There is a chance of getting a jobless loan, but caution is advised: a few reputable loan sharks often take the last penny out of unemployed people with credit scams because they are levying upfront fees that are on the verge of illusion. Nonetheless, serious credit without work is not impossible, from a bank. However, if you have no income, you usually have to provide collateral.
If the borrower acts with a solvent guarantor, the bank usually has nothing against the conclusion of a loan agreement. A common case is that the working man vouches for the wife. A very popular with the lender is the bankruptcy guarantee – In this case, the bank can immediately indemnify against a foreclosure of the principal debtor to the guarantor. This type of guarantee does not require a long legal process, and the guarantor’s obligation is set against the backlog of the principal debtor’s installments.
Even if a home exists, there is a life insurance or about a savings account, a loan for the unemployed is possible. The utilization of savings accounts or shares is associated with little effort and therefore very popular with the banks. However, the amount of money deposited in the savings account should approach the amount of the loan, and interest for a credit year should also be covered.
Land charges are often accepted as collateral, but the loan amount should be 60% of the mortgage lending value. The mortgage lending value is the current market value less a safety deposit for the bank’s exploitation costs.
However, one can not get around the fact that the unemployed have little income – that is why a loan without work should provide low monthly repayment rates.
The future prospects of the unemployed borrower are important to the bank. Because in the end it works with the repayment of a loan without work only when the unemployed debtor tries to get a job.- Otherwise Hartz IV is in the house, and then the repayment of the installments is usually impossible, and the bank attacks the collateral, which then falls away for the borrower. While this residual risk exists for a jobless loan, it must not be forgotten that many problems with returning to work can be solved.