Those who receive sickness benefit do not cure a small cold. The disease is more serious there. In addition to the illness, many customers express financial worries. But when receiving sickness benefits, the customer can expect that the house bank will reject the loan despite receiving sickness benefits. The reason for the rejection is that sick pay cannot be attached because it is a state benefit.
But there are other reasons.
The loan despite receiving sickness benefits – the prospects
Sickness benefit is always lower than actual income. If the disease can be cured, a rehabilitation measure is usually pending, which in turn reduces the income, apart from the co-payments for the hospital stay and the co-payment for the rehabilitation measure. So it is not surprising when a financial bottleneck arises.
Since the loan seeker in most cases does not know what to do next, he can go back to work or become unemployed if he is not yet in debt in this situation. If the profession can no longer be practiced and the disability pension follows, the income will be drastically reduced. Then it would be difficult to pay a loan.
The banks also know this, of course, and are reluctant to take a loan despite receiving sickness benefits. If the customer can foresee when the sickness benefit ends and the income will flow again, a clarifying discussion with the bank employee of his bank could be helpful. However, the customer can assume that he will not receive a large loan with a long term. The bank is too risky for that.
The bank will offer the customer an increase in his overdraft facility. If it has not yet been set up, the bank could provide the overdraft facility. In view of his reduced income situation, up to three monthly salaries are not provided as usual. If the overdraft facility is not sufficient to bridge the bottleneck, the customer must provide other guarantees so that the loan is approved despite receiving sickness benefits.
The loan despite sick pay – the credit rating has to be right
The customer should know that, despite receiving sickness benefits, a loan is only approved under difficult conditions. As many of the loan seekers suspect, the Credit Bureau is the decisive criterion. But this is not the case, and creditworthiness based on income must also be available. There are three licensing criteria for banks. That is the sufficiently high income, the clean Credit Bureau and the permanent position. If the customer can fulfill this, a loan is approved without further ado.
If only one of these features is missing, there will be difficulties in lending. It is not only the current state of income, but the future is also open. In addition to unemployment, Hartz IV could follow in the worst case. Even if a disability pension were due, nobody can at least begin to live well with it.
If you can, you should wait until the financial situation is settled with your loan request. But nobody takes out a loan for no reason. Often it is important things that are done with it. But nobody should force a loan. Basically, there is always a different regulation when you try to do so. If the extended overdraft facility were sufficient, it could be used. At least until the right income is drawn again.
After recovery, the expensive overdraft facility can either be returned every month or converted into an installment loan. But if it has to be a loan, things cannot be put off, a second applicant or a guarantor could realize the loan despite receiving sickness benefits. If the customer can name a solvent guarantor, the loan will be approved despite receiving sickness benefits. Then the guarantor bears the credit risk.
Of course, it is up to the customer for what he wants to take out a loan despite receiving sickness benefits. Anyone interested in a desire to consume could be financed without a loan despite receiving sickness benefits. If it is a new television or a fully automatic coffee machine, these things can be financed through a dealer.
To do this, the customer usually only has to specify his employer and have a positive Credit Bureau. Existing mail order customers are even better off. If in the past all orders were paid on time, the customer can count on a quick credit. Of course not in cash, but as goods.
The customer could consult a credit broker. Especially in difficult financial questions, credit intermediaries can still arrange a loan despite receiving sickness benefits. There are two reputable platforms like Fine Bank and Across lender. However, these loans are more expensive than a traditional loan. In addition, the commission of the agent must be calculated.
If the customer wants to try a Swiss loan, which is also mediated by credit intermediaries, the customer must know that these banks require proof of their income. The decision is not accepted by the health insurance. With these loans, income is the be-all and end-all of a loan approval. There are high demands on it.
The customer does not need to inquire at the foreign banks, a loan refusal is guaranteed.
The customer should know the sickness benefit, the more loan applications he rejects, the worse his Credit Bureau gets. It is better if he makes so-called condition requests. Credit Bureau is not informed of this.
If the credit inquiries have failed and the mail-order company and the retailer have determined that the payment history is bad or the payment history is abnormal, they will not be able to order consumer goods.
The view seems to have gotten lost. The pawnshop could help as a way out. If there are valuable objects, such as high-quality media devices or valuable jewelry, this could be pawned. The pawnbroker checks the value on site and pays the customer the amount in cash. If the customer works again and receives his normal salary again, then he can trigger the objects again. He should observe the specified deadline, otherwise the things will be auctioned by the pawnshop. This is definitely a way out of a tight financial situation.