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Borrowing money when you only receive income from a benefit can be difficult. Imagine also whether it is wise to borrow money. If you can not repay it with just your benefit, then the problems might even get worse. There are always possibilities but think carefully about whether there are no other options.
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In itself, we make no distinction now between what type of benefit you receive. This may include unemployment benefits, invalidity benefits,… It means that a benefit will never be as much as the income from a full-time job. Because banks are commercial institutions, and therefore must be able to make a profit, it will also be difficult to obtain a loan from a financial institution with a benefit.
For a bank, it is important that you can repay your loan. If you are unable to make a timely repayment, a claim may be made on your benefit. This is also possible for employees. A bank will never be able to claim your full payment.
Important: make the calculation yourself.
A benefit is usually not a large amount. When you want to take out a loan with a benefit, you have to take into account that there will be very little left to live on. Is your benefit temporary and you will eventually resume work, that is yet another story even though the bank will have to start from the current situation. You may also want to check whether you have things in your home that you absolutely do not need, but can sell. Such cleaning up can often involve hidden treasures and make the financial debt burden less difficult.
Which loans are possible with a benefit?
In order to obtain a loan from a bank, you must acquire income from work. With smaller loans, the benefits are of course also looked at, but entering into a car loan for the financing of a new car of 15,000 euros will not be possible. The same applies to a mortgage loan for the purchase of a new home.
Small loans (mini-loans)
For the so-called mini-loans, it may not be a problem to obtain a small loan. Usually, you even allow small loans if you are on the blacklist. You can enter into such a mini loan. Remember that some ‘mini-exercises’ can be a relatively expensive form of borrowing, even if the amounts are smaller.
Taking out a mortgage loan with a benefit will be a difficult task, but nothing is impossible. Depending on your situation, it may still be possible to take out a mortgage loan. For example, in principle, it should not be a problem to obtain a loan from the Vlaams Woningfonds with an invalidity allowance if you have a dependent child and you have a partner with an income. It may be the case, for example, that the bank requires that your partner take full responsibility for the debt balance insurance.
Note: No one can demand that a debt balance insurance is taken or that it must be at the same institution. You are free to compare debt balance insurance and choose the most interesting option.
Invalidity is also not a certainty, and banks also know this. If a controlling doctor does not agree and rejects your disability, then there is a chance that you suddenly have no income, which could mean a financial disaster if you have a loan.
Remember that borrowing with a benefit is certainly possible for smaller amounts. PayDay loan online via legit OnePayday.com company can be an ideal first starting point.
Larger loans will be much more difficult to obtain. As a single person, you can even almost say that it is an impossible task. If this is your situation, it is best to start looking around for s