Sickness benefit credit – Apply now!
Employees receive sick pay if they are unable to work for more than six weeks because of the same illness. Furthermore, freelancers and the self-employed can insure a claim to sickness benefit through their health insurance. The amount of the wage replacement benefit in the event of illness amounts to seventy percent of gross income, but must not exceed ninety percent of net earnings.
Why borrowing with sick pay is difficult
With many illnesses and injuries, workers can estimate that they have been unable to work for more than six weeks and, by acting with foresight, avoid the need for a sickness benefit loan. As long as they still receive their employer’s continued wages, this is considered normal work income, so that borrowing is easy. The difference between wages and compensation for long-term sick employees often requires taking out a loan with sick pay.
However, financial institutions are skeptical, as they mostly see the payments from the health insurance company as a temporary receipt of money and do not take into account the fact that their customer will regain his old work income after recovery. Some credit institutions grant the desired loan while receiving sickness benefits if the applicant presents a medical certificate stating that the incapacity to work is likely to end. An additional agreement is ideal, according to which the repayment of the loan only begins with the resumption of gainful employment.
Take out a private loan with sick pay
In addition to conventional commercial banks, a sickness loan can be taken out via an internet platform for arranging private loans. On the corresponding websites, private borrowers give a detailed explanation of the reason for their loan application and their financial situation, which is also where private lenders draw the respective request. Social criteria contribute more to the decision on lending than credit-typical credit criteria, so that there are great chances of receiving the desired loan with sick pay as current income.
Depending on the amount of the loan required, the loan is granted by one or more lenders. The personal data remain protected despite the detailed description of the personal financial situation and the intended use for the desired loan, since only the platform operator knows the account details and the addresses of the members. A licensed full bank is formally responsible for the lending, but the actual decisions are made by the platform members registered as lenders alone.