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Loan collateral: co-applicants, guarantors and insurances

If you are unemployed and/or receive basic security, you will normally only be able to obtain a loan from a German bank if you take on a co-applicant or a guarantor. However, an unemployed guarantor or co-applicant is of little help. A co-applicant should have a regular garnishable income, which increases the chances of an unemployed loan. You can find out whether a loan is suitable for you and your co-applicant on verivox.De check quickly. You can make an online request for conditions at a number of banks without any schufa disadvantages. Within 5 minutes you will receive information about what conditions are possible for you. If you receive a credit offer, you can print out the application, fill it out and send it to the respective bank.

But be careful: when the bank receives a signed application, it checks the creditworthiness again and orders a binding schufa report with the feature "credit inquiry". If the data was entered incorrectly, no credit agreement will be concluded. This is considered by schufa as a rejection by the bank, which negatively affects the schufa score.

If you have an endowment insurance policy, you can borrow against it as part of a policy loan. Either the insurer itself or a separate bank can act as lender.

Credit from the employment office

In urgent cases, the Federal Employment Agency also grants a loan to the unemployed. These cases are specified at several places in the SGB II. Section 22 of Social Code Book II regulates loans for accommodation: unemployed people who receive basic benefits are entitled to a loan if, for example, they need to repair the house they live in themselves or are unable to pay the rent deposit or heating costs. If there is an unavoidable need of a different kind, unemployed persons can also receive a loan according to § 24 sentence 1. In § 16c SGB II credits for unemployed are regulated, which want to become independent.

In all cases, an unemployed loan is granted only after a review of the situation and should serve only the purpose specified in advance. Such loans have very favorable conditions: no interest is charged and the monthly installments are adjusted to the solvency of the unemployed.

credit exchanges: loans from private individuals

An alternative for the unemployed is offered by credit exchanges, where loans are granted from private to private. However, a credit check is also necessarily carried out in this case. It is questionable whether a lender will lend money if repayment is doubtful due to lack of regular income. At least the loan application usually costs nothing, and the lending is reputable, unlike a loan broker who charges a fee upfront.

Unemployed loans from abroad

If the credit broker demands a fee before the credit agreement is concluded, or requires the purchase of a home savings contract or life insurance, this is usually a dubious offer.

no reputable bank, whether in germany or abroad, grants a loan to unemployed people without the deposit of further securities. This is also the case with the "credit without schufa", which is often advertised. the term refers to loans from countries such as liechtenstein or switzerland. Since schufa is a purely German institution, banks from abroad often refrain from checking the schufa score. If the loan is taken out, there is also no schufa entry. However, this does not mean that creditworthiness is not checked. swiss banks also grant a loan only under certain conditions. This includes among other things:

  • Proof that the loan can be repaid,
  • If necessary, further securities,
  • age of majority and
  • A permanent residence in germany.

The first two points in particular show that different customs prevail in other countries. In germany, it is not enough to deposit collateral, because a loan in this country must be able to be financed from current income. Since unemployment benefits cannot be seized if the installments are not paid, this represents a hurdle. In the case of unemployment, only rental income or interest income can be considered as other income for the loan. These, in turn, are taken into account at the latest when receiving unemployment benefit II (hartz IV) and are sooner or later used up to the minimum amount.

swiss banks can be more generous in assessing collateral and income types. But they also charge higher interest rates for the increased risk.

More on this topic

  • Credit without schufa: serious possibilities despite schufa entry
  • credit card without schufa: the right solution for people with a weak credit rating
  • Have Schufa entry deleted
  • Caution, loan shark! Recognizing and avoiding dubious credit offers
  • New bathroom and kitchen: costs of purchase and financing
  • Overtime regulation
  • Non-self-employed work: definition and taxes
  • Vacation entitlement

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Verivox customers saved in 2020 with an average 39.7% lower eff. annual interest rate on average around 40% interest compared to the average german borrower (annual average eff. Annual interest rate 5.82%, calculated from the monthly interest payments. average interest rates for consumer installment loans from german banks for new business 2020, source: deutsche bundesbank zinsstatistik of 09.02.2021)

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