Pregnancy, parental leave, birth – when is the best time to apply for a loan? Diapers, cradle, changing table: Especially for the first child, expectant parents have to make many purchases.

If your own savings and the support of relatives and friends are not sufficient, you can take out a loan for the baby equipment. However, there are a few things to consider for a loan during or after pregnancy.

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The optimal loan for baby equipment

The optimal loan for baby equipment

The initial equipment for the baby can be very expensive. Especially those who are expecting the first child have to buy a lot of new things.

Many things are available used or can be taken over by friends and relatives. Nevertheless, some expenses are incurred by young parents when the child is born. A loan can help to cover the costs.

A loan for baby equipment is usually a conventional, unrestricted consumer loan. Expectant parents can take out this loan with their house bank or another branch bank, or choose an online loan. Some banks advertise particularly favorable loan terms for young parents. Alternatively, installment loans brokered via special online platforms are available.

What are the requirements?

What are the requirements?

The usual requirements for a consumer loan apply: Anyone applying for a loan must be over 18 years old, usually resident in the country and have a current account.

In order for the loan to be approved, expectant parents must prove their solvency. Banks therefore usually require the last three proof of income and bank statements. The lenders also obtain credit information for the credit check.

When is the best time to apply?

When is the best time to apply?

The baby needs children’s furniture, strollers and clothes from birth. Ideally, parents should apply for the baby equipment loan during pregnancy. If both parents are working, there is also a financial advantage from the early loan application: the bank then uses the entire income to calculate the interest rate-dependent. The higher the household income, the lower the interest.

By the way, lenders are not allowed to ask whether there is pregnancy at the time the loan application is made. Borrowers therefore do not have to state that they are expecting a child unless the bank offers special conditions for a family loan.

If the baby bump is already clearly visible, it can be a little trickier in individual cases to get a cheap loan. Banks sometimes see a higher risk of default in pregnancy because part of the household income is lost. Maternity allowance, parental allowance and child benefit are usually not sufficient to replace the mother’s income completely.

Smaller credit = greater opportunities If it is a loan of a few hundred dollars or a low amount in the thousands, the chances of approval are usually good to very good – as long as the loan amount is realistic in relation to the income situation!

As an alternative, it is advisable to submit the loan application online in the event of advanced pregnancy. Another option is to apply for a personal loan. Private lenders are often less interested in creditworthiness, but support young families out of a social concern.
Consider a reserve! Expectant parents should also consider the loss of income after birth when calculating the credit rates. Not only does the baby lose a salary, there are also new, regular expenses. The monthly credit rate must not exceed your own financial means. Include sufficient reserves to cover unplanned expenses during the credit period.

Can the loan also be applied for during maternity leave?

Can the loan also be applied for during maternity leave?

The lender can use the payroll and bank statements to see if pregnant women are already on maternity leave. The banks are now assuming a greater risk of default, since child and parental allowance can usually only cover the cost of living, but not the credit installments. If a loan is approved at all, then usually with relatively high interest rates. It is therefore advisable to apply for the baby equipment loan before entering maternity leave.

Credit during parental leave

Credit during parental leave

Parental leave follows birth. This usually lasts at least one year, and some mothers or fathers stay at home with the baby even longer. The bank cannot predict when both parents will fully return to work. The lower income during parental leave leads to more expensive loans.
Who should apply for the loan?

If both parents work, it makes sense to apply for the loan together. The lender then takes both incomes into account in the household account, which results in a more favorable credit rating, which in turn leads to lower loan interest rates. If only one parent earns, that person should also apply for the loan . However, some banks generally require proof of income from both partners when lending to couples.

With the help of a co-applicant, a loan can also be secured if maternity leave already exists or the borrowers are on parental leave. A secure, high income of the partner lowers the loan interest. Another option is to look for a guarantor for the loan with a low credit rating, for example your own parents or other relatives. Guarantors with a good credit rating also reduce the risk of default and lead to lower interest rates.

Loan for single parents with low income

Loan for single parents with low income

Lenders assume a particularly high risk of default among single parents with low income. It is correspondingly difficult for single parents to get a loan. A loan is often only granted if a solvent guarantor is found. It is cheaper for single parents to apply for a subsidy or a loan for baby equipment from the social welfare office than a loan from the bank.

If your income is low, there is also a child supplement in addition to child benefit. Those who receive unemployment benefit II receive financial support for the initial baby equipment from the employment agency.