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If a consumer applies for a loan and his creditworthiness is insufficient, the loan can be secured with a guarantee. The bank attaches particular importance to a guarantee if it is a large loan amount that has a long term. However, it is not easy to find a solvent guarantor. In the past, it was mostly family members who guaranteed a loan, but this has decreased somewhat. A guarantee was not uncommon and in the worst-case scenario the guarantor could not be reclaimed. The family member had no income at all. The court has now classified these guarantees as immoral.

The loan with guarantee – the guarantees

A guarantor has been comprehensively examined by the bank since this incident. The guarantor should know that a guarantee is a risk. He vouches for someone else’s debt and has to pay the debt in full in the event of a loan default. A surety should know that there are several versions of a guarantee. The type of guarantee determines which rights and obligations he has.

The default guarantee

A default guarantee is a common form that is required by law. Here, the guarantor can only be held responsible if practically nothing can be obtained from the debtor. He must have gone through all legal instances until enforcement.

The personal guarantee

In this guarantee, the guarantor is treated as the debtor. It does not matter whether the debtor is insolvent. The guarantor must then reclaim his money from the borrower.

The duration and the maximum amount of a guarantee

If there is no special agreement, the guarantor has unlimited liability for the term as well as unlimited liability. Anyone who gives a surety is liable until the loan is paid. If the loan is not serviced, the interest burden increases. Therefore, someone who offers a guarantee should try to agree a term and a limit on the loan debt. This way he knows how long he has to guarantee and for what amount.

Banks have no interest in these restrictions. There is also an ineffective guarantee. Such is the global guarantee, where the guarantor must also be liable for unknown claims and claims that will arise in the future.

Guarantees that have been mentioned by penniless spouses and relatives have proven immoral. Even if the guarantee exceeds the performance of the guarantor, the guarantee is immoral.

The guarantee is also ineffective if the guarantor is not fully informed about the guarantee. If, for example, the harmlessness of a guarantee is considered when the guarantee contract is concluded. Inexperienced consumers in particular should not be fooled.

The loan with a guarantee – the conditions

The borrower should know that clear conditions must be met before banks approve loans. So the borrower must have a sufficiently high income. His Credit Bureau must be clean and there must be a permanent position. The income must be so high that the borrower can easily pay the loan and the interest. If there is any doubt about the customer’s creditworthiness, the bank will reject the loan.

In general, anyone can provide a guarantee. Only creditworthiness is the decisive factor when it comes to guarantor. As a guarantor, parents can provide a guarantee for children, grandparents or their life partner. However, a loan with a guarantee is a rather rare form of credit protection. Banks prefer a co-applicant or second borrower. This loan is easier to approve and there is no need to issue a guarantee contract. The loan seeker can also take out a surety loan online with two or more borrowers.

If the need for credit is now urgent, the borrower can name a guarantor for the loan. The guarantor can be found among relatives or friends. The conditions on the guarantor are the same as for the borrower. A sufficient income, a clean Credit Bureau and a permanent position. Usually, the income of the loan seeker is security. The loan can also be secured with a guarantee with real estate or a loanable loan.

The loan with a guarantee is not a small walk for the guarantor. He should always be aware of this before signing the loan with a guarantee. Whereas in the past it was more the large loan amounts that were secured, banks now also require a guarantee for a small loan if the income is insufficient.

Alternatives to the guarantee

Banks regard the bank guarantee as a high level of credit protection. So there are guarantees from federal states to secure loans from companies. With a personal loan, on the other hand, a guarantee is often necessary if the borrower’s creditworthiness is insufficient, ie the income cannot cover the installments. Ultimately, whether a guarantee is legal depends on the financial situation or reasonableness of the guarantor. For this reason, the guarantor’s economic situation is comprehensively examined.

An alternative to the guarantee is the naming of a second applicant. Securing the loan is easier, and the borrower does not need to worry whether he is emotionally connected to the second borrower. The borrower can decide with whom he takes out a joint loan. The borrower should know that a loan with a guarantee often has better terms than without. The situation with a second borrower or second applicant is also presented.

