Those who become unemployed have to make do with considerably less money, which is why a financial bottleneck occurs relatively quickly. A loan is extremely practical, especially at the beginning of unemployment, as it provides greater financial flexibility. However, it is not that easy to get a loan despite unemployment benefit.
For most banks, the risk of granting a loan to the unemployed is too high. However, if you approach the search for an unemployment loan in a targeted and professional manner, you have a good chance of getting the loan you need. It is particularly important not to fall for dubious offers from credit intermediaries.
Unemployment benefit does not count as income
The most important prerequisite for the loan to be approved is a sufficiently high income. After deducting the liabilities and expenses, enough money must still be available to pay the monthly installments. The problem with an unemployment loan is that the payments made by the job center are counted as social benefits and not as income. In addition, unemployment benefit is only granted for a period of 12 months. Subsequently, unemployed people must apply for reform. For this reason, lending to a bank is usually excluded even if the unemployment benefit is relatively high.
Increase opportunities through spouse or guarantor
If unemployment benefit is the only source of income, the credit rating must be increased in another way. You can apply for the unemployment loan together with your spouse, for example. Provided that the latter has a permanent job with a sufficiently high income, there is usually nothing to prevent lending. It is also important to have a “clean private credit checker” without negative entries.
This applies even if another person vouches for the unemployed borrower. If the borrower can no longer pay the monthly installments, the guarantor must pay for the outstanding loan amount. In contrast to unemployment benefit, investment income from renting and leasing is counted as income. Anyone who owns a property can therefore also get a loan despite unemployment benefit.