Many people often fall into the debt trap without being guilty. For example, you become ill and can no longer work. Surely has secured with insurance, shows sickness benefit and can rest at home, but usually these small incomes are not enough to master the daily grind and to treat yourself, especially in mental illness, the right rest. Many people assume in this situation that one is a hopeless case and can actually be buried immediately. But this assumption is far from reality. Even with sick pay you can get a loan granted and so few provisional to secure their own liquidity.
How to get a loan with sick pay
A loan with sickness benefit is nothing more than a normal installment loan. You apply for it as well as an installment loan and you have to follow the same conditions. For example, there is a loan agreement for each loan with sickness benefit, in which the terms of the loan are regulated. That is, there is a certain loan amount that is taken up, there is a certain interest rate, which leads to the annual interest on the balance of the loan. There is a certain amount of time to repay the loan and there is a monthly installment that you have to pay back month after month to pay off the loan. Furthermore, one can agree on any special repayments and their costs, and negotiate a payment-free period. The difference with a loan with sickness benefit is only the short-term inferior liquidity. And there is usually the problem.
But even with German banks, you can get a loan with sick pay. For this you have to have a positive credit bureau and it would be advantageous if you would have additional collateral, such as a guarantor or own assets, such as real estate. At the same time, one should be ill for the foreseeable future and lead the recovery to re-entry into working life. If you are in such a situation yourself, lending should not be a problem because when you return to work, you have the necessary collateral for a loan, just like a normal employee.
It will be more difficult if you are sick for an indefinite period of time. Then the security for the bank expires. Sick pay is not paid forever, so this security is also eliminated. This means that most permanent patients fall through the banks’ credit grid and can no longer get credit from a bank.
What can you do to get a loan as a permanent sufferer?
If you are ill for an indefinite period of time, but the treatment costs too much, you need a new dishwasher or a washing machine, or you just need money, for whatever, there is still the possibility of getting a loan on the Internet. There are very many different loan offers here, which for the most part even refuse to give evidence of credit bureau or even want to see any payslips. So almost anyone can get a loan through this tool. But caution is needed when credit with sick pay on the Internet. There are many scammers and black sheep, so you should always check the various offers for seriousness and efficiency.