This means that pensioners and housewives can also take out a loan without having to name a guarantor. In the case of a loan with a second borrower, both borrowers are obliged to repay debts at the same time.  What many guarantors do not know, the guarantee does not end when the testator dies. The heirs not only inherit the property but also the guarantee. The guarantee is accepted as agreed.

The loan with guarantee can be applied for just like any other loan. This can be at the house bank or at the many online banks. The bank checks the creditworthiness and, if necessary, requests credit protection. The borrower can decide whether to opt for a surety or for a second borrower. The banks prefer to see the latter because the eventual loss of installments must then be paid for by two debtors.

 

If you have a low income, the signs are “save”. Every cent is planned and every USD is turned over twice before it is spent. If there are unexpected invoices or purchases, it is very difficult to pay them from the current budget. Save time – then you have it in need – a spouse can forget this saying. A financial bottleneck can often only be overcome with a loan despite low income. The credit opportunities look rather bad and a lot has to be taken into account.

The loan despite low income – the situation

When banks approve loans, they have conditions that customers have to meet. There are three approval criteria that are mandatory for Spin Lender. That is the sufficiently high income, the unencumbered Credit Bureau and the permanent employment. If the customer can meet these conditions, he can easily get a loan. For those with low incomes, the bank draws up a budget. From this it can be seen, an installment can be paid and if so how high can it be.

It is important to know that, despite a low income with a long term, a loan brings low rates, a short term gives high rates. The long-term loan is then generally somewhat more expensive because the bank calculates a default risk and allows it to flow into the loan. In most cases, a loan will fail despite the fact that it has a low income due to the fact that there is nothing left.

According to financial experts, at least 10% of net income should be put aside. If there is a financial shortage, it could be used without having to think about a loan. But for many people, even that is not possible. This creates the situation that no loan can be paid either.

Banks have their regulations from which they do not deviate, which includes a sufficiently high income that must be above the garnishment exemption limit and must have a garnishable share of at least USD 80.00. An example: A single person must earn about 1,160 USD net. A four-person household, on the other hand, is already 2,500 USD net. Banks also require a permanent employment contract.

A trial period is also not allowed. The employment contract must have existed for at least one year. Anyone who has a temporary employment contract and needs a loan will only receive it if it can be paid off within the time limit. A guarantor or second borrower could also increase the credit opportunities. Even if it is certain that the employee will be taken over, the employer could grant a loan despite a low income by presenting a corresponding certificate.

There are many people who earn little, but the creditworthiness of Credit Bureau is good. All liabilities were paid on time, there are no reminders or other serious notices, only the income is not quite sufficient. The customer could count on a small loan if the loan amount is sufficient. The small loan ranges from 1,000 to 10,000 USD. However, difficulties will arise at 10,000 USD.

The options for a loan

The overdraft facility could be seen as a loan. Each bank provides its creditworthy customers with a overdraft facility at their free disposal. A disposition is also granted for people with low incomes. If the income is around USD 1,000, a disposition of USD 3,000 could be provided. Banks usually approve three net monthly salaries. However, the overdraft facility should only be used for short-term use because it has high interest rates. Banks charge a double-digit interest rate, whereby an installment loan would be much cheaper.

If the bank objects that the income is not high, it could perhaps be documented that the customer may want to make a living with the money. This could cause the bank to approve the overdraft facility. If more money is required, a loan can be granted with a guarantor or a second borrower despite low income.

However, this is one thing with the guarantee. The guarantor must be fully informed that a guarantee is a risk. The guarantee increases the chances of credit, but the borrower should always be aware that he is taking another person into his liabilities. In order to prevent any disputes here, there should be absolute trust between the borrower and the guarantor. Maybe that could be parents or grandparents who vouch for her or her grandson. However, these guarantors are also extensively examined.

After all, they have to be solvent if there is a default on the part of the borrower. The loan must then continue to be paid by the guarantor. For this reason, banks check a guarantor very carefully. The guarantor should also know that the guarantee is entered in his Credit Bureau, which can reduce his credit rating. A second borrower could also make a loan eligible for approval despite a low income. As a second borrower, one thinks of the partner or a good friend. It too must be solvent.

