Unemployed people usually have no chance for an installment loan. Are there any serious loans for the unemployed? Even a loan without Private credit is awarded only if there is sufficient income. One possibility is the small loan for the unemployed, but with which only very little money can be lent. For higher sums you need additional collateral, such as a pledge or guarantor. We have tested the individual options and show how reputable loans for the unemployed are even applied for and whether even a small loan for the unemployed without Private credit is possible.
The serious opportunities for the unemployed:
- Small loan for the unemployed as an alternative
- credit platforms
- Mortgage loan for higher amounts
- Help by a guarantor
What is still to be considered in a small loan for unemployed, you will find in our guide to the topic of small loan for the unemployed.
unemployment benefits and have earned well before, can get much more. But unemployment benefits are usually paid only for a year, except in exceptional cases for up to two. Until then, the loan would have to be paid off so that an unemployed person has any chance of an installment loan.
In addition, there are the banks’ guidelines for responsible lending, to which many banks have voluntarily submitted. The seizure of unemployment benefits does not fit. Because of this, loan applications from the unemployed are almost always rejected.
serious credit intermediaries such as Maxcredit or Creditoloap reject the unemployed mostly as a customer. The often sought small loan unemployed without Private credit information is as unrealistic as a regular installment loan. Because loans without Private credit are usually given by foreign banks that have developed their own procedures for credit check and therefore do not work together with the Private credit. But they also do not give away money to these banks. Customers with a very high risk of default are therefore rejected here as well as with German financial institutions. And that includes unemployed people.
Anyone entering “unemployed” as a profession is therefore usually rejected immediately or referred to a loan platform such as auxmoney. Offers to broker a small loan unemployed for an upfront fee, are dubious. Usually the answer will follow sooner, unfortunately one could not find a loan, the fee is nevertheless not refunded.
For cre loans, unemployed people may also receive a loan without Private credit
Unemployed persons may have a chance in individual cases. With short maturities and small amounts, banks have a better chance of getting their money back.
For example, Fidor Bank’s money emergency call is a small loan for the unemployed without Private credit information. A short check of the creditworthiness also takes place here. In addition, the interest rates are very high, especially at the first emergency call. If you borrow EUR 100.00 for 30 days, you must pay a fee of EUR 6.00. This corresponds to an annual percentage rate of more than 100 percent. This is higher than twelve times the monthly interest rate, because regardless of the actual repayment always compounded interest is calculated.
From the second emergency call, the interest rate drops significantly. Then 199.00 euros will be awarded for 60 days, but the fee is still 6.00 euros. This corresponds to an annual percentage rate of “only” just over 20 percent. Unfortunately, the emergency call is very inflexible. If you only need 100 Euro for 20 days, you still have to borrow 199 Euro for 60 days.
Anyone who pays 6.0 percent interest on 100 per month and neither repays nor pays interest has not only paid 72 euros at the end, but also more than 100 euros interest because of compound interest. His debt has more than doubled then.
Better is therefore the offer of the Berlin. Here you can borrow 100 to 1,000 euros for seven to 30 days. Typically, the term is chosen so that the loan is repaid the day after the salary or benefit receipt.
Not only the annual percentage rate is much lower. Because only as much money is borrowed as you actually need and it is paid off at the earliest possible time, there are no unnecessary interest. However, not everyone gets a loan at Neofunding. If you are rejected, you can still request a credit certificate. Then the creditworthiness of Neofunding will be checked separately. The base valuation is based on the data of Private credit even for small loans for the unemployed.
Flexibility is the strength of Neofunding’s small loan.
If there is a poor result for the second evaluation, the customer does not have to pay anything for the credit check. If he receives a loan now, Neofunding will charge a fee for the certificate. However, it can also be used for later loans or submitted to landlords.
Meanwhile, Neofunding also offers microcredit with longer maturities. Initially, a two-rate option was introduced, followed by a 6-rate option at the end of 2015. The offer is directed only to existing customers. In addition, the maximum sum is also low here. If you need more money, you have to look for alternatives to the small loan for unemployed people through a bank.
The platform auxmoney advertises instead with the slogan “credit despite Private credit”. Because all three companies in cooperation with the Private credit check the creditworthiness. Each customer then receives a credit rating that is also visible to the lenders and according to which the interest rates.
Auxmoney is currently probably the best-known loan platform. Lending for the unemployed are here but hopeless.
The worse the credit rating, the higher the interest must be. Some platforms set the rates, while others allow customers to set them. But in order to find enough financial backers, the debtors have to offer higher interest rates here as well. Because if not enough savers want to give money for a loan, the loan agreement does not materialize.
Basically, the credit check is less standardized here than with a bank, which increases the chance for the unemployed. Especially if they can provide additional collateral or have a convincing purpose. If the credit rating is too bad, however, prospective creditors will not even be admitted to the platforms.
Neofunding, for which a Private credit test is necessary, but which are cheaper. Usually, however, they are also geared to short terms. If you need more money for a longer period of time, you need a pledge or a guarantor. With a guarantor, even a normal installment loan can be accepted. However, it is precisely here that a self-critical examination should take place, whether one can actually carry the debts. Those wishing to use the loan for the unemployed for further education should first of all talk to the Employment Agency, as often such expenses for integration into working life are borne by the Agency. It is therefore not necessary to have a small loan and jobseekers can concentrate fully on their search for a new job.