A loan for everyone would certainly be a pleasant circumstance, but it can hardly be implemented in reality. Since banks, of course, also have to secure themselves as lenders to fully retain their money, including interest, the loan cannot be granted to everyone. If the potential borrower has too little, irregular or no income, there is hardly any security for the banks.
A lender simply cannot assume that the borrower can repay the installments in full and on time. In addition, it is of course also the duty of a bank not to knowingly plunge the borrower into over-indebtedness, which is why a rejection is often made with regard to the general situation of the borrower.
How to get a loan anyway?
The tendency for unemployed and debt-burdened people to come to terms with the fact that a bank will most likely not pay them a loan. So it is important to find an alternative to the desired loan for everyone. Banks granting borrowers a loan even without checking the entry at Credit Bureau offer a first starting point, but this also cannot compensate for a lack of income. If the borrower has attachable assets with a relatively high equivalent value, the loan may still be received under certain circumstances, but it must of course be assumed that the bank will actually attach in the event of a default.
A car, which may be needed for job search and daily tasks, can quickly deteriorate to the garnishment and is therefore no longer in the borrower’s possession. A loan for everyone does not exist, but various individual circumstances make it possible to still receive micro or small loans. In any case, the easiest way for borrowers is to look for a loan in a private environment. Borrowing money from friends, family or your own partner is not always easy and involves a certain portion of shame, but this option is often the only way out of your own financial misery.
Professional portals help
If the utopian loan for everyone is excluded by direct banks and their own house bank, borrowers can also look for a loan in the private sector in a professional way. Various portals connect private lenders with private borrowers and may therefore enable lending. The disadvantage here, however, is that high interest rates may apply and, of course, private lenders also insist on certain collateral for repayment. In addition, borrowers should bear in mind that over-indebtedness can never be the goal, which is why it may also be worthwhile to go to debt advice, even if they do not distribute loans.