As a person without work, it is particularly difficult. It is particularly difficult to get along as an unemployed with the money available. But what do you do when this is not possible? If an acquisition is urgently needed, but for which you have no money? Often it’s small things that come together that you desperately need, but can not afford.
And then, if the bad luck comes to it and a kitchen appliance gives up the ghost, or you suddenly have to spend a larger amount, then you usually have a problem. It is not easy to get hold of a loan without credit entry for the unemployed. German banks generally deny a loan if it is to be granted without credit entry. In addition, the house banks demand a regular income in employment relationships. What options are there if you do not have both?
First of all, the question arises, what is understood under a regular income. In answering this question, one notices that one does not necessarily take a particularly high income, but that often even a small part-time job suffices. Depending on the bank, 350 euros per month is enough to have a regular income and thus to be creditworthy. If you do not have a part-time job, you have the option to name collateral. It does not have to be the chic house with a garden on a large plot. A life insurance, a home savings contract are also collateral on which you can take a mortgage. Furthermore, there is also the possibility to get a loan without credit entry for unemployed, that another person brings along the loan application, which has a fixed income and a positive credit. In this way, a loan can also be granted to an unemployed person.
Another possibility is the naming of a guarantor. The guarantor agrees to pay to the bank outstanding installments of the applicant, if this can no longer pay for the repayment of the loan. Here, however, one should be aware that the guarantor is taking a very high risk. Not only does he have to be fully liable for the loan in the worst case scenario, but taking out a guarantee can also affect one’s own creditworthiness.
As mentioned above, German house banks do not grant a loan without a Schufa statement for the unemployed, since they are deemed to be unworthy of credit if they can not prove any security or a guarantor. What applies to German banks, however, does not apply to foreign direct banks. Many of these banks have specialized in lending to such people. However, interest rates are often significantly higher. Additional costs are also the rule.
As an applicant, you often pay the cost of filing the application, arranging the loan, and insurance to provide the bank with additional collateral. So it is worth comparing. On the Internet you can send individual offers without obligation and compare them with each other. It is important to read the fine print carefully, so that you do not overlook hidden costs and afterwards the credit is much more expensive than expected.