The credit alternatives

If the bank asks for collateral, a property or a loanable life insurance could also be used. If the customer has life insurance that he has been saving for a long time and the surrender value is 5,000 USD, the insurance could also be loaned. So no debt is made directly, but the borrower is loaning his own money. The insurance is then saved again with monthly premiums. A car in mint condition could also serve as credit protection. Then the motor vehicle letter must be deposited with the bank. Banks also recognize savings contracts or other valuable property collateral.

The credit comparison

If the customer can provide some of the aforementioned safeguards, a loan should be compared with a loan comparison despite a low income. In addition to the interest rate, the customer can also learn the terms and conditions of the bank. The loan comparison is free of charge and can be done online. If a provider applies, the loan comparison can be applied for directly despite the low income.

The customer should know that the interest shown is not an option for all customers. Interest is calculated depending on the creditworthiness, ie he has a good creditworthiness and also receives a favorable interest rate and vice versa. With a small income, rates should be kept low so that they remain affordable. This can happen with a long loan term.

 

Borrowers with negative credit bureau

Borrowers whose creditworthiness is limited by a negative Credit Bureau had almost no opportunity to get a loan just before the turn of the millennium. With the clear increase in supply on the market, which was particularly caused by the numerous online banks, borrowers with a negative Credit Bureau can still benefit from numerous loan offers today.

A bad Credit Bureau loan can now be found on the Internet at both the major house banks and the smaller online banks. Online banks in particular very often offer a significantly lower interest rate than their competitors with a fixed branch system. The low interest rates can be attributed in particular to the lack of a branch system, the lower personnel expenditure and the lower administration and provision expenditure.

Finding a bad Credit Bureau loan that also offers an attractive interest rate is not particularly difficult. Cheap offers can also be found in this market segment today. Borrowers who want to secure the best loan on a permanent basis should definitely use a loan comparison on the Internet, this is the fastest way to achieve an objective comparison.

Use credit with bad Credit Bureau – So it works with the low interest

Borrowers, whose focus is primarily on total loan costs when looking for a loan, should pay particular attention to debit and effective interest rates when comparing loans. In contrast to the borrowing rate, the effective interest rate is flexible and can be influenced both positively and negatively by the borrower. If you want to take out a loan with bad Credit Bureau, you should always choose a loan product without Credit Bureau.

Since Credit Bureau is not considered in the credit check, borrowers with a high income can benefit from a low effective interest rate on a loan without Credit Bureau. Borrowers who do not have a high income can also benefit from an attractive effective interest rate. Low interest rates can be called up by the borrower in particular if the borrower chooses a short term and a low loan amount.

A loan with bad credit can now be applied for quickly and easily from numerous banks via the Internet. The online loan application enables fast and secure contract processing.  The online application also gives the borrower the opportunity to save more money because the online application means that the bank incurs lower personnel costs as well as administration and provision fees.

Use the loan calculator for comparison and save a lot of money permanently

The loan comparison with a loan calculator is now possible on numerous financial portals on the Internet. The loan comparison is not only free of charge here, but also quick, easy and objective. Loan calculators enable interested parties to include information on the desired loan in the loan comparison, which is why borrowers can permanently access the best offer and save a lot of money, especially when comparing loans with a loan calculator.

If a customer has sufficient income, he can also service several loans. In principle, a loan is not a reason for a loan refusal despite ongoing loans, provided the customer can pay it. Several loans quickly arose, there is real estate financing, at the same time the car loan, now a new kitchen has to be purchased, three loans are already to be serviced. If customers regulate their liabilities carefully, no bank will refuse a loan despite ongoing loans.

The loan is quickly approved

Every day, consumers are confronted with advertising in the media, on the Internet, everywhere, even in the car, the customer is not safe from it. There are 0% financing, lure offers that you really can’t refuse. The funds are available and the loan is then quickly approved. However, many consumers do not think that the tide can turn bad very quickly.

Just think of an unexpected unemployment, a serious illness with subsequent disability. Everything is bad enough, but then comes the big end, because the installments can no longer be paid. If the customer acts quickly, he asks the bank for one or two installment breaks. If these are insufficient, rescheduling is considered, all liabilities should be combined into one loan.

