If you have a positive Credit Bureau, a loan for teachers is very easy to obtain, because here a monthly income is also guaranteed. It looks different if the borrowing teacher has already entered one or more existing loans in Credit Bureau. In such a case, the bank may refuse another loan for the teacher despite the good monthly income.
A loan for a teacher with a positive Credit Bureau
Even with good monthly income, as the teachers usually have, you can get into a bottleneck and take out a loan. This can be used, for example, for the purchase of a new vehicle, new furniture or for the next relaxing holiday. If you then have no other loans as a borrower and have entered them in the Credit Bureau, the bank quickly approves a loan here, even to a higher degree.
When borrowing, however, as a borrower you should pay attention to good conditions and not take out the loan from the first bank, such as the house bank. The Internet can be helpful here in the search for good conditions in the area of interest and costs. With good credit offers, it makes sense to have them confirmed in writing and to make an appointment with the house bank with this written offer. Most of these banks then get better terms.
A loan for teachers with negative Credit Bureau at a Cream Bank
Of course, it can always be the case that there are already a few entries in the Credit Bureau, for example because you had to take out credits to teach in order to finance it. Then it may well be that the banks refuse a loan. If you only need a small loan, you can apply to one of the Cream Banks that are not affiliated to the purely German institution Credit Bureau. With regular monthly income, you can get a loan of up to USD 3,500.00.
Get a loan from one or more individuals
If you need a higher loan amount, you can also get this from private investors via one of the credit platforms from private to private. Here the borrower registers with his desired loan amount. He also indicates how high the interest rate is that he will then pay.
Based on this information, private lenders can decide whether they would like to make a deposit of between USD 50.00 and USD 1,000.00 into this loan. So the borrower gets his amount from many different people. The installments are repaid for a fee by the platform operators, who also calculate the pro rata interest for the respective investors.
Another option: credit for teachers with a second applicant or guarantor
If you, as a teacher, still have some debts from your time at university, you can also include a co-applicant for the new loan, for example for a new car, such as your spouse or spouse, if the applicant has a positive credit and has its own income. A guarantee for the desired loan is also possible. This guarantor must also have a regular monthly income and positive Credit Bureau information.