If you have had an accident or a serious illness and are therefore unable to work for a while, you will receive sick pay. Of course, sickness benefit is only paid for a limited period and cannot be compared to a disability pension.
Sickness benefit is intended to help you through the difficult times in your life and to ensure that you are not dependent on social assistance. Unfortunately, the sickness benefit is not particularly high and is just enough to cover all the necessary costs. Large purchases and investments are not an issue during this time – unless you take out a loan despite sick pay.
What are the difficulties?
Even if you perceive sick pay as income, the banks do not count it as such. Whether unemployment benefit, parental benefit, sickness benefit or other social benefits – there is no difference for the banks. After all, the future is uncertain after an accident or serious illness. It is quite possible that you will not be able to work, or will only be able to work to a limited extent, which will make it difficult for you to repay the loan. Apart from that, the sickness benefit is usually so low that it is only sufficient for the bare essentials. Special extras or repayment rates are of course not included.
How can you get a loan despite sick pay?
If you urgently need a loan despite sick pay, you shouldn’t give up hope. It is important that you offer the bank a lot of collateral and thereby substantiate your creditworthiness. Possessions such as houses and properties or guarantors that would assume your payment obligations in an emergency are particularly helpful.
If you are married and your partner earns enough, the loan will not be a problem despite sick pay – provided that the inc ularly helpful.
If you are married and your partner earns enough, the loan will not be a problem despite sick pay – provided that the income is sufficien ome is sufficient to cover all living expenses plus repayment rates. If you want to increase your chances of getting a loan despite sick pay, you should contact an online bank. Direct banks on the Internet offer much more advantageous conditions than branch banks and are more willing to grant loans even in difficult situations.