The debt spiral is slowly but surely turning. Anyone who is stuck in this dilemma should not take out a loan despite ongoing loans, but should contact a debt counseling service. There are experts who draw up a debt repayment plan, who negotiate with creditors. This is how the consumer slowly but surely gets out of debt. However, he has to tighten his belt for this time. But still better than when a personal bankruptcy is pending.

Some consumers think it doesn’t happen that quickly. Affected people can talk about it very differently. Sometimes it’s faster than you think. In general, it is not a good thing to plug a hole in a loan where another loan has been torn open despite ongoing loans.

Check the creditworthiness

Before taking out a loan despite ongoing loans, an income / expenditure plan should be drawn up. From this, the customer can see whether there is still money left for an installment. The monthly budget should not be tightened so tightly that nothing is left. If there is then a rushed invoice that was no longer thought of, there is no money.

Okay, the overdraft facility could be a solution, but then it is also fully exhausted. Therefore, financial experts advise only 1/3 of the remaining amount that remains after deducting all expenses for a monthly installment. The rest should be put aside for the unexpected. If the invoice is positive, the loan seeker can find a lender.

To do this, he can of course go to his house bank, which is of particular interest to customers who value personal discussions. But experience shows that the branch banks have the best conditions right now. Here are the direct banks, which do not have to operate a complex branch network and can thus keep their economic costs low. The loans provided are correspondingly cheap.

The customer can start a credit comparison so that a cheap loan can be found despite ongoing loans. He enters the loan amount, the term and the desired rate and receives all providers at a glance. Then all he has to do is compare them and choose one. The loan application can then be made directly via the loan comparison. However, the loan seeker should know that the interest rates displayed are not valid for all customers.

Only those who have a good credit rating can get a low interest rate. Nevertheless, the focus should be on the annual percentage rate, because it tells you how expensive the loan will ultimately be. A cheap loan also includes free special repayments. If none have been noted in the loan agreement, the bank can calculate a prepayment penalty if the customer repays the loan before its expiry date. With the compensation, banks limit their loss of interest due to the early repayment of the loan.

There should also be one or two installment breaks in the loan agreement. The financial bottleneck comes faster than you think. If the monthly budget is fully exhausted, a break in installments could possibly compensate for the bottleneck. The same also applies if the customer seeks debt rescheduling. The notice period must be viewed here, because here too the bank can calculate a prepayment penalty.

Since 2010, however, this has been limited to 1% of the remaining amount, unless special repayments are permitted. In the past, the compensation was so high that rescheduling no longer paid off, but that is over.

The loan from abroad

Of course, with a loan, the income must be sufficiently high despite ongoing loans. Not only that, the Credit Bureau must not be burdened with negative entries. A permanent position is required. With these conditions, the customer will also receive a loan if he fulfills them.

If Credit Bureau is burdened with a negative entry, however, the lending looks very different. Here, Cream banks often refuse a loan because the default risk is too high for them. The bad Credit Bureau signals to the bank that there have already been payment problems in the past.

If it is only a “soft” entry, many lenders overlook it and approve the loan if the general conditions are otherwise correct. However, if there are “hard” entries such as a garnishment, an oath of disclosure or an enforcement order, the bank will not approve a loan.

If cash is urgently needed, then the Credit Bureau-free loans from Switzerland or Liechtenstein remain. These loans are provided through credit intermediaries. However, the bank places strict requirements on the customer. So the income must be above the garnishment exemption limit. For a single, that would be around 1,100 USD net. For a four-person household, the net price is 2,500 USD. If not so much is earned, the bank does not grant a loan despite ongoing loans.

It is very important to have a permanent position that must have existed for at least one year. The employment contract may not be limited in time and may not include a trial period. The customer must be of legal age and have his domicile and his account in Germany. Three loan amounts are provided. 3,500 USD, 5,000 USD and 7,500 USD. The loan term and loan rate are standardized, there are no deviations.

 

In general, there should be no problems with lending if the loan seeker draws short-time allowance. Many companies that have to overcome a financial bottleneck due to fewer orders arrange short-time work for their employees. The employment relationship remains during this short-time work. However, the net wage is lower during this period and this should play a role in a loan despite short-time allowance.

