Credit mother on maternity leave: whether it is possible to take, what pitfalls exist

Loans for mothers on maternity leave

Many banks have now opened credit products for mothers on maternity leave.

Despite the fact that a woman can not be the official income, it will be able to take money from a financial institution. However, it should be ready to present additional guarantees. Some banks require collateral, others need a guarantor. In general, if a woman can give one or the other, it is a hassle formalize a consumer credit in the bank.

Minus: Most likely, the loan will be a significant amount and with significant consequences for non-payment.

If the collateral includes real estate, the bank will be able to pick her up in the event of loan default. Experts do not advise mothers on maternity leave to take such loans if they are not sure of a steady income for years to come.

Credit card

A simplified way to get money, do not need any collateral or guarantors.

The credit card has a limit replenished, ie, the woman should return monthly to a certain sum. Completely close the limit at any time. However, a large amount of mommy in the decree immediately can not count.

Minus: on the loan the bank will withdraw the amount on a monthly basis, adding only the minimum payment, the borrower will not be able to block the bag, respectively, the money will fly away to some interest to the bank.

MFI loan

Microfinance institutions have appeared in Ukraine a few years ago. New product interested many citizens every 5 Ukrainian credited in MFIs. And very few people left on this cooperation positive feedback.

Interest fast loans in MFIs sky-high, and a late just a few days can block, just think, taken the whole amount of the loan!

Minus: Easy to fall into the pit credit, overdue loans collectors are transferred quickly.

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