Do you have a bad feeling about taking out a loan despite a loan? Are you afraid the bank’s refusal to pay the loan or the repayment will not be successful?
We would be happy to present you with the options to obtain a loan despite existing credit debts. Also learn how not to maneuver yourself into overpaying repayment commitments.
Credit despite loan – no end of the world
Getting credit despite a loan is commonplace. The number of credit commitments made is not the decisive factor in determining personal creditworthiness. It is much more important that the creditworthiness for the lending would be available and the additional repayment is possible from income. If an additional loan request is refused despite existing, properly serviced installment loans, there can be very simple reasons.
The most common reason can be found in the terms and conditions of many credit institutions. Each borrower may only take out one loan per “loan model”. That means a checking account with overdraft facility, a call credit, an installment loan and possibly a mortgage loan. If, for example, two installment loans are to be taken out with the same lender, the bank automatically rejects them.
Neither the creditworthiness for lending nor the actual repayment ability was checked. In this case, a loan would be easily possible despite a loan by changing providers. Call up a free credit comparison and choose a suitable offer. But be careful, the lowest-interest offer is unlikely to lead to success. Multiple indebtedness already has some influence.
Credit requirements – additional regular installment loan
Each credit provider determines the credit conditions under which an additional regular installment loan is granted. The same guidelines apply as for previous credit requests. – A safe working income of a reasonable amount, a positive household bill, an unconditional and permanent employment contract. In general, it applies to regular credit that a clean Credit bureau is required as a minimum requirement for lending.
Existing credit obligations already entered there, if payment was always made on time in accordance with the contract, are initially not negative for credit despite loans. If the obligation to pay in installments exists longer, a high amount borrowed has already been largely paid off, the registered loan has a rather positive effect. It proves that the borrower adheres to his agreements over a long period of time and is a reliable partner.
Loans denied by other credit providers have a negative impact. Every legally binding loan application can appear in the Credit bureau and remain visible for 6 months. Rejected credit requests indicate a credit risk.
Take out multiple installment loans – avoid repayment problems
Nobody wants to get into excessive debt. Nevertheless, additional credit cannot always be avoided, even though existing installment loans are in progress. There are an infinite number of sensible reasons why an additional loan is inevitable. Nobody should forget that every loan has to be repaid. In the case of existing payment obligations, the liquidity cover can become thin.
In many cases, it is better to think about debt restructuring or topping up a loan than to take out a loan in spite of the current loan. If the debt is rescheduled or an existing installment loan is increased, the “cards are reshuffled”. Predictable repayment problems are prevented by a rate that is adapted to the financial capacity.
The small, portable rate of the debt rescheduling ensures sufficient liquidity to always remain solvent. It is almost incidental that the rescheduling loan with small installments helps to make it easier to avoid a new loan in future despite the loan.
Loan offers – finance to match your credit rating
Not every borrower can claim such a good basic credit rating that the individual credit line for regular ones would not be reached. Borrowers whose basic credit rating is sufficiently good and whose income allows a further loan installment can find their loan via any free credit comparison calculator. If the first warning signals are perceptible, lending for additional installment credit does not work as smoothly.
When creditworthiness is scarce, credit providers offering special loans with poor credit ratings are in demand. It would be possible to find suitable loan offers via traditional credit intermediaries, such as bon credit or via modern credit portals. For example, Astro Finance offers the entire range of possible loans, all creditworthy credit ratings. Appropriate special financing would be found using the free loan comparison.
Special financing offers are recognizable by the delayed credit check. Credit despite personal loans could even be eligible if banks no longer see credit prospects. Astro Finance opens this way of obtaining financing in difficult cases within the portal. Despite noticeably higher risk tolerance to grant installment loans in difficult cases, private lenders always expect proof of secure repayment ability.
Fast loans despite loans – mini credit complements the overdraft facility
Additional credit requests are often due to a liquidity squeeze. The overdraft facility on the checking account was exhausted. A temporary overdraft facility extension by a few hundred USD should or cannot be requested. An installment loan could be considered as a basic alternative, but quick money on a smaller scale would be better. Best Lender has the right offer for liquidity bottlenecks that are overcome within 30 days.
Mini loan is a quickly available cash loan, often referred to as a lightning loan, with a small loan volume and a short term. The loan model is even deliberately designed as a loan despite a loan. The credit process runs fully automatically. New applications are likely to be made in the amount of 100 to 500 USD with a term of 30 days. Approval and loan payments are usually made within 24 hours.
For existing customers, provided they have sufficient creditworthiness, a loan of up to 5000 USD would be possible despite a loan with a term of six months.