The loan despite short-time benefits

All Cream banks and savings banks require regular incoming income and clean Credit Bureau information when granting a loan. Income should be high enough that there is scope to pay the installments and make a living. For many short-time workers, it can happen that their own credit rating suffers from short-time work and is negatively influenced. Another problem may arise, namely unemployment.

In the case of short-time work, it may well lead to the company having to lay off employees after the short-time work. The banks themselves decide whether a loan can be granted in this situation despite short-time working benefits. But the loan seeker should also rethink their financial aspects and weigh up the advantages and disadvantages of taking out a loan. If the result is that it is essential to raise money, the loan seeker should not be afraid to go to another bank that does not refuse to accept the loan.

The loan comparison on the internet

In this context, the loan seeker can look at a loan comparison on the Internet, the possibility is available around the clock. Anyone who has found a bank or lender despite their problems should bear in mind that the annual interest rate will be higher with a poor credit rating than with a normal loan.

There are not many banks that are willing to grant a loan despite short-time work benefits. Many banks do not recognize short-time work benefits, which are usually below the garnishment limit. There are also difficult procedures when the short-time allowance is to be attached. Many banks do not expose themselves to this procedure. Unemployment in the background also makes lending more difficult.

There is still a way to get a loan despite short-time allowance. The short-time work benefit does not automatically have to be part of the income. If the normal labor income is above the garnishment limit, there are fair credit opportunities. However, the limit up to the attachability depends on the different life situations of the loan seeker. The exact garnishment value can be seen in the current garnishment table.

In addition, the Credit Bureau must be positive. The budgetary account that every bank makes when granting a loan must also be sufficient. There must be an excess of this.

The credit safetness

If these facts are not given, other credit safeguards can be provided. A solvent guarantor or co-applicant would be an option here. However, the citizen should be made aware of any difficulties that may arise. The guarantor alone is responsible for the credit risk; if the borrower defaults on payment, the guarantor is responsible for his own assets.

The same applies to a co-applicant. It should go without saying that both people have a perfect Credit Bureau. The banks also recognize the possibility of securing a loan through a debt-free property, a capital-building life insurance, building society contracts or other valuables that can be lent against.

The loan despite short-time work benefits without a bank

If no commercial financiers can be found, private investors offer themselves. You can contact the donors via a large portal. This portal has had references for five years. Credit requests have been published there for so long. It is retail investors who grant loans from private to private. A meaningful profile should be created and the loan request should be expressed.

Several donors then usually bid on the loan request in small amounts until it is fulfilled. Those who present themselves well here have chances of getting a loan. Settlement takes place in the background from a bank. She sums up the money from the investors and then transfers it to the loan seeker. However, there can be no guarantee that you will receive a loan despite short-time benefits. It is always a fair credit opportunity and a try costs nothing.

If all of these options do not work, the loan seeker should wait until his short-time work has ended and then opt for a regular loan that is adapted to his credit rating.

Anyone who has taken out a loan more often knows about the amount of paperwork that has to be dealt with. Banks want to know the creditworthiness of their customers and require proof of wages, account statements, proof of valuable property security, employment contracts.

Some customers are stressed because of this and are having trouble getting the documents together. The longer the lender has to wait for his credit documents, the longer the customer waits for his loan. If you want to avoid this flood of documents, you should look for a loan without paperwork.

The loan without paperwork – the prospects

Many customers want a loan without paperwork. The annoying search for the necessary documents is simply annoying for many. If you have no order in your papers then you are looking for and looking. Germany is the country of the bureaucrats and has a form for every application, including a loan application. Banks have a duty of care towards their customers and are legally obliged to inform their customers.

If the interested party has a good credit rating, borrowing is easy and without unnecessary paperwork. The best thing is for the customer to stay with one of the online banks. With a credit comparison, a cheaper provider can be found, the loan application can then be made directly on the comparison page.

Everything is done in a few minutes, all you have to do is fill out a form and enter a few details. If the document is sent to the provider, the customer must sign the credit application sent to him and send the necessary documents to prove his creditworthiness. After being checked by the bank, the loan is approved or rejected.

