Those who receive sick pay receive a wage replacement benefit that is not part of the attachable income. It is often not easy for the bank to grant a sickness loan if someone is ill for so long that they receive sickness benefit from the health insurance company. It is not impossible to get a loan if you only receive sick pay. If it is assumed that this money is enough to finance a loan, nothing stands in the way of the application. There is also the possibility to obtain a loan for goods financing in the trade if the applicant only receives sickness benefit.
How do you get a loan with sick pay?
With a loan with sick pay, as with other loans, a household bill is drawn up. The borrower’s capital service is determined by this calculation. The bank compares the expenses and the fixed monthly income to determine a surplus. The loan installment can then be financed from this. If there is no money left over on this bill, the bank will reject a loan application in most cases. Borrowers who are on sick leave and thus receive sick pay from the health insurance fund may only count this money as income. The salary that was earned before sick leave is no longer taken into account.
Be sure to check loan offers
Anyone who applies for a loan with sick pay should definitely compare the offers. There are now countless offers, but not all of them are cheap. Many websites and insurance companies offer a comparison. In any case, this should be free of charge. The comparison helps to find cheap offers and provides information about rate suspensions and special repayments. Credit offers with interest rates that are independent of creditworthiness should preferably be accepted. This means that the interest rates are the same for all credit customers and there is no premium with a lower credit rating. Since sickness benefit is often less than the actual salary, a loan with sickness benefit is often more lucrative than credit-dependent loans.