Due to a poor order situation, employees are often forced to work short-time. During this time, workers only receive short-time work benefits, which is considerably less than what is otherwise earned. Although the employee can apply for reimbursement at the employment agency, this money is not calculated as income.
This is where the problems often begin, because if a loan is now needed, only short-time allowance counts. This can vary and in the worst case it is below the garnishment allowance. In such a case, the money would no longer be an income that is included in the lending.
How can a loan be taken out anyway?
If you need a loan during short-time work, for whatever reason, it is not easy to convince a bank of the loan. However, it is still possible to apply for a loan during short-time work, especially if other collateral can be provided. Banks use collateral to secure the loan, which means that it is repaid. In this way, the applicant can offer a loan guarantee for a loan during short-time work.
To do this, he needs a person who is liable for the loan with his own assets. Banks see a guarantor as a second borrower and then often approve an application. Life insurance can also be presented to the bank. However, this is only accepted if the life insurance has been running for several years and has a surrender value. This surrender value must be at least as high as the loan amount from the loan during short-time work.
No collateral – way out
Those who cannot provide the above-mentioned collateral must try to get a personal loan. This credit during short-time work can be obtained from friends or family. The advantage of this is that the loan is interest-free and a lot of money can be saved. But there is also the chance of a personal loan over the Internet. Here, however, interest should be taken into account, which is often much higher than with a bank loan.