Everyone has the papers they need ready. Proof of wages from the past three months are required, some also require bank statements, also from the last three months and a copy of the employment contract. As the documents have to be sent by post, the customer can carry out the Postident procedure right there. All ways that are feasible and without much effort. So the customer will get a loan without paperwork.

If there are still too many papers, you can have the loan provided as a overdraft facility. Banks provide their solvent customers with a overdraft facility of up to three monthly salaries. The overdraft facility is a loan without paperwork, all you have to do is ask the bank for an overdraft facility.

The amount of the loan depends on the income of the customer, which can be seen on his account. If he has a good credit rating, a call is often enough and the overdraft facility is ready. This is the real loan without paperwork, because nothing has to be signed and nothing has to be presented.

If there are changes in the economic situation, the overdraft facility can also be reduced again. This often happens without customer influence. As simple as the overdraft facility is, it can become dangerous. It is the most expensive loan there is. Its interest rate level is in the double-digit range, which can easily add up to 15% interest. If the customer exceeds the granted credit line, the bank can add another 5%. This means that the overdraft facility can have an interest rate of no less than 19%. One hardly speaks of usury here.

Banks are very relaxed about the use of overdraft facilities, as long as income flows, nothing will change. The bank creams vigorously and the customer can get more and more into a debt trap. This happens if he does not pay anything into the overdraft facility each month. With this interest rate, the costs add up very quickly.

If the incoming salary no longer covers the overdraft facility and if banks no longer make the transfers because the cover is missing, then the customer should look for a loan. It is then advisable to take out an installment loan. If this situation has been repeated a number of times, the overdraft facility must be removed or at least reduced. Because the time comes when the bank says no to an installment loan.

The framework or on-demand credit

The simple and uncomplicated application is then only reserved for the so-called framework credit. The customer agrees a fixed credit line with his bank, from which the customer can always withdraw money on demand. Usually this is done via the current account. The framework loan has the same requirements as an installment loan. If there was already a overdraft facility on the account, the bank will provide a credit line without a major credit check.

The customer should know that a credit line is the same as the known call credit. Banks like to call this loan an external overdraft facility. In contrast to the overdraft facility, which is based on income, the entire economic situation is targeted with the credit line. The customer is granted a line of credit as a loan without paperwork, similar to the overdraft facility. The customer can then freely decide how much and when. The repayment of the credit line is also left to the customer. However, a minimum rate of 2% of the credit line is recommended as the rate.

The interest rate on the loan for the framework loan is around 9%, slightly higher than for the installment loan. The interest rate is only calculated on the sum that the customer uses. Framework credit as a loan without paperwork is not yet offered by all banks. Customers often receive it when they are customers of the bank. Salary slips are required as credit documents, that’s all. So a loan without paperwork with a very flexible use.

The instant loan

The flood of papers can actually only be contained with proof of creditworthiness. With instant credit, there is no need to search for papers. Since the instant loan is declared as a small loan, it can be decided on the loan without paperwork in a simplified test procedure. The bank only requires current pay slips. Banks check these loans using the Credit Bureau and the score. This query is carried out automatically, so that no papers are required for this either.

The responsible clerk will check the income based on the salary slip whether the information also corresponds to the information in the self-disclosure. Thus, the instant loan is the loan that meets the loan without paperwork.

Spin Lender offers fast loan processing, where customers receive a loan that will be repaid in 30 days. As the first customer, the customer only has to carry out the Postident procedure. First-time customers will receive 500 USD, existing customers will already receive 3,000 USD. The portal even advertises a payment within 30 minutes. However, the loan is not cheap. An effective annual interest rate of 13.9% is charged.

If an employee wants a loan, the bank asks about the employment contract. However, if the employee can only submit a temporary contract, the bank will reject the loan with a temporary employment contract. The term of an employment contract will be shorter than the term of a loan. A fixed-term contract of employment is usually issued for 24 months. Within this time, there is then the option of a loan with a temporary employment contract.

