For the granting of a loan, the banks usually require collateral, which also includes a regular monthly income. Applying for a loan can, therefore, be difficult for women who have just had a child and are therefore not employed. A loan in spite of maternity protection is in many cases the best way to get the required amount from the bank.
Get a loan during maternity leave
Even for mothers, some banks offer a loan despite maternity protection, which can be used to make investments or pay due bills. A loan can be a great help, especially for women who are at home because of their newborns. Repairing the washing machine or buying clothes for the child can be expensive, for which there are insufficient funds in the account.
With a loan it is possible to make the expenses and to repay the sum in monthly installments. When approving the loan despite maternity protection, the bank will first examine the individual situation of the mother in order to be able to assess the risks. Mothers who can provide the bank with collateral, such as a building loan contract or a property, have fewer difficulties.
As a rule, the credit institutions also require that a guarantor be included in the loan agreement. If the borrower cannot meet the repayment rates, the guarantor is obliged to do so. For this reason, the guarantor, who is often the partner or family member, must provide evidence of a regular income.
Secure favorable conditions
Small loans with low loan amounts are the best choice for many mothers to get a loan without difficulty despite maternity protection. With larger sums, however, it can take more effort to get a loan. In any case, mothers should compare the offers of the banks, since they offer differently high interest rates. When deciding on a loan, however, it is not only the annual percentage rate that is an important decision criterion.
The monthly charge is also an important factor that should be taken into account. The term of the loan is usually between 12 and 84 months. With large amounts of credit, terms of up to 120 months are also possible. The effective annual interest rate is between 2.9 and 16.9 percent. If a co-applicant with a good credit rating can join the contract, you can benefit from low interest rates.
When deciding on a suitable loan, it should also be agreed that a special repayment is possible without a fee. This makes the loan more flexible and the term can be shortened if necessary. In addition, no costs should be charged by the bank for authorization.