How can unemployed people get loans
Loans for the unemployed - you have these reputable options
Can you get a loan despite being unemployed?
Even if you are not currently in a permanent employment contract, important purchases and expenses arise from time to time: maybe your car is on strike, the house needs renovation work or you need a new washing machine. But which bank already gives you a loan for the unemployed, you might be wondering. And can you even take out a loan with Hartz 4? Yes! There are also several serious ways for the unemployed to get short-term loans. It is important, however, that you look very carefully when choosing the provider, the amount of the loan for the unemployed and also the term: There are a number of providers on the Internet who want to take advantage of your professional situation and your financial bottleneck Submit dubious or excessive offers.
What you should definitely consider when considering a loan for the unemployed
Choose an appropriate term and be aware that the longer the loan runs, the more interest costs you will incur. On the other hand, shorter terms mean a higher monthly burden. And even with the cheapest loan, you, the unemployed, will be of no help in the end if you cannot bear the rates. In addition to the term, you should also think about the amount of your unemployment loan: It is best to draw up a household account in advance, in which you list all the costs for your living. The difference between your unemployment benefit or Hartz IV and your cost of living is the amount that you could raise to repay the installment.
And where do you get a loan as an unemployed person? We present the various options below.
Option 1: The unemployed can bring collateral for the loan
I urgently need a loan, but I am unemployed: Of course you can approach your bank this way and first try whether you can get a loan for the unemployed with immediate approval even without collateral. However, you will speed up the application process if you offer the lender one of the following collateral in advance:
Loan despite unemployment thanks to a guarantee
In the case of a loan with a surety, the surety undertakes by signing the contract to pay for your liabilities if, contrary to expectations, you do not pay the bank your installments. He is liable with all his assets, so you are taking a risk. In order to be accepted by the bank as a guarantor, he must prove a very good credit rating.
Do you need a loan for Hartz IV recipients without a guarantor? Then you can also list a partner with equal rights in the loan agreement instead. This could be your spouse or partner, for example. The co-applicant can be used by the bank from the first day - however, you can decide about the payment and use of the loan, just like you. The prerequisite for a co-application is that the person can show their own income as security.
How else can I get a loan without income? In the event of short-term bottlenecks, there is the option of borrowing a policy loan on your life insurance: both insurers and banks can grant you such a loan. The interest rates for this are usually cheaper than with an installment loan. In addition, as a rule, SCHUFA information is not provided. If it is a longer bottleneck, it is still more worthwhile to think about selling the insurance.
Collateral such as a car or real estate could also convince the bank of a mini loan for the unemployed - but experience has shown that this only works if you can show income above the seizure limit.
If you can provide collateral, we recommend our installment loan comparison to compare more favorable terms!
Option 2: Loans for the unemployed from private individuals
If you cannot provide the bank with collateral, it is worth trying your luck at a reputable credit exchange: They specialize in private-to-private loans, also known as P2P loans. You will not be able to avoid a credit check with a personal loan for the unemployed. However, the request does not cost anything and makes sense, especially for smaller amounts. You can find it here:to P2P credit
Option 3: Loan from the employment office
The Federal Employment Agency can also grant you a loan with unemployment benefit - but only in particularly urgent cases that are more precisely regulated in Book II of the Social Code. A typical case for an express loan for the unemployed would be, for example, that something needs to be repaired on the house you live in. You may also be forced to put up a rental deposit. Or you just can't pay your heating bills with the best will in the world. Another acceptable reason for an unemployment loan can be if you want to start your own business. Of course, the Federal Employment Agency will first check your loan request. If it is granted to you, however, it has particularly favorable conditions: no interest is charged. And the amount of the monthly installment depends on how much you can be expected to do while you are unemployed.
Option 4: loans from abroad
Even if the term “credit without SCHUFA” is advertised, no reputable bank will grant you a loan in unemployment without you having to deposit appropriate collateral. This applies to German banks as well as to banks abroad. "Loans without SCHUFA" for the unemployed primarily promise loans from Liechtenstein or Switzerland. These institutes actually do not check the SCHUFA score (and if a corresponding loan is taken out in the event of unemployment, there is consequently no SCHUFA entry). Your creditworthiness is checked in another way. For Swiss banks, for example, it is crucial that you provide evidence that you can repay the loan. You also need a permanent place of residence in Germany. What you should also know: Swiss banks also charge higher interest rates for the increased risk. But you might get a loan for the unemployed with negative SCHUFA.
How do I recognize dubious providers of credit for the unemployed?
You should especially be skeptical if a credit broker demands a fee from you before the credit agreement is concluded. Do not do business with such institutions under any circumstances. It should also be a warning to you if you are only granted a loan if you take out a home loan and savings agreement or life insurance in return. Such offers are also considered highly dubious by experts.
You can make inquiries about conditions online at many banks without having to worry about negative SCHUFA entries. As soon as you have received a loan offer and submitted the application to the bank, the bank will check your creditworthiness again. If the binding SCHUFA information does not result in a loan agreement, the rejection will have a negative impact on your score.
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