Having a child requires considerable material costs. Everything from diapers to decorating a child's room costs money.
So sometimes you have to look for borrowed funds. Is it possible to take out a loan while on maternity leave? We'll talk about this later in the article.
The existing lending system is aimed at meeting the needs of each person and allows you to apply for a loan using a simplified scheme.
The key requirements for potential borrowers are:
- citizenship of the Russian Federation;
- permanent registration;
- employment;
- stable income.
And if there are practically no problems with the first two requirements, then the last two turn out to be almost impossible for most mothers on maternity leave.
After all, maternity leave requires staying at home, employment is temporarily suspended, and the income of most of them is limited to child benefits.
The woman has nothing to prove her income. At the same time, banks do not pay attention to past income, even if it was very decent. Only the current status is taken into account.
All the facts indicate that maternity leave is not the best time to apply for a loan. It’s good if the borrower is a working husband or parents.
But there are a number of circumstances under which a woman on maternity leave is forced to take out a loan for herself, for example:
Situations are different, so this question is very sensitive. In all of the above cases, getting a loan for a woman is quite problematic, but not hopeless.
Is it possible to get a loan while on maternity leave?
Women on maternity leave can still apply for a loan. Similar situations are provided for by the financial products available on the banking market. In addition, banks are interested in regular customers.
A woman on maternity leave is a promising client. A mortgage, an education loan, a contribution for the benefit of a child - and this is not a complete list of services that a mother can use in the future.
It should be noted right away that many banks are speculating on this issue, for example, increasing loan interest, offering expensive insurance and additional payments.
All this is a payment for the risks that a bank is forced to take when lending to a woman on maternity leave.
In order for banks to approve a maternity leaver’s loan application, you need to convince them of your creditworthiness. How to do it?
The easiest way to get a loan is at the beginning and end of maternity leave.
If this is the very beginning, then you can still officially confirm your income for the last months. True, in this case you will have to keep silent about the upcoming maternity leave. So seize the moment!
The likelihood of loan approval increases if there are 2-3 weeks left until the end of maternity leave, and the job is registered with you. In this case, you need to convince the bank employees that you are not going to quit.
It’s even easier to get a loan before going on maternity leave by applying for a credit card in advance.
You can store money on the card for a long time, using the funds during maternity leave.
The loan amount and its cost directly depend on the number of documents provided.
Thus, a passport and a compulsory medical insurance policy will make it possible to take out a loan only at the maximum interest rate and only up to 100,000 rubles.
Each additional document (PTS, VHI policies, CASCO insurance, certificate of ownership, etc.) increases the loan amount and reduces the interest rate.
A woman on maternity leave may need money for various things, according to which different types of loans can be issued, for example:
All these types of loans have their own characteristics.
Commodity loan
If we are talking about buying a product on credit, for example, a refrigerator or washing machine, then you can arrange it directly in the store.
This is done quite quickly on the basis of 2 documents and without in-depth checks of the applicant’s solvency.
And if the maternity leaver makes an advance payment to the cashier, then there should be no problems at all. The only disadvantage of such a loan is a larger overpayment than with standard lending.
To apply for a credit card, a passport will be enough.
And if, in addition, the maternity leaver is a regular client of a certain bank, then there will be no difficulties at all.
A simpler way to borrow money while on maternity leave is with bank cards with a limit.
True, the lack of proof of earnings significantly limits the loan amount available using “plastic”, but it may be enough for urgent needs.
Main features of credit cards:
- Grace period;
- limited funds limit;
- increased percentage.
Despite the increased interest rate compared to classic loans, plastic cards allow you to use an affordable credit limit, during which no interest is charged at all.
As a rule, the credit limit is 50-60 days, which is very convenient.
Car loan
Some time ago, a woman on maternity leave could not even think about taking out a car loan. But today the situation has changed dramatically due to the fierce competition that has arisen in the car lending market.
Banks and car dealerships have developed a number of joint programs that do not require mandatory proof of income from the borrower.
For example, Sberbank offers a car loan without a certificate of earnings when you make at least 30% of the down payment.
At the same time, the absence of a certificate of income does not affect the interest rate, since its value depends on the loan currency, term and type of car (new or used).
In this case, the bank risks little, since the car remains pledged until the loan is repaid. In addition, the borrower purchases insurance.
