhausted, but a larger bill still needs to be paid urgently, a quick loan can come from Good Bank, for example. A microcredit with a maximum term of 90 days can be approved from a monthly income of $ 500 or more. (Payment for real-time customers possible in real time).

If an installment loan is to be applied for, two reputable and at the same time convenient financing options open up. Installment credit for purchase can come directly from the seller of the goods, despite very low income. Department store loans are said to promote sales, so income claims are very moderate.

We recommend that you use the loan application via Best Lender to make free use of the installment loan. Best Lender has been providing credit from private to private for years. At the same time, the loan could be granted at 1300 net from a credit institution connected to Best Lender.