Many people go through the unemployment box during their career. A period that can be difficult to manage depending on future expenses. In case of job loss, you receive an income 20% to 30% lower than your employment salary. If you have an outstanding loan at this time, the situation may become difficult to sustain. What options are available?
With unemployment insurance
If you have taken out unemployment insurance before ending up on compulsory leave, it can compensate for the shortfall due to unemployment and allows you to continue to repay the credit. With the unemployment insurance offered by Lite Lending, you can benefit from a monthly pension ranging from 500.- to 2000.-. The premiums vary between 15.90.- and 92.20.- per month. You can be covered up to 12 months for a period of unemployment, and up to 36 months for the total duration of the contract with the insurance.
Be careful however! To receive this amount, you must wait 90 days between signing the insurance contract and the time you are unemployed. Otherwise, you receive nothing during the entire period of your leave until you return to work. For this reason, you must anticipate and take out insurance in advance. It is also important to clarify that unemployment insurance only works from the moment you are laid off. It does not apply in the event of resignation or dismissal due to a serious fault committed at work.
Without unemployment insurance
If you do not have unemployment insurance at the time of your leave, the situation becomes complicated. It is too late to take out unemployment insurance to cover your credit costs for the duration of your leave. However, it is important to quickly contact the financial institution concerned. He will be able to submit suitable solutions to you regarding the repayment of your credit in order to avoid a serious situation.
Responsible credit, applied by several banks since 2016, however, makes it possible to avoid untenable situations in the event of major unforeseen events. By developing a personalized risk profile that includes a sufficient margin of safety for the credit applicant, banks allow customers not to find themselves over-indebted because of a credit that is too difficult to repay.
All inclusive banks
Some banks plan for you and include unemployment insurance in their offer. This is the case with Good Lender Finance. This can be a possible solution for those who appreciate an all-inclusive plan when taking out a loan. Others, such as Cream Bank or Delta Link Bank offer it as an option, which must be paid in addition to the credit offer.