Instant loans for the unemployed – what to look for? – Guide
In principle, unemployed people can also take out an instant loan, but the conditions are more narrowly defined. It is here to consider the individual case. Of course, a person who has recently become unemployed and does not have any negative Schufa records is naturally more likely to be unemployed with a correspondingly negative note in the Schufa.
The regular income also plays a role, including the amount of unemployment benefit, further available collateral and guarantor, marital status and career prospects.
Credit comparison by the unemployed
If an unemployed person makes a credit comparison, the search for the most favorable interest rates is not expedient. Rather, providers must be found who even grant loans for the unemployed. Classic banks often lock themselves here, but there are alternatives. In addition to credit intermediaries, these can also be P2P portals on which private individuals lend to other individuals. Both variants should be examined a little closer. In an instant loan for the unemployed , you should still perform a comparison of providers. Despite the small selection there are some possibilities.
The credit intermediary
Commercial credit intermediaries ask on behalf of the loan seekers at various banks a request and look for opportunities and terms. The requirement should be that you do this exam for free. Of course you will later receive a commission, which is included in the loan installments, but an upfront payment is strictly discouraged.
This upfront payment – often between 150 to 350 euros – is by no means a guarantee that the credit intermediation is successful. It only obliges the intermediary to take action, ie to start the inquiry with different banks. Even if this is not successful, the fee is earned, it is legally not to shake. Sometimes desperate unemployed people get involved in this upfront fee, and in many cases the money is lost.
However, most credit intermediaries will act free of charge in advance. Your fee will be added to the loan and paid off over the installments.
This system has the following advantages:
-Credit brokers bring along professional know-how.
- They have a network of banks, so there are often up to thirty different possibilities.
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They check the applicant’s creditworthiness and estimate their situation realistically. This may also mean that they advise a lower credit and / or a different method of payment.
You perform the Schufa query once. This point is absolutely essential.
A Schufa query based on a loan application will always lower the Applicant’s Schufa score for ten days. That has to be taken very seriously. For example, those who have a Schufa score of around 95.50 percent (a good credit rating) with a single current loan – such as car financing – only receive a score of around 84 to 86 percent for a loan request for the next 10 days , This reduces its credit rating, in the words of Schufa, the default risk for a loan increases significantly.
This mechanism prevents a person from applying for a loan from several banks at the same time and then indebted themselves, which inevitably leads to defaults. Now, if a credit intermediary performs the Schufa query once and then launches a request for the applicant at many banks, this mechanism is overridden. Therefore, the way through a reputable credit intermediary is very plausible.
P2P portals
There are two well-functioning P2P portals in Germany, smava and auxmoney. P2P, which could also be translated as private-to-private, actually comes from English peer-to-peer (equal-to-equal). By that is meant borrowing and lending equal partners, private borrowers and several private lenders.
This system is organized by banks through the portal, is legally backed by lending legislation, and initially operates under the same rules of the game as any loan application. The prospective borrower starts a request, discloses his financial circumstances and applies for a loan. The portal operators start a Schufa query. However, the following steps are different from the usual course at a bank.
-The applicant describes his project to a community (social network).
- Several lenders are involved in the financing, each with smaller sums. That’s the risk.
-The applicant auctioned his interest, he can adjust it online until the sum is financed. This mechanism comes very close to market conditions, while bank financing involves a computer program and / or a clerk making the loan decision.
In both cases, via credit intermediaries or P2P portals, a loan is best granted for the unemployed and on the fairest terms. It is also fastest. The own bank query could be carried out due to the reduction of the Schufa score at most every 14 days. It is also not known if repeated requests (for example, ten inquiries within a year), the Schufa score drops at least in the per thousand range even further.
