For those who have suddenly become unemployed, it is problematic that current expenses such as rent, utilities, insurance, cars, cell phones and internet costs must of course continue to be paid and, on the other hand, through unemployment, the income by 40% to now 60% (67% with child benefit entitlement) have collapsed to cover these costs. If the unemployment benefit is still sufficient in the first phase, it usually becomes tight at the latest when the transition to unemployment benefit.
What options do I have to get unemployment credit?
Credit from the bank
When you go to a bank or other credit institution to apply for a jobseeker loan, you know that two factors are particularly important. First: is the private credit bureau all right? Second, is there a permanent, permanent contract with an acceptable income? If one of these two factors is not given, it is almost impossible to get a loan. There is no work, so a big negative point.
It is particularly difficult for some groups to obtain a loan, for example the self-employed, students or unemployed. These people represent so-called risk groups for banks. The problem is particularly pronounced for the unemployed, since they do not have a regular income and in most cases it is not foreseeable whether unemployment will persist for a long time. Therefore, hardly any bank will grant a loan to an unemployed person. A loan for unemployed people without private credit bureau information is generally not possible, since foreign lenders do not provide private credit bureau information for such contracts, but still pay attention to the creditworthiness of the applicants. Even small loans for the unemployed cannot be obtained with a negative private credit bureau without a guarantor.
In order to be able to apply for a loan in the event of unemployment (even without private credit bureau), a minimum income of USD 850 should be proven, which is simply not the case for the unemployed. The only way to get a loan is to use a guarantor. Its task is to guarantee the borrower and, if the borrower can no longer service the installments, continue to pay them for him. The guarantor should of course have the appropriate credit rating and a good private credit bureau base score.
Should one take out a loan as an unemployed person at all?
Unemployment is mostly unexpected. Even a permanent employment contract is no guarantee of a lifelong job. Particularly in the construction industry, where there are often too few orders in the winter months, some of the workers often have to be made redundant. But any other company in any industry can experience sudden job cuts and layoffs. The case of the drugstore chain shows that it can hit multimillion-dollar companies and their tens of thousands of employees hard and unexpectedly.
How much credit can I afford as an unemployed person?
The amount of the loan granted to you depends largely on your last income, the remaining duration of the unemployment benefit I paid to you as a job seeker and your living expenses.
The benefit fee is based on your gross income for the past 12 months (capped at a maximum of $ 71,400 west / $ 60,000 east, 2014) minus a flat rate for social insurance of 21%.
The benefit rate is 67% with child benefit entitlement or 60% without child benefit entitlement.
The cost of living is made up of banks from warm rent and a flat-rate household allowance of around $ 700 for the first person plus $ 300 for each additional person. This table with some example values serves for clarification. Since every situation in life is different, you can download this Excel spreadsheet to supplement it with your own financial data.
Loan without private credit bureau for the unemployed?
As already described above, the chances of a loan without private credit bureau for the unemployed are not very good. With a negative private credit bureau, it is very difficult to get one of the coveted urgent or instant loans. In the past, the borrower allowed himself irregularities in some cases, which led to the negative entry at private credit bureau.
There are offers in this area, but they should be checked carefully so as not to fall for black sheep. It becomes dangerous if fees are requested before the money is paid out. At the latest you should do the long search. You can find more information on this in our article on small loans without private credit bureau.