Young families do not have it easy. On the one hand, it is very nice when children enrich your life and you have the opportunity to take care of them. On the other hand, of course, you want to give your children something to look forward to. But a carefree and eventful life costs a lot of money. Young families in particular are feeling the pinch, as they are being squeezed for cash at every turn. Kindergarten, school, clothes and sports club cost a lot of money. This leaves hardly any financial leeway for the other important things in life. Such as for a home, great home furnishings, tech gadgets, a family car, or a great family vacation.
To be able to integrate these things into their lives, many young families have to take out a loan. This is on the one hand up to a certain framework quite also possible. But what to do when a somewhat larger loan is sought for young families?
Are young families good financial partners?
Actually, young families should receive every possible support to give their children and of course themselves a good basis for the start into the future. With the banks and savings banks this pious desire did not arrive however yet really. For they are very often very hesitant when it comes to granting a loan for young families. Often the financial constraints that such a family can have are seen too negatively and used as a rejection for a loan. Very sad, because especially young families are dependent on the money and certainly have little interest in leaving debts at the bank by not paying the loan.
However, there are also various credit variants that can be taken out without much effort. Thus it interests with a consumption credit nobody whether a young family or an older single person takes up the credit. Due to the fact that the consumer loan is earmarked and the financed item is considered collateral, a consumer loan is always granted if the schufa is positive and income of at least 450 euros per month is available.
And installment loans are also feasible whenever the loan amount is not too high and both "heads of families" take out the loan for young families together. If there are problems, a guarantor can be called in who is not directly connected to the young family. Among other things, parents or good family fun.
Take advantage of grants
A credit for young families does not necessarily always have to consist only of 100% financing. Indeed, there are also various subsidy programs or bonus promotions specifically designed for young families that not only make borrowing easier, but also lower the loan amount.
If, for example, a construction loan is to be taken out, the government child bonus can be applied for. This varies depending on the state and place of residence and can be up to 5.000 euros per child. About 800 different subsidy programs are currently available around the purchase of residential property. A lot to dig through at first. Therefore, we recommend asking carefully before taking out a loan for young families and also doing a little research on your own to see what financial relief and grants are offered in the community for young families. For sure this effort will be worth it.
By the way: if the monthly budget of the young family is not too high, it looks admittedly bad with a credit. But in exchange, there are other ways to help ensure that some relief can be provided, financially speaking. For example, the costs of kindergarten, school fees, after-school care fees or even the fees for the sports club can be partially or completely covered by the state. In addition, there are subsidies for food in the appropriate children's facilities and even school trips or the purchase of textbooks can be financially supported. This way, your tight financial budget won't be quite as stretched and you may have a little money left over, which can go toward projects that benefit the entire family.