The loan with a fixed-term employment contract – the starting point

The huge boom in agency workers is gradually diminishing, but temporary employment contracts are increasingly coming into play. Not only the young professionals, but also highly qualified employees at universities and research institutions are affected. Even the state is leading the way in chain contracts in the public sector.

Unions are critical of fixed-term contracts because workers are influenced in their entire life plans. There is simply no financial predictability. Good earnings often do not help either, because the time limit shows up as a risk with a loan.

The employee with a fixed-term contract is handicapped in his financial planning, because banks are rather skeptical about a loan request under these circumstances. It is workers who need a loan for a car without not coming to work. But banks prefer to lend to employees with secure jobs and to officials who may have completed their trial period.

Banks see a loan with a fixed-term employment contract as a risk that the employee will be without income after the fixed-term contract. Protection against dismissal is also causing problems for banks. Without income, however, means that the monthly installments can no longer be paid. An employee should also see this for himself when looking for a loan with a fixed-term employment contract.

A fixed-term contract usually lasts two years. If a loan can be paid during this period, it will also be approved. No loan is usually approved for longer than the time limit.

Therefore, the worker should ask the questions:

1. what are the chances of an extension of work?
2. can I quickly find a job again?
3. can the rate possibly be paid by unemployment benefits?
4. are real assets available that may be sold to repay debt?

If you can answer the questions positively, you can look for a lender who still approves a loan. However, not every bank will give its yes to a loan.

Exceptions to a temporary employment contract

Before applying for a temporary employment loan, an employee should draw up a budget. All income and expenses should be recorded in it. If there is financial scope, there is a good starting point for a loan.

Then a little preparatory work can be done. With a loan comparison, the employee can run through some scenarios for loan offers. He can enter the loan amount and the loan term and will then see the monthly installment to be paid. He can do this until a rate appears that could also be paid in the event of unemployment.

It is not only unemployment that often makes it impossible to pay loan installments. Nobody is certain that they will get a serious illness. Then there would be an incapacity for work, with a pension that is probably not generous. The rate should also be adjusted accordingly. Now that the amount of the installment is certain that the employee can safely afford, he should look for a bank.

Also when comparing loans, he sees not only the interest rate on a loan, but also the terms and conditions of the lender. It could then be seen which lender also approves a loan with a time limit. The collateral to be submitted will then probably be listed.

Sometimes banks also approve a temporary employment loan if the loan seeker has a good credit rating. One thinks of a scientist in a research object or a teacher. Officials with their probationary period also have a good chance of getting a temporary employment loan.

If the loan amount is so high that it cannot be paid within a two-year period, a loan could perhaps be concluded. However, the customer’s credit rating must be impeccable. Lending also works if the loan seeker has been a customer of the bank for many years.

The banks then know about the customer’s finances and will then check whether all liabilities have been paid on time in the past. To do this, the customer’s Credit Bureau is queried. If the Credit Bureau is burdened with negative entries, then there will be no loan with a fixed-term contract anyway, because then the bank has a double risk.

That’s how many loan offers you get

In summary: Anyone applying for a loan, regardless of which bank, must have a sufficiently high income, an unencumbered Credit Bureau and permanent employment without a fixed term. If the amount of income is correct and the Credit Bureau is clean and the permanent position without a fixed term, the loan seeker has the best conditions for a loan.

The credit opportunities are increased if a guarantor can be named. However, this must be solvent. The aforementioned credit terms also apply to him. However, a guarantor should be an unconditional confidant. Think of the partner or the parents or grandparents. The guarantor must also know that if the borrower defaults, he must continue to pay the loan.

If the customer has the prospect of an extension of the employment contract, a personal interview with the bank and a corresponding certificate from the employer could also result in a loan with an unlimited employment contract. This is especially important if it is known that the employer always extends the fixed-term contracts.

Overdraft facility, which almost all employees are likely to have, offers a quick credit solution. Banks provide it to customers who have regular income. According to how high the income is, the bank provides up to three net monthly salaries. If someone now earns 2,000 USD net, the overdraft facility should already be 6,000 USD. However, this loan is expensive and should only be used for a short time.

Loan seekers who apply for an online loan keep hearing the term “postident” and wondering what that is. The Postident is prescribed by law and is a personal identification based on the identity card, i.e. an identity check. Previously, no loan could be granted if the postident was not available, but a few things have changed. There are other ways to get an online loan without Postident.