The only negative: a car loan will be quite expensive.
Many banks provide consumer lending services to expecting mothers on maternity leave.
The only restrictions in this case will be:
- high interest rate;
- short term borrowing;
- small loan amount.
Lack of proof of income for a maternity leave will provoke an increase in the interest rate and a reduction in the loan term.
Alas, any bank mortgage still requires mandatory proof of income. Banks have tightened their requirements for housing borrowers, so a young mother on maternity leave is unlikely to be able to get a mortgage.
However, there are a number of loan products that allow families with small children to take advantage of benefits and subsidies. True, young mothers will have to involve several guarantors and co-borrowers for a mortgage loan.
What benefits can a borrower on maternity leave count on when applying for a mortgage? Let's consider them further:
To receive an express loan, it is enough to present only 2 documents proving the identity of the borrower.
In addition to your passport, you can provide:
- driver's license;
- military ID;
- international passport;
- pension or insurance certificate.
Fast lending programs allow mothers to take out a loan in literally 1 hour directly from the bank or right at home by filling out an online application.
Business loan
Let’s say right away that banks are very reluctant to lend to start-up entrepreneurs and are unlikely to give loans to women on maternity leave. However, you can try.
For example, Sberbank has a special loan program for the acquisition of a franchise business with very favorable conditions.
And if you can’t get a business loan from Sberbank, then we advise you to look for financing in venture and municipal funds to support small businesses.
The most extreme option is to apply for a loan from non-bank organizations or private individuals.
It can be:
- pawnshops;
- private investors.
The urgent need for money forces young mothers on maternity leave to apply for a loan from microfinance organizations that issue loans only with a passport.
It’s easy to get finance here, but it’s worth remembering the conditions that the borrower will have to fulfill:
- The amount of funds is no more than 30,000 rubles.
- Duration of use – 1-3 months.
- The interest rate is huge, can reach 500-700% per annum.
- Fines and sanctions for late payments are 2% per day.
Many large financial institutions offer acceptable conditions for issuing borrowed funds at low interest rates. Where should a woman go on maternity leave?
Here are just a few names of banking organizations:
Of course, a woman on maternity leave will have to spend a lot of time searching for “her” lender. However, at least one of the above banks will have a program that is suitable for this category of borrowers.
So, getting a loan for a woman on maternity leave is difficult, but quite possible. However, in this case, it is necessary to provide the bank with additional guarantees for the return of funds (co-borrowers, collateral, etc.).
In this case, the choice of banking products will be limited, and interest rates will be increased. But there is still a choice.
Having a child comes with increased expenses. The family's own resources are not always enough. on maternity leave is also quite problematic. Banks are reluctant to provide loans to young mothers. Let's try to figure out how to get out of a difficult situation.
Will they give me a loan?
Is it possible to take out a loan while on maternity leave? Expectant mothers often ask similar questions. According to the law, a woman on maternity leave is no different from other borrowers. In practice, it becomes more difficult to confirm solvency. The amount of maternity payments is less than wages. The unpredictability of the situation makes matters worse. The guarantee that a woman will return to the same position with the same income is not one hundred percent.
When making a decision, the bank takes into account the current financial situation of the client. Having a child increases monthly expenses. Therefore, maternity leave can be problematic. However, there is a chance that the application will be approved. Competition in the financial market forces companies to meet their customers halfway.
Recipient requirements
If a woman decides to take out a loan while on maternity leave, she must meet the standard requirements of the financial institution. Cooperation is carried out only with citizens of the Russian Federation aged 21 to 65 years. Additionally required:
- presence of registration in the region where the bank operates;
- total work experience of at least 1 year;
- Minimum 3 months of work experience at last place of work.
Some banks have additional requirements. For example, women raising a child older than 6 months can get a car loan.
Required documents
To take out a loan, a potential borrower needs to prepare the appropriate package of documents. The list of papers depends on the type of loan. Typically banks require:
- passport;
- income certificate;
- document confirming official employment;
- SNILS.
Some banks can provide a loan during maternity leave based on two documents. However, the terms of the loan will be stricter.
Available offers
The conditions for providing money and requirements for the client may vary depending on the selected offer. To assess the chances of your application being approved, you need to familiarize yourself with the features of the tariff plans.
