If you want to get a loan without a job, it is usually not easy. Banks and credit institutions generally only grant loans to people with proven solvency. Borrowers should not only be debt free, but should also have a regular monthly income. Banks therefore require borrowers to provide proof of income in addition to the Credit Bureau information.
But unemployed people in particular often find it difficult to make a living from state aid. Especially those who have earned well before can hardly maintain the usual standard. If larger purchases are due, for example because the washing machine or the car breaks down, it is usually not possible without a loan.
Banks require proof of income
Borrowers with no fixed income are at risk for banks and credit institutions. The benefits that are obtained from unemployment benefit or Hartz IV are not attachable. If the borrower does not pay his monthly installments, the banks run the risk of being stuck with the loss. As a result, very few banks and savings banks are willing to grant a loan without a job. Loans without Credit Bureau are only granted to people with regular income. But with good preparation and after carefully checking all offers, it is also possible for unemployed people to obtain an installment loan.
How unemployed people get a loan
The chances of getting a loan without a job increase if there is collateral, such as savings or real estate. If the borrower does not pay, the banks can withhold this security and cover their losses, for example from a foreclosure. Another possibility is to designate a guarantor who guarantees the creditworthiness of the borrower to the bank with his assets. If there are any irregularities in the repayment of the installments, the surety must step in.
Unemployed people who have neither collateral nor a solvent guarantor are not without chances. However, you should exercise caution with credit intermediaries: credit intermediaries often promise cheap loans for the unemployed, but interest rates are usually very high and cannot be borne by many unemployed. Bank customers have good chances of a loan without a job at their house bank. The long-term business relationship is often rewarded with smaller bridging loans.