The initial situation

This includes that some providers are satisfied with a copy of the ID card. The employment contract also serves as proof of identity. Copies of bank statements and proof of salary are also recognized. The technology did not stop at the Postident, of course, and there are some providers who now offer the Video-Ident.

Anyone who has previously applied for an online loan may have already been asked to make the Postident. This has to be done at the post office. The customer thus carries out an identity check based on his name, place of residence and age. A postal employee checks the data of the postident with that of the ID card and issues a corresponding certificate.

This is prescribed by law with regard to the Money Laundering Act. The loan seeker must also identify himself when applying for a loan in a branch. This process is also required when opening an account. Gone are the days when a bank employee simply ticked the box next to “person known”.

Usually this is for a customer who lives in the city and a post office nearby has no problem. Only the opening times could be problematic if, for example, the customer has a long working time in the evening. Then Saturday would still be available.

However, if the customer lives in the country where there is a post office in the next town or even further, it looks worse. These branches also often have short opening hours. Anyone who works has problems there. It should also be mentioned that the postident’s process can slow down a loan application. Because a credit without Postident is not approved.

The loan seeker does not have to fear costs for the postident. Normally the lender bears the costs. The costs incurred can then be found in the total costs of the loan without Postident. The actual process of the Postident is not long, it is done quickly, the customer does not have to plan a long wait. Often, the identity control certificate with the necessary credit documents is sent to the lender, which should then be there the next day.

Alternatives to the postident

If the customer applies for a loan without a Postident in a bank branch, the Postident is not applicable. The employee will determine the identity of the customer based on the presentation of the identity card at the counter. The customer should note that his identity card is still valid. It is important here that the customer must adhere to the opening hours of the bank.

In general, the customer can assume that where there is no post office or bank branch. The customer can also assume that an online loan always has better terms than that of a branch bank.

The customer can avoid legitimation at Swiss Post if the branch bank is connected to an online bank. The customer can then legitimize himself at this branch.

Foreign banks that provide online credit without Postident often occur, especially when it comes to a small loan amount, that a copy of the ID or an electricity or water bill is sufficient. Whether this process is ultimately faster remains to be seen, because not everyone has a copier at home. Not everyone also has a smartphone, which the customer could switch to by photographing the ID and sending it to the bank by email.

That would be an alternative, but not all foreign banks accept this option and many of these banks do not offer particularly good conditions for a loan without Postident.

The video ident

A new development on the financial market can be seen in credit without Postident with video legitimation. To do this, the customer must have a powerful computer and a webcam, plus a valid ID card. Age, place of residence and name are entered in the form provided. An employee then uses video chat to compare the data with that on the ID card. The ID is held up in front of the camera.

The next step is to take photos of the identity papers. The customer receives a so-called TAN via SMS, which he has to enter in a previously specified field. After that, the authentication via the PC is completed. There are a total of 10 steps required for the video ident. Providers who do this have noted this on their pages.

Once the identity check has been completed, the credit documents for the loan without Postident must be sent by post, if this has not yet been done. Salary slips, bank statements and a copy of the employment contract and a small household bill are required as credit documents. The online identity check has a little catch, it cannot be offered for 24 hours.

Informational

Not all online banks offer video ident. Online banks do not have a special area with extra employees, this service is outsourced. Large providers such as the company WebIF Solutions from Berlin have been approved by the Federal Financial Supervisory Authority. Swiss Post has also responded to this new development and is offering its own procedure. The name Postident Video.

The customer is then not with a bank employee of the commissioned bank, but with an employee of another company. For this reason, no additional questions should be asked unless they concern legitimation.

Other banks also provide the loan without Postident. Here, the legitimation of the transmission of ID copies by e-mail is carried out by uploading image files. However, this process is not yet so widespread, primarily the video ident is used.

The online legitimation does not only refer to the credit without Postident, securities accounts, current accounts or credit cards can certainly be provided online, whereby it can be legitimized online.

In general, however, a new identity check is no longer necessary if one has already been carried out at the bank.