Anyone who becomes unemployed not only loses his income. Associated with the profession were long-term goals and life dreams, the implementation of which now appears doubtful due to a lack of financial resources, as well as a certain standard of living that is difficult to adapt to the new financial circumstances, especially in the short term. After all, the rent still has to be paid, as well as a possible leasing contract for the car or school or tuition fees for the children.

Loss of income due to short-term unemployment can be bridged with a loan. However, it is very difficult for people without a permanent job to get a loan from the banks. This applies all the more if the applicant’s Credit Bureau file has one or more negative entries due to missed payment dates in the past.

Thus, a loan without Credit Bureau information for unemployed must be found, which prevents the financial situation from deteriorating due to lack of rent payments and the like, which could lead to expensive reminder fees and collection procedures.

Guarantors and collateral help with the approval

Guarantors and collateral help with the approval

Such a loan without Credit Bureau information for the unemployed is not easy to find. It is easiest for those who can submit the loan application together with a guarantor. This protects the bank against default. Real assets such as cars, furniture or electronic devices can also count as collateral, as can real estate and property. Loved and valuable things should not be overwritten lightly.

When a loan is taken out, the relief prevails and the possibility of actually being able to lose the things provided as security seems distant and unlikely. Nevertheless, the theoretical possibility of default and its consequences must always be considered and therefore no unnecessarily high credit should be taken out without Credit Bureau information for unemployed people, simply because it could be approved on the basis of existing collateral.

Exercise caution with credit brokers

Exercise caution with credit brokers

However, many unemployed cannot access wealthy and well-meaning relatives or acquaintances who could act as guarantors, nor do they have  property that would be considered a security. The search for a loan without Credit Bureau information for the unemployed therefore often leads people to credit intermediaries who promise quick and easy approval of the desired loan. This does not necessarily have to be a lie, and in fact there are many credit intermediaries who do their work conscientiously and do their best to actually provide the applicant with a loan without Credit Bureau information for the unemployed. However, if a broker offers suspiciously favorable conditions despite the poor credit rating, the offer should be treated with caution.

It is not uncommon for the loan seeker to be offered supposedly cheap loans, which, however, are said to be concluded only after one or more expensive insurance policies have been taken out, some of which significantly exceed the actual loan amount. In addition, there are sometimes high fees for the supposed placement as well as for alleged consultations. After these payments have been made, the hoped-for loan is rejected without unemployment benefit information for the unemployed and the victim is not only worse off financially than before, but also reproaches himself for being a fraudster.

To avoid this, a loan without Credit Bureau information for the unemployed should always be checked carefully before applying. One should and should be pleased about favorable conditions, but exceptionally favorable credit conditions should call for vigilance. With the exception of your own family and close friends, loans are generally not granted out of love for people, but rather in order to be able to make profits with interest. This should never be forgotten.

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