Customers who are in a jobless situation but still want or need to take out a loan are usually challenged at first. Because a regular income, a permanent employment contract as well as a good credit rating and Shakuntala information are usually the basis for obtaining a loan. Basically, for a consumer who is unemployed, an increased loss of payments can be assumed. The increased risk group in customer categorization therefore makes it difficult for the customer to borrow alone.
It is simpler for a customer who obtains a basic security to take out a loan if there is a co-applicant, respectively a guarantor. However, the guarantor or co-applicant should ideally have a regulated attachable basic income . However, another job-seeking co-applicant is not very helpful.
Another alternative to getting a positive credit decision in case of unemployment is to provide collateral . Banks usually accept endowment policies. Because they can be mortgaged by a so-called policy loan in case of doubt. The basic requirement for this, however, is that the possible mortgage lending amount for the loan amount is also sufficient.
In important and, above all, urgent cases, the Federal Employment Agency also awards so-called unemployment loans. These cases are explicitly and extensively named in different places of SGB II . For example, jobseekers who receive a basic insurance can apply for a loan, for example, to pay bills for the heating costs or to carry out urgent repairs to the self-occupied house. Jobseekers can also apply for a loan and receive it as a rule, even if there is a need for something else.
There are various credit exchanges in the German credit market that provide borrowed capital from individuals for private individuals . However, the credit check is done automatically. It is questionable whether a private person lends money to credit applicants whose credit rating is insufficient. For to be feared credit losses would deter a private individual certainly from the award of a personal loan. At least a request is free here compared to credit intermediaries, since no fee is required in advance.
In the case of unemployment loans from abroad, as a rule, the Shakuntala inquiries from the foreign credit institute are canceled. Since the Shakuntala is a purely German product , the omission of the Shakuntala in inquiries at Liechtenstein or Swiss banks is due to it. Reputable banks, however, certainly carry out credit checks of the relevant applicants. Swiss banks, for example, certainly require proof of income, additional collateral, if applicable, a permanent residence as well as the age of majority of the customer, in order to presuppose a legal capacity. In contrast to the foreign capital market, the position of collateral in Germany is generally rated as good, but banks in this country rather assume that the loan amount can be deducted from current income.
Since unemployment benefits can not be seized as a rule, in case of non-payment of installments, this is already a major hurdle in lending in Germany . In addition, other income from lending decisions hardly comes into play, since in case of unemployment, only rental income and interest income are considered in the credit analysis. Swiss banks are obviously more generous in collateral and other income. Higher interest rates, however, also reduce the risk of lending to jobseekers.