There are various reasons to take out a loan despite a loan. This applies, for example, when a home, car or other consumer goods are to be financed and when a loan has already been taken for another purpose. Similar to another loan, the income must be high enough and the private credit information must be positive. Otherwise, lending will be very difficult or impossible.

Prerequisites for a loan

Prerequisites for a loan

Regardless of whether a loan is to be issued by a bank, a savings bank, a car dealership, a mail order company or a local dealer, you must meet certain requirements. First and foremost, this would mean a regular income that must be so high that it is well above the seizure limit. Otherwise, the lender would have no way of accessing income from arrears. In addition, many banks or private lenders assume that the income comes from a work experience. Self-employed or freelancers often find it very difficult to find a suitable lender. The same applies to all other persons who have no fixed, no regular or insufficient income.

In addition to income, private credit  plays a central role in lending. If there are negative entries here, lending in Germany is very difficult, if not impossible.

Compare credit despite loan

The number of providers for a installment loan is very large. For this reason, the selection is not always easy. A comparison is therefore strongly advised, regardless of whether a loan to finance a house or apartment, a car or other consumer goods is to be included. In some cases, there is also a desire to replace an existing loan or to combine multiple loans into a single loan.

Apply for loan despite loan

Once the decision has been made for a specific provider and it is clear what loan amount is needed, the loan application should be made on the internet or locally. For this purpose, the loan application must be completed completely and truthfully. In addition, various documents, such as the current proof of income, must be attached to the loan application. What documents the bank or the private lender needs in a specific case, he communicates before the application.

If the loan application is complete, it will be checked. A decision for a loan approval or rejection is usually made within a few hours or days. If the decision is positive, the loan, despite the loan, will be transferred in one amount to the customer’s current account. Subsequently, the loan must be repaid despite loans in monthly installments. How high these installments are and how long the term is is determined by contract.

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