Credit with a single salary: under what conditions?
When you need to take out a loan with a single salary, it is legitimate to ask yourself the conditions for obtaining your credit, as well as the associated rates. From consumer credit to home loan, we will therefore review the main conditions for applying for a loan with a single salary.
Credit with one salary: consumer loan
Consumer credit includes auto credit, personal loan, work credit and even the repurchase of credits. Getting this type of credit with one income is entirely possible. The conditions to be fulfilled to have chances of obtaining a CDI (or self-employed) credit with a single salary are:
- Have total income of more than $ 1,200 (including aid, pensions, etc.)
- Being a tenant, owner or owner of the property
- Don’t already have too many other credits
- Do not have too high a debt ratio
In this case, it is generally possible to obtain a credit with a single salary. Knowing that it is always easier to get a small loan (less than 5000 $) than an excessive amount, especially if you ask for a loan with a small income. When one earns a lot of money, these questions arise much less when one needs a loan with a single salary.
Anyway, to have a clear heart, it is best to apply for credit online. In fact, most organizations have set up systems that allow an initial response in principle to be obtained as soon as a detailed questionnaire is entered on the internet.
Moreover, to allow our customers to know which financial organization is ready to give an agreement in principle to their file, we have connected our own credit questionnaire to all the largest loan companies. So everyone can know which organization is ready to grant them a consumer loan and at what rate.
The other big advantage of getting a first response in principle to this request for credit with a single salary is that it is not engaging. Indeed, at this stage of the request, it must be understood that the client is absolutely not engaged. The credit company will send a proposal in the form of a credit agreement by mail (sometimes by email too). The request will not be official until the customer returns the signed contract, accompanied by supporting documents.
Credit with a single salary: supporting documents
When you apply for a loan with only one salary, the credit documents to be provided are the same as for any other loan application. On the other hand, if you declared income linked to a salary on the one hand and others linked to aids or a pension on the other hand, you will need to be able to provide supporting documents for these, such as a statement of CAF.
One salary loan: main cases
Single parent home
This is the most common case of applications for credit with a single salary. Regarding single-parent homes, there is nothing to add to everything we have already indicated.
Couple on one salary
If you are in a relationship and there is only one salary, the other income is still to be declared. The request for credit with a single salary will be supplemented by the potential benefits received by the other spouse and to be declared in the boxes provided for this purpose. Of course, it will have to be justified.
Couple with two salaries but credit without spouse
When you want to make a credit with a single salary, it can be for a single-parent reason but also simply because you want to apply for a credit without your spouse. Either way, it doesn’t make much difference from a credit standpoint. What can change is that certain organizations will in any case take into account the spouse’s income in the event of civil union or marriage, considering solidarity between spouses, article 220 of the civil code, “by default”.
One salary loan: mortgage
There are not really any additional rules specific to home loans compared to what we have just seen for consumer credit.
Indeed, mortgage credit certainly requires further study but to obtain a credit with a single salary, it will especially be necessary to check the rule of maximum debt around 30%. And in this case, the variable income over time such as indemnities or aid have less value compared to the duration of a mortgage.