Unemployment is often a reason for Cream banks to refuse a loan application because of the applicant’s creditworthiness. An applicant is considered creditworthy if he does not have any Credit Bureau entries, has proof of a regular income, or a surety or a corresponding amount of security.
If all of this is not the case, the applicant must be classified as unworthy of credit. Obtaining a loan with Credit Bureau and without work means that with Cream banks you either have collateral or a guarantor. If you don’t have both, there are other ways to get a loan with Credit Bureau and without work: apply for a loan from a foreign direct bank.
Loan with Credit Bureau and without work in Germany
A regulated income is understood by Cream bank as an income that is at least 350 USD per month. The income must consist of a job where you are no longer in the trial period. Child benefit, unemployment benefit and Social Welfare do not count towards income. Some banks understand that income is only income from 900 USD. Comparing is worthwhile here if you have a side job.
If you cannot prove a part-time job, there is also the possibility in Germany to get a loan with Credit Bureau and without work by proving collateral. Security includes home ownership, a house, a property, life insurance or a building society contract. You then take out a mortgage on this security and if you should no longer be able to pay the installments for the loan, the bank still has the option of getting your money through security. It has the option of forcibly managing security or forcing it to be sold.
If you do not want this, or if you do not have any collateral, you can also get a loan with Credit Bureau and without work through a guarantee in Germany. A surety can be the spouse, a relative, a friend or an acquaintance. This guarantees the bank that if the applicant can no longer pay the installments for the loan, he will pay for the loan.
The prerequisites for a surety are that they themselves have a regular and accordingly high income, or that they can provide security or assets. Only then will the bank accept the guarantor. If you have no regular income, no collateral and you cannot find a guarantor, there is another way to get a loan with Credit Bureau and without work: You turn to a foreign bank.
Credit from a foreign bank
Foreign banks also lend to people without work. You can choose whether you want a loan with or without Credit Bureau information. If you choose the option with Credit Bureau information, you naturally have a loan with better terms and lower interest rates. Then the loans are usually compared with their German competitors in terms of their interest rate. Interest rates fluctuate between 5% and 16% over a term of 24 months or 120 months. It is worthwhile to find out about different banks and different offers on the Internet and to compare them. In this way you can find the offer that best suits your needs and has the best conditions.