Credit card
One way to take out a loan while on maternity leave is to apply for a loan. Banks willingly provide such a service. The chance of receiving money will be higher than when applying for a personal loan. The credit card is provided under the following conditions:
- the interest rate is 25–50%;
- grace period – 50–60 days;
- the amount of the monthly contribution depends on the client’s wishes;
- the minimum payment amount is 5–8% of the amount of debt plus interest;
- return period – during the entire validity period of the card;
- service fee from 500 rub. in year.
Contacting an MFO
You can take out a loan while on maternity leave from a microfinance organization. Microfinance organizations are distinguished by their loyal attitude towards potential clients. 70–95% of received applications are approved. The company operates primarily via the Internet. Money is credited to the card. A decision on the application is made automatically in 5–30 minutes. You can contact the MFO 24 hours a day. This will not affect the speed of decision making.
You can use the offer if you have a damaged credit history or an urgent need for money. Such loans are issued at 1–2% per day. The annual overpayment can reach up to 730%. The maximum credit limit usually does not exceed 30,000 rubles. The money will be returned within 7 to 30 days.
A number of companies are ready to increase the limit to 100,000 rubles, and the return period to 1 year. But such organizations are not often found on the market. Using the services of microfinance organizations in the long term is unprofitable.
Consumer loan
Where can I get a loan while on maternity leave?
Today there are a number of offers on the financial market that allow you to obtain a bank loan. You can take out a loan during maternity leave from the following banks:
- SKB bank. The company is ready to issue a consumer loan at a rate of 27.1% per annum.
- Tinkoff Bank. The company can issue a credit card with a limit of up to 350,000 rubles. The overpayment amount will be 24.9%. There is a grace period for the first 50 days.
- UBRR. You can take out a cash loan from the institution. The offer has a floating interest rate. For the first 6 months, the overpayment amount is 63% per annum. Over the next six months, the figure drops to 22%. For the final 6 months, the debt will have to be repaid with an overpayment of 13%.
- Uralsib. You can take out a mortgage from an organization. To use the service, you need to make an advance payment of 40% of the cost of housing. Refunds are carried out at a rate of 11.5%.
- Citibank. The company is ready to issue a credit card with a limit of 300,000 rubles. at 18% per annum. The duration of the grace period is 50 days.
How to increase your chances of approval
You can increase your chances of getting a loan by:
- Do not report maternity leave. Banks check the information and call the client’s work. A woman can ask her colleagues not to talk about maternity leave. However, not all organizations agree to accommodate the employee. Accidental discovery of hidden information by bank employees will result in the application being rejected.
- Providing a guarantee. If a woman wants to take out a loan while on maternity leave, she can be honest about her situation. Additionally, it is worth listing alternative sources of income and property available in the property. There is no need to count on a large amount. The maximum limit will be 100,000–150,000 rubles.
- You must submit your application at a convenient time. At the beginning of maternity leave, a woman can still confirm the amount of her income. At the end of the period, the chance of approval of the application is also high. At the end of the term, the woman can confirm that she does not intend to change jobs, and dismissal is not expected in the near future.
- Submit an application to an organization that pays wages using a plastic card. Institutions are loyal to this category of borrowers. However, large loans may require a guarantor.
- Give consent if money is lent at a high interest rate. The chance of favorable conditions during maternity leave is low. If a purchase or other event can wait, it is better to postpone the loan for another period.
If you couldn’t take out a loan during maternity leave, you can get a loan for your husband or relatives. If they have sufficient income, the chance of their application being approved will increase.
Maternity leave is a wonderful time, however, you always need more money for a child than you actually have. It’s good if the spouse alone can provide financial well-being and prosperity. And if not? If temporary serious financial difficulties have arisen, which can be solved, for example, only through borrowed money?
Is it possible to get a loan while on maternity leave? The answer is yes. Another thing is that when receiving different types of loans, their own nuances will arise. Let's look at all the options in this material.
Personal loan, credit card or cash loan
I think getting a consumer loan, that is, a loan to buy something in a store, will not be a problem. The main thing is not to specifically advertise this moment when preparing documents for a loan and that’s all. Typically, the decision to provide store credit is made within a few minutes. Exactly the same as when issuing an express loan in cash or for a small amount at a bank branch.
