The desire for a loan despite receiving sickness benefits is unfortunately not easy to fulfill. Sickness benefit is only part of the conditionally attachable income. The article will put together for you what credit opportunities there are, where the problems lurk.
Credit loan despite receiving sickness benefits – the difficult starting point
Those who claim sick pay have more than just a small cold. Whether a permanent recovery can be expected and in what time frame is often left in the stars. In addition to the health restrictions, there is also a noticeable loss of income. If a rehabilitation measure is planned, the disposable income will decrease even further. In this situation, a financial crunch is predictable for many. It is therefore not advisable to go into debt in this situation. At the end of the illness, unemployment or the disability pension could wait.
Nevertheless, there can be very important reasons for looking for a loan despite receiving sickness benefits. If recovery is foreseeable, it could be worth the trip to the credit institution where the salary account is kept. The borrower does not stand in front of the clerk empty-handed. Contrary to what has been said in many articles on the subject, sickness benefit according to $ 850b ZPO is very attachable. It is on par with the pension and pensioners get credit.
The clerk will not be able to offer a long-term installment loan. However, with an otherwise good relationship with the bank, an overdraft facility is possible.
Installment loan despite sick pay
An installment loan is always designed for a longer repayment period. No credit institution likes to take the risk of granting an installment loan if the health situation is unclear. A loan can only be made possible with additional collateral despite receiving sickness benefits. In this case, the owners of a paid property have “easy play”. The paid house offers sufficient security to make a loan eligible.
Instead of a property, a long-term paid-up life insurance could also secure the loan. The insurance company can guarantee the loan at least up to the guaranteed surrender value. If there is no high-quality property security in the background, a solvent guarantor or co-applicant could grant the loan approval. In this case, the guarantor’s creditworthiness guarantees that the loan will be repaid.
If the loan request is simply about purchasing a new TV set for the hospital room, there are further credit opportunities. Mail order or department store loan application could be made. Loans that are used to promote sales are granted much more easily than ordinary installment loans.
Personal loan in difficult credit ratings
Since about 2008, private lenders have no longer limited their credit to family or friends. Various large platforms offer the opportunity to present the loan request to solvent donors.
Private investors, mostly small investors, are not bound by legal requirements and internal bank rules. You are free to decide who you trust and place a bid on. Much is possible from person to person that seems hopeless. A loan despite private sickness benefits could be a way out. The trial is at least free.