Are you looking for a loan with sick pay? Then your loan search involves a number of hurdles. The contribution deals with the credit opportunities that can be realized despite sick pay.
Sickness benefit credit – initial assessment
The targeted search for a loan with sick pay begins with an assessment of the initial situation. The clinical picture is in the foreground. After all, the loan should not only be approved, it must also be easy to repay later. Minor accidents provide good conditions for making a loan eligible. In this case, the proverbial “broken leg” should be seen rather positively. A disease that is clearly expected to be overcome in the foreseeable future has a positive impact on credit opportunities.
If the clinical picture is unclear, the subsequent re-entry into the profession is at risk. Instead of 70 percent sick pay, there is a much more painful loss of income due to possible unemployment. It becomes even more dramatic when retirement threatens. The restructuring of the social systems threatens to cause a crash, from an ordinary employee level to the level of social need. Even those who have additionally insured themselves against disability are not off the hook. Before insurance companies pay, many face a long legal battle with an uncertain outcome. Looking for a loan from this situation is at least not recommended.
Which loan offers are possible?
As has already been made clear, a loan with sickness benefit is associated with major credit default risks. Smaller financial bottlenecks can often be compensated for with the house bank’s overdraft facility. A course of the disease, such as a broken leg, in which a quick and complete recovery can be assumed, offers the best conditions. Any clerk who has retained his humanity will increase the overdraft facility for a transitional period.
The desire for an installment loan will still be difficult to fulfill. If possible, this request should be postponed. In order to easily get a cheap installment loan without outside help, you have to wait for a safe return to work. With just one or two pay slips, almost all loan offers can be used without a guarantor. If the overdraft facility was increased while receiving sickness benefits, then it is also the right time to reschedule. The expensive overdraft interest can be exchanged for the low interest on an installment loan.
Installment loan despite sick pay
The hurdle that the sick pay for an installment loan means can be overcome by a solvent guarantor or co-applicant. In this case, the co-applicant assumes the full credit risk if there are difficulties with repayment. If everything goes smoothly, the bank does not care who transfers the monthly installment. Payment should only be made on time.
With a little luck, within the framework of an existing customer relationship, a mail order company loan can be possible without a guarantor or co-applicant. Those who have proven their reliability in the past are rarely re-examined.
Another possibility for a loan with sickness benefit is the loan from private donors. A private investor is free to decide which standards he attaches to lending.