Credit in difficult cases

It can always come back to situations where you need fast money but not creditworthy. For example, a negative bank information for many banks is an absolute KO criterion. But there are exceptions: even if one is considered a “difficult case”, it is often still possible to get the loan you want.

An instant loan as emergency aid

In order to obtain a loan, various requirements must be met.

As the name suggests, budding receive borrower “immediately” one here credit. However, the word “immediately” is not to be seen too narrowly, because in most cases a certain amount of time passes before the money is in one’s own account. Nevertheless, an instant loan is usually much faster than a conventional loan. This makes it possible, for example, finally settle the various bills, trigger the Dispo or use the desired loan amount for a variety of other occasions.

However, the various requirements must be met for such a loan, such as a German residence, a German checking account, the age of majority and a good credit rating and a regular, secure income. But often it hapers here, for example, the good credit rating or the income level. However, these requirements do not only apply to an instant loan, but also to a large number of other loans, such as a conventional installment loan. So it is often very difficult to get a loan in such a difficult case.

Negative bank

A bank-free loan can be the solution here.

A negative bank statement is exactly what makes life difficult for many potential borrowers. Because for many banks applies: negative bank = no credit. However, there are a few financial institutions that have a loan despite negative information. However, it depends on how serious the bad entry is. For example, if insolvency proceedings are in progress, you will not receive any loans here either. Alternatively, there is also a loan without bank. With such a loan no bank information is obtained, but nevertheless paid attention to the creditworthiness. bank-free loans usually hedge the higher risk that they will incur due to higher costs. However, in difficult cases, such as negative bank information and urgent need for money, a bank-free loan can be a good option.

Loans for the unemployed

Some banks offer special unemployment loans.

But unemployment also makes it difficult to get a loan. Here can also be a positive bank information available, but what is missing is the safe, regular income. However, it may still be feasible to take out a loan: some banks offer special loans for the unemployed. However, one should of course always be aware that the installments of the loan have to be repaid on time.

Mini credit

Mini credit

The mini-loan is a good bridge to short-term financial bottlenecks and is often awarded even if not so good bank information.

If no large sum, but only a small amount of up to 400 or 500 euros needed, then even in a worse position, a mini loan can often be claimed. This is often a good way to overcome a smaller bottleneck. Banks often lend mini loans even if their information is not quite as good. Another advantage of mini-credits is that the loan amount is paid out very quickly in most cases.

Pawn shop loan

A loan that is not issued by a bank but by a bank.

The pawnshop loan is not issued by a bank, but by a pawnshop. Here, the prospective borrower brings a valuable item, such as a camera, a clock or a coin collection to the pawnbroker. The latter appreciates the value and, if both parties agree, issues a loan. If the customer is unable to repay the loan, the pawnbroker keeps the item in question for himself. So the risk for the pawn shop is minimal. However, if the borrower pays his loan in accordance with the contract, he will eventually receive back his valuable asset. For borrowers who find themselves in a difficult position and do not receive credit from a bank, the mortgage loan can be a good choice.

Increase credit opportunities

A second borrower or a guarantor as well as collateral increase the chance of obtaining a loan.

However, potential borrowers who do not get loans from the bank for a variety of reasons can increase their credit chances. For example, it is recommended to include a second borrower. This means that the loan agreement will be signed by a second person. The same conditions apply to the person concerned as to the borrower itself. It is also fully liable for the loan amount.

Alternatively, it is also possible to include a guarantor in the contract. If the borrower fails, so no longer be able to pay the resulting monthly installments on time, then the bank adheres to the guarantor. Accordingly, here, of course, also a second borrower, only one solvent person approved.

However, there is another option that increases the chances of a loan: collateral. This includes, for example, a life insurance policy or a savings letter. However, it depends on the type of loan. For a car loan, as an example, the bank’s car serves as collateral. Using this and similar collateral can often significantly reduce credit risk, making it possible in many cases to obtain the loan you want.

Private credit

Private credit

A loan from a private person can be a worthwhile alternative.

However, it does not necessarily have to be a loan from the bank, because in difficult cases it is often an easier and easier option to obtain credit from another private person. These may be, for example, siblings, parents, relatives or friends. With a little luck, it may even be possible to get an interest-free loan here. However, it is advisable to set up a credit agreement here and to specify the various necessary details. So it hardly matters in this regard to disputes. However, such a loan is rejected by many people because they do not want to be in the debt of the lender and / or even fear any disagreements.

Conclusion

Even in difficult cases, it is often possible to get a loan.

Even in difficult cases, it is therefore quite possible to obtain a loan. It is worthwhile, then, to look around here and explore the various possibilities. For example, for many borrowers, a loan without bank information is a good solution.