In terms of income, people who have been out of work for a longer period of time only have the social allowance paid to them by the state. However, this does not represent income in the sense of the general credit conditions, which is why it is very difficult for the unemployed to get help in the form of a loan in the event of financial problems. Especially since the monthly social allowance is often just enough to maintain your livelihood.
Loan offer via the house bank
In this case, a loan offer via the house bank is omitted directly. Credit providers on the Internet nevertheless offer corresponding financing offers that are also suitable for the unemployed. Loans for the unemployed or unemployment loans can also be used to get new liquid funds for people without a job. The mediated loans can also be processed without Schufa, which is especially important for the unemployed and their creditworthiness.
But how is it possible to get a loan as an unemployed person?
In contrast to the house bank, where the customer’s solvency counts, it is the case with a loan for the unemployed that the loan collateral must be provided in the form of guarantees, real estate or by a co-applicant. The creditworthiness can also be achieved if a co-applicant (spouse, relatives, etc.) has sufficient income. It is important for the unemployed borrower but that one should not take out a loan at any cost, even if one is currently in a financially explosive situation.
Because a loan has to be repaid in the long term, which means that the monthly installments have to be paid over this time and your own income has to withstand this burden permanently. If you are sure you want to apply for a loan for the unemployed, you should first compare some offers and only then decide on the suitable offer with the best conditions. In the case of unemployment, also make sure that some insurance contracts waive the contributions during the period of unemployment.