By promoting such loan products to the market, banks rely on the speed of processing and issuing a loan; accordingly, the requirements for both the package of documents and the documents themselves are reduced to a minimum.
Accordingly, the easiest way to take out a loan while on maternity leave is in a store or at a bank under an express loan program. There is a possibility that where a decision is made in a few minutes, they will not pay attention to your “special situation” at all, and they will not have time to check it in such a short time.
Cash loan for a large amount
But what to do if you need a loan for a large amount? It is clear that banks do not offer special loans for those who are “sitting” on maternity leave, the logic is very simple - since they are “sitting” at home, then their monthly income is small, how will they pay off the loan?
Basically, there are two options to take out a loan while on maternity leave.
Firstly, you can “hide” from the bank that you are on maternity leave. But then you need to make an agreement at work so that if the bank’s security service calls and double-checks your employment, they confirm at work that you are really working and not babysitting.
Not a very good option, I must say. The fraud may be revealed, and then you will end up on special lists of unreliable borrowers who provide false information when filling out loan applications. And with such an entry in the databases, you can completely lose the opportunity to take out a loan from a bank; security services exchange such databases quite quickly.
Secondly, you can honestly warn about the maternity leave if the bank asks directly. In this case, you need to prepare answers to questions like “what income will you use to repay the loan,” and provide the necessary documents confirming the availability of sources of income, savings, property, etc.
To be honest, it is unlikely that you will be able to receive a large amount (more than 100,000 rubles) in cash while on maternity leave. Unfortunately, it is difficult for a woman on maternity leave to get a loan for such socially important purposes as treatment of a child (or mother), educational services, etc.
The most realistic option for taking out a loan while on maternity leave is to apply for a loan for yourself while simultaneously obtaining a guarantee from your spouse, relative or friend. Here, of course, the banker will have a logical question: why shouldn’t a spouse or relative apply for a loan directly to themselves? But this question can be answered simply: “it’s convenient for us.”
Mortgage
As for, on the one hand, under such a program it is easier to take out a loan on maternity leave due to the fact that the bank receives good reliable collateral in the form of purchased real estate or real estate already owned by the borrower as collateral. On the other hand, the bank will still have questions regarding your solvency.
Therefore, even when obtaining a mortgage loan, it is desirable to have co-borrowers or guarantors.
By the way, as part of special lending programs for young families, some banks give financial and documentary “indulgences” to young families (and even credit holidays are provided at the birth of a child), as well as to families with one parent.
Car loan
With a car loan, the situation is basically the same as with a mortgage; the bank receives reliable collateral in the form of a car. However, here there is also the question of whether they will give you a loan on maternity leave; doubts about your solvency remain. So with a car loan, it is desirable to have guarantors or co-borrowers.
Loan to start your own business
Once again, banks do not have special programs for those on maternity leave; you can try to get standard bank loans, in the hope that the bank will not pay attention to this when making a decision.
We previously wrote on Occupy.ru that banks are extremely reluctant to lend to start-up entrepreneurs. Although the same Sberbank has a special one. The terms of the loan there are very friendly, the main thing is that the franchisee company is ready to cooperate with you. Well, the franchisee will definitely not pay attention to such issues as maternity leave; the commercial aspects of your future activities are more important to them.
In other banks, most likely, they will not give you a targeted loan for starting a business when they find out that you are on maternity leave. If you can’t get a business loan from Sberbank, it’s better to look for financing from venture funds and municipal funds for supporting small businesses.
Women on maternity leave belong to a special category of citizens. On the one hand, motherhood gives them more serious social protection from the state and the right to receive benefits.
On the other hand, the possibilities of a young or expectant mother to provide herself with money are reduced to almost zero.
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Banks are reluctant to work with such clients, since a woman on maternity leave does not have independent income. What to do in this situation?
General provisions
You may need money not only for clothes or a stroller, that is, for current needs. In some cases, parents may be concerned about purchasing or improving living conditions.
In any case, a woman on maternity leave has only one option for quickly obtaining the required amount - a bank loan.
Another thing is that, in fact, a young mother has one source - child care. Is this enough to get the approval of a loan specialist - this is the question that worries a maternity mother.
The good news is that it is not in the bank’s interests to refuse a loan. However, there will be many more nuances than when issuing a loan to a woman.
