To get a payday loan with 1100 Euro net is not always easy. This is especially true when it comes to larger loan amounts. However, if the private credit information is in order, it should not be a problem to get a loan of 1100 Euro net on the condition that it is a small loan or a loan with a long term and low monthly installments. Another alternative may be a personal loan or a loan from a private credit intermediary.
Requirements for borrowing
No bank or private credit intermediary will lend to a person who does not have sufficient collateral. It is very important that the existing collateral is in good proportion to the amount borrowed. With a salary of 1100 Euro net, it is not possible to make larger monthly repayment installments over a longer period of time.
For this reason, a loan with a net amount of 1100 euros will generally be a loan covering several hundred or several thousand euros. For larger amounts of credit, additional collateral such as a second applicant or a guarantor is required.
If a loan is to be taken out with a German bank or savings bank, a positive or neutral information from private credit is indispensable. This means, in concrete terms, that no negative entries, such as reminder or enforcement orders, an affidavit or a bankruptcy may be present. The more serious the negative characteristics of the private credit, the harder it is to even get a loan in Germany. Only with a private lender or with a loan that comes about a private credit intermediary, the private credit information does not matter. Here only the income and possibly additional collateral counts.
Apply for a payday loan – authorization, disbursement and repayment
If you have found a suitable private or institutional lender, you can submit the loan application. There are usually pre-made forms that you must fill in correctly and send to the lender. You will also need to provide additional documentation such as your current proof of income. If all documents are together, the loan application is decided. This usually does not take long but happens within a few hours or days. Often a loan commitment can be given on the same day.
After the approval, the loan will be transferred with 1100 Euro net in an amount or paid in cash. For a transfer, you must specify a checking account that does not need to be the same bank responsible for lending. With a normal installment or consumer credit, the money is at your free disposal.
A loan of 1100 Euro net must be repaid in monthly installments. When the installment begins, where are the monthly installments and when the term ends, is contractually agreed. The monthly loan installments consist of the repayment amount and the debit interest. They can be different. Important factors in determining the debit interest are the conditions of the bank and the general market interest rate.
A loan with low monthly repayment installments is very important for people who only have a net income of € 1100. So they can easily pay the loan installments and still have enough money to meet all other financial obligations.