This is how you get the right loan amount

A current study by the comparison portal CHECK24 gives interesting insights into how different borrowing is depending on the industry and profession. IT workers borrow the highest amounts from the bank, closely followed by bankers and insurance agents. How can these differences be explained?

In times of low interest rates, the classic loan from a bank is still popular as a financing model – especially among employees in the IT, banking and insurance sectors. Because workers who work in these industries also take out the highest loans. This is shown by a current study by the comparison portal CHECK24. With 16,889 euros, IT specialists are at the top. Closely followed by bankers and insurance agents: they borrow an average of 16,779 euros. The ranking is followed by employees from the processing industry and mining with an average of 16,092 euros. The “agriculture, forestry and fisheries” sector brings up the rear with supposedly low sums of 13,128 euros on average. dr Moritz Felde, managing director of loans at the comparison portal CHECK24, explains the differences in borrowing with the monthly income of the respective industry, the job title itself hardly plays a role. “The industry comparison reflects the prevailing earning potential. Employees from the IT industry are in great demand, which enables higher salaries for employees. In this way, higher loan amounts can also be financed,” says the credit expert.

This is how you get the right loan amount

No matter what profession consumers practice, before taking out a loan, they should carefully examine all financing options. A great help for an optimal basis for decision-making offers a Loan Calculator. With this, future borrowers can explore what loan amount is possible for them. After entering the various variables of a loan, you can, for example, calculate the monthly installments for your individual loan scenario. This may only be so high that borrowers can afford the monthly installment. Because the most important principle of credit is the problem-free repayment to the bank. If you don’t yet know exactly how much credit you can get, a detailed budget statement will help. All monthly income and expenses are compared. Consumers can use what is left of the income for a monthly payment. If it turns out that your own budget exceeds the planned loan, you should definitely adjust the parameters such as the desired loan amount and the term of the loan. For married couples, it is also advisable to add the partner as a second borrower. In addition, collateral such as property ownership or life insurance can also have a positive effect on the credit decision.

That’s why income is so important for loans

When lending, banks want to know exactly about the income situation of their lending customers because they want to make sure that they get the money they borrowed back. In order to be able to assess this, you need information about the income situation of the future borrower in addition to age and place of residence.

As an employee, this information is very easy to submit via the payslip for the last two to three months. This proves the level and regularity of income. Future borrowers should be open about their finances and submit the required documents, otherwise it costs time and money. For pensioners, the notices from the pension or pension fund are sufficient in most cases.

The self-employed and freelancers have a harder time lending because they have to prove that they can earn a certain salary over a longer period of time. In addition, income can vary. For this reason, many banks require business evaluations, account statements, income and surplus calculations or a loss and profit calculation for the credit check. The same applies here: pay close attention to what the bank wants and submit these documents carefully.