What it is
Maternity leave is a fairly broad concept. This period is divided into at least three parts:
During maternity leave, the only source of income will be a benefit paid by the state. Its size depends on the amount the woman received before going on maternity leave.
A loan taken from a bank is a cash loan, which can be consumer or targeted, that is, taken under a specific program to make a clearly defined purchase (for example, a car or purchase).
If the mother of a newborn does not have the opportunity or time to save up money to make a purchase, she can contact the bank with a request to receive a particular amount.
To receive a targeted loan, the bank must be provided with relevant supporting documents.
To obtain a regular consumer loan, money return guarantees are sufficient.
The service of issuing a loan is not free of charge - the bank makes money from this. Therefore, a financial institution primarily seeks to minimize its risks of non-repayment of issued funds.
It is this point that complicates the issuance of loans to women on maternity leave. Child benefit is not income, but a social benefit.
Parents should spend it only to provide for the needs of the child. It is not entirely legal to repay a loan at the expense of social welfare.
Citizens who do not have a regular source of income are not considered priority clients. It doesn’t matter that before going on maternity leave the young mother earned good money.
At the time of applying for a loan, she does not receive a salary, which means there is no guarantee of money back.
Who falls under the category
Thus, the solvency of the young mother is in question. The bank’s risks in this case increase significantly compared to solvent, employed citizens.
Therefore, it is much easier to get a loan for a working husband or a woman who has given birth than for herself.
Where to contact
Where can I get borrowed money? To get a loan, you can contact any financial institution in the city.
It is mandatory to involve guarantors and co-borrowers. This is one of the requirements that the bank sets to reduce its own financial risks.
If a woman is on maternity leave, you can take advantage of the following preferential options to improve your living conditions:
| Indicators | Description |
| Login to the “Young Family” program | under which, at the birth of a child, a deferment on the loan is provided for the duration of maternity leave, as well as reduced interest rates when applying for a targeted loan |
| At the birth of a second child | the family can use it to pay off the principal debt or as a down payment on the purchase of a home |
| Single women with official status as single mothers | can try to become participants in the Affordable Housing for Young People program if they are under 35 years of age. A mother on maternity leave can receive a subsidy from the state in the amount of 40 percent of the cost of social housing when purchasing it with a mortgage |
There are other options, which may vary depending on the region and the specific bank.
If a mother on maternity leave plans to get a mortgage loan, she should contact the credit departments of those banks that operate in her city and get expert advice.
It is unlikely that a woman will be able to get a mortgage loan on her own, but with the involvement of co-borrowers and if there are additional sources of income, this is a valid option.
Existing alternative
If a bank refuses to issue a consumer loan to a young mother, she has alternative options:
The decision to use alternative options should be made as a last resort, when all opportunities to obtain official approval from the bank have been exhausted.
Registration procedure
To apply for a consumer loan, a woman on maternity leave needs to go through the standard procedure. It is provided for all categories of borrowers and differs according to the purpose of the loan.
What does the procedure for obtaining a consumer loan include:
If the bank does not see anything dangerous in providing the client with the required amount of money, after approving the application, all that remains is to receive the money on the card or in cash through the bank operator.
The procedure is not difficult for a young mother.
Required documents
To confirm your identity, sometimes to receive a small amount without cash (for example, in a store when purchasing a product), just two documents are enough:
Moreover, often a loan is provided only on the main passport. This is an ideal option in which the bank does not require confirmation of the applicant’s solvency.
The only thing that may be needed to provide a loan is the telephone number of colleagues to establish the official place of employment or relatives for additional guarantee.
If we are talking about a larger amount of money in cash, then you will have to either prove solvency or present evidence that the young mother has additional sources of income, savings or liquid property:
Deadlines
Banks issue loans to young mothers at very high interest rates. Depending on the term and amount, they can reach 50 or even 70 percent, which is a very high figure.
If the loan amount is small, and the bank is not interested in confirming the financial wealth of the young mother, she can count on at least a 20 percent overpayment.
The term for which the loan is issued ranges from several months to five years. As a rule, the amount is divided into 12-24 months if we are talking about a standard credit line on a bank card.
Video: is it worth taking a loan?
