If a customer has sufficient income, he can also service several loans. In principle, a loan is not a reason for a loan refusal despite ongoing loans, provided the customer can pay it. Several loans quickly arose, there is real estate financing, at the same time the car loan, now a new kitchen has to be purchased, three loans are already to be serviced. If customers regulate their liabilities carefully, no bank will refuse a loan despite ongoing loans.
The loan is quickly approved
Every day, consumers are confronted with advertising in the media, on the Internet, everywhere, even in the car, the customer is not safe from it. There are 0% financing, lure offers that you really can’t refuse. The funds are available and the loan is then quickly approved. However, many consumers do not think that the tide can turn bad very quickly.
Just think of an unexpected unemployment, a serious illness with subsequent disability. Everything is bad enough, but then comes the big end, because the installments can no longer be paid. If the customer acts quickly, he asks the bank for one or two installment breaks. If these are insufficient, rescheduling is considered, all liabilities should be combined into one loan.
The debt spiral is slowly but surely turning. Anyone who is stuck in this dilemma should not take out a loan despite ongoing loans, but should contact a debt counseling service. There are experts who draw up a debt repayment plan, who negotiate with creditors. This is how the consumer slowly but surely gets out of debt. However, he has to tighten his belt for this time. But still better than when a personal bankruptcy is pending.
Some consumers think it doesn’t happen that quickly. Affected people can talk about it very differently. Sometimes it’s faster than you think. In general, it is not a good thing to plug a hole in a loan where another loan has been torn open despite ongoing loans.
Check the creditworthiness
Before taking out a loan despite ongoing loans, an income / expenditure plan should be drawn up. From this, the customer can see whether there is still money left for an installment. The monthly budget should not be tightened so tightly that nothing is left. If there is then a rushed invoice that was no longer thought of, there is no money.
Okay, the overdraft facility could be a solution, but then it is also fully exhausted. Therefore, financial experts advise only 1/3 of the remaining amount that remains after deducting all expenses for a monthly installment. The rest should be put aside for the unexpected. If the invoice is positive, the loan seeker can find a lender.
To do this, he can of course go to his house bank, which is of particular interest to customers who value personal discussions. But experience shows that the branch banks have the best conditions right now. Here are the direct banks, which do not have to operate a complex branch network and can thus keep their economic costs low. The loans provided are correspondingly cheap.
The customer can start a credit comparison so that a cheap loan can be found despite ongoing loans. He enters the loan amount, the term and the desired rate and receives all providers at a glance. Then all he has to do is compare them and choose one. The loan application can then be made directly via the loan comparison. However, the loan seeker should know that the interest rates displayed are not valid for all customers.
Only those who have a good credit rating can get a low interest rate. Nevertheless, the focus should be on the annual percentage rate, because it tells you how expensive the loan will ultimately be. A cheap loan also includes free special repayments. If none have been noted in the loan agreement, the bank can calculate a prepayment penalty if the customer repays the loan before its expiry date. With the compensation, banks limit their loss of interest due to the early repayment of the loan.
There should also be one or two installment breaks in the loan agreement. The financial bottleneck comes faster than you think. If the monthly budget is fully exhausted, a break in installments could possibly compensate for the bottleneck. The same also applies if the customer seeks debt rescheduling. The notice period must be viewed here, because here too the bank can calculate a prepayment penalty.
Since 2010, however, this has been limited to 1% of the remaining amount, unless special repayments are permitted. In the past, the compensation was so high that rescheduling no longer paid off, but that is over.
The loan from abroad
Of course, with a loan, the income must be sufficiently high despite ongoing loans. Not only that, the Credit Bureau must not be burdened with negative entries. A permanent position is required. With these conditions, the customer will also receive a loan if he fulfills them.
If Credit Bureau is burdened with a negative entry, however, the lending looks very different. Here, Cream banks often refuse a loan because the default risk is too high for them. The bad Credit Bureau signals to the bank that there have already been payment problems in the past.
If it is only a “soft” entry, many lenders overlook it and approve the loan if the general conditions are otherwise correct. However, if there are “hard” entries such as a garnishment, an oath of disclosure or an enforcement order, the bank will not approve a loan.
If cash is urgently needed, then the Credit Bureau-free loans from Switzerland or Liechtenstein remain. These loans are provided through credit intermediaries. However, the bank places strict requirements on the customer. So the income must be above the garnishment exemption limit. For a single, that would be around 1,100 USD net. For a four-person household, the net price is 2,500 USD. If not so much is earned, the bank does not grant a loan despite ongoing loans.
It is very important to have a permanent position that must have existed for at least one year. The employment contract may not be limited in time and may not include a trial period. The customer must be of legal age and have his domicile and his account in Germany. Three loan amounts are provided. 3,500 USD, 5,000 USD and 7,500 USD. The loan term and loan rate are standardized, there are no deviations.