Main nuances
The easiest option in which an officially employed woman can get a bank loan without any problems is to submit an application a few weeks before going on maternity leave.
During this period, it is possible to confirm income, which will suit the bank, reduce the interest rate and ensure a positive decision on the issue. It is not at all necessary to inform the bank that a woman will soon become a mother.
What else can you do:
Another question is how to pay a loan while on maternity leave. If the amount was taken before going on maternity leave, you can re-read the terms of the contract.
They may contain a footnote about deferred payment. If it is not there, then you can contact the bank with a request to revise the payment terms and grant a deferment for six months.
What is regulated
The issuance of consumer loans is regulated by Federal Law:
The issuance of mortgage loans is regulated by Federal Law:
| Number | Description |
A woman on maternity leave does not belong to the category of borrowers who can easily get a loan. While on maternity leave, situations often arise that are difficult to resolve using current income. The birth of a child brings with it many new expenses that cannot always be foreseen in advance. In addition, it is after the birth of a child that the question of improving living conditions or buying a car often arises in families. Today there are plenty of different offers on the credit services market. A young mother will most likely be able to get a small loan, the only question is the price of such a loan. But with a mortgage or car loan, the issue is more complicated.
Credit card
One of the available options for obtaining a loan during maternity leave is a credit card. It can be taken from almost any bank. To confirm income, you must provide a certificate of social benefits. If a woman approaches the bank for the first time and does not have a positive credit history, the size of the available limit on the card will most likely be minimal.
The amount may be higher if you worry about getting a card in advance, before going on maternity leave. The card is usually issued for a period of two years. Thus, you can get a loan based on your salary and continue to use it while on maternity leave.
But if, nevertheless, the question of the need for borrowed funds has arisen when there is no other official income other than benefits, then you can go in several ways:
- The easiest way is to apply for a credit card at the bank where the card was issued to receive payments. In this case, debt repayment can be carried out by automatic debiting from a personal card.
- It is also easier to get a credit card if a woman is already a bank customer, especially if she has deposits with it.
- After several months of active use of the credit card and timely repayment of debt, contact the bank with a request to increase the limit.
There are banks that do not require official proof of income to issue a credit card. It is possible not to specify that the woman is on maternity leave. But if the bank finds out this information, there is a high probability that the card will be refused.
Currently there are many microfinance organizations operating in the lending market that are ready to issue loans to all clients who apply to them, with rare exceptions. Women who are on maternity leave are an attractive segment for microfinance organizations.
You can get a loan from such an organization without even leaving your home, simply by filling out an application online. In the place of work column, you can simply indicate your last place of work, without specifying maternity leave. Funds can be received, for example, on a personal card.
But despite all their attractiveness, such loans also have a significant disadvantage. This is a high interest rate and additional fees. Therefore, it makes sense to contact an MFO when you need money urgently and for a short period of time.
Mortgage
Mortgage is one of the areas of lending where the bank carefully checks the borrower and calculates the risks of non-repayment. Therefore, it is almost impossible for a woman on maternity leave to take out a loan to purchase housing. In this case, you can get a mortgage for your husband, but only if the bank decides that his income is sufficient to support his non-working wife, child and pay monthly payments.
One of the options for obtaining a mortgage during maternity leave is to use maternity capital. Having a certificate will help reduce the family's expenses from personal savings for the down payment. This will make it possible to take out a smaller loan amount and, accordingly, reduce the burden on the family budget. The husband and wife can be co-borrowers.
Car loans
The question of buying a car from a woman often arises during maternity leave. The reason for this is that it is much easier to make necessary trips with a child if you have personal transport. Even if the family has a car, the question may arise about buying another one or purchasing a more “family” vehicle. It is possible to take out a loan to purchase a car for a woman on maternity leave, but this will be accompanied by some difficulties:
- If the potential borrower cannot provide proof of income, then the down payment amount will be no less than 30%.
- The interest rate on a car loan without proof of income will be higher than the market average.
- A car loan itself carries many costs, for example, the amount of insurance can reach 5-8% of the cost of the car. In such a situation, it is difficult to make a large down payment.
Thus, for a woman on maternity leave, there are not many options for obtaining a loan. It is worth looking for a lender only when there is no way to resolve the financial issue on your own, and there is no possibility of getting a loan for one of your working relatives.