Which bank gives credit despite debts?

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If you already have debts, the question "Which bank gives credit despite debt?" is probably a burning one. The question is all the more urgent if your loan application has already been rejected due to the debt. You can Smava, Auxmoney and Credimaxx often one more Credit despite debts give. A credit in spite of debt is through a rescheduling and the associated interest rate advantages are particularly attractive.

The providers who have one Credit despite debts awarded, also with the question "Which bank gives credit despite negative credit bureau?“ a sympathetic ear, since they are generally on difficult credit cases have specialized and the requirements are often similar. However, more traditional banks usually reject the loan application directly if there are existing debts.

Which bank gives a loan despite accumulated debt?

If your bank won't lend you money because of debts, you can get Smava*, Auxiliary* and credimaxx* often still give a loan despite debt.

Here you will find some other providers and their conditions, which one Granted credit despite debt:

 bank/credit broker
credit typeseriousnessTo the provider
#1: Smava

Top recommendation: Loans on favorable terms despite debt



4,8/5 (eKomi)

Smava: Loans with poor credit rating and despite negative Schufa


Interest charges: Credit dependent
Loan Amount: €500 to €120,000
Minimum income: €601 net per month
Duration: 12 to 120 months
The provider makes a Schufa request,
but grants a loan despite debt
Seriousness: 5/5 points
without upfront costs :
Accessibility: free phone number, Whatsapp, Facebook, email
No credit and insolvency advice from a single source to
No sale of expensive additional products:
No sending the documents with expensive cash on delivery letters
To the provider:
Smava.de
#2: Auxmoney (personal loan)


5/5 (eKomi)

Auxmoney - loans without Schufa from private individuals


Interest charges:approx. 5.24 % pa rms. at €13,300 & 84 months
Loan Amount: €1,000 to €50,000
Minimum income: €1,000 net per month
Duration: 12 to 84 months
The provider makes a Schufa request,
but grants a loan despite debt
Seriousness: 5/5 points
without upfront costs :
Accessibility: free phone number, Whatsapp, Facebook, email
No credit and insolvency advice from a single source
No sale of expensive additional products:
No sending the documents with expensive cash on delivery letters
To the provider:
Auxmoney.de
#3: Credimaxx

recommendation




4,9/5 (eKomi)

Credimaxx: Loans without Schufa from Liechtenstein and Switzerland


Interest charges:approx. 7.9 % pa rms. at €4,000 & 72 months
Loan Amount: €500 to €300,000
Minimum income: €1,100 net per month
Duration: 48 to 120 months

Loan without credit bureau possible



If desired, the provider omits a Schufa query. In order to get better conditions, it is not advisable to do so.
Seriousness: 5/5 points
without upfront costs :
Accessibility: free phone number, Whatsapp, Facebook, email
No credit and insolvency advice from a single source to
No sale of expensive additional products:
No sending the documents with expensive cash on delivery letters
To the provider:
Credimaxx.de

If the house bank no longer gives you a loan due to existing debts, these special loan providers can often still provide you with one Credit despite debts forgive. For example, Bon-kredit and Smava have a loan offer for more than half of all people who have inquired about Konto-Kredit-Vergleich.de fair interest and without additional costs submitted, as described in the article "Where can you really get a loan despite negative Schufa?" was analyzed.

Which bank gives credit despite debt? - The essentials in brief

If your bank does not give you a loan because of debt, Credimaxx, Smava or Auxmoney can often still lend money despite the debt. These providers have an open ear for the debtor's problem when asked "Which bank gives credit despite debt?" Credit rescheduling is legally possible at any bank, but providers specializing in debt rescheduling will help you with the procedure.

In particular, these can 3 providers support existinge rescheduling loans. This means that you can often borrow more money despite existing debts. In addition you reduce the cost of interest. By combining old loans, you reduce the number of payment partners and get an overview return. This is a key benefit of borrowing money when in debt. However, due to the higher loan amount, this usually does not lead to a reduction in your total burden.

Another advantage of a loan despite debt is that when you reschedule old debt residual debt insurance can be terminated with the debt restructuring. This also saves you money every month. Here, too, the providers mentioned have an open ear for you if you want to cancel your existing residual debt insurance.

Which bank gives credit despite debt? – How you should proceed

In some cases it is worth rescheduling existing loans with a single new loan. Debt restructuring is particularly worthwhile if you have an expensive old contract or you have residual protection insurance that you want to get rid of.

However, you should not take out a new installment loan if you have a high level of debt. Because banks charge high interest rates if you already have debt. In the worst case, the loan drives the debt spiral further despite the debt. If you can no longer pay your bills, you should better contact a professional debt counselor.

Loan rescheduling instead of another new loan despite the debt

A new loan with existing liabilities at other banks can be done with a loan rescheduling be combined. thereby means reschedulingthat you take out a new loan to pay off the existing debt. There are many reasons for that

  • By a loan rescheduling can you your Finance clearer shape.
  • You can also save money by rescheduling old loans in three ways:
    • New loan agreements often have cheaper interest rates as old contracts, because the banks want to win you as a customer
    • Your creditworthiness will be reassessed in the event of a debt restructuring. If there is an improvement despite debt, you will receive a lower interest rate for the entire loan amount.
    • if you one residual debt insurance have, you will receive one through a debt restructuring special right of termination for the (often far too expensive!) insurance contract. This is possible because the insurance purpose for the residual debt insurance no longer exists

Termination of old credit agreements is possible for a legally prescribed maximum fee of 1 %. Therefore, the loan rescheduling is worthwhile from 0.25 percentage points lower interest rate. But more on that in the next chapter.

Is debt rescheduling worth it?

If the account is already in the red and there is already a loan, debt restructuring is often worthwhile. The consolidation of loans is legally unproblematic. Because in Germany, borrowers have the right to take out loans to be able to replace or terminate at any time. The guaranteed right of termination applies to all loans concluded after June 11, 2010. However, construction financing is excluded from this right and can only be terminated free of charge after 10 years.

Banks may charge a maximum fee of 1.0 percent of the remaining loan amount for the redemption of the loan. If the contract period of the old loan is less than a year, the bank may only charge 0.5 percent of the outstanding amount as a fee. However, some banks also waive this fee. Therefore, you can also cancel the installment loan at some banks free of charge. Nevertheless, debt restructuring is almost always worthwhile, despite this fee.

factors

Whether debt restructuring pays off depends on several factors:

  • Duration of the existing loans
  • Interest charges

je higher the remaining debt and ever longer the remaining term, the more you can save by rescheduling. the The amount of the loan has no influence on whether the loan rescheduling is worthwhile.

info

example 1

The following example makes it clear that debt restructuring can be a very worthwhile undertaking. In the example, the debtor previously had loans of €10,000 which still run for 7 years and have a high annual interest rate of 10 %. These interest rates can be called whenever overdraft interest be used or Loan Comparison Calculator not to be used before graduation. If, under these circumstances, you take out an additional loan of €2,000 credimaxx* and receive 2/3 interest, you pay a negative interest rate of for the additional loan -4.8 %. That means that the Credit despite debt, now saves you money every month through debt restructuring.

Existing credit before the debt restructuringafter the debt restructuring
loan amount

10.000 €

12.000 €

Interest charges

10 % pa

7.9 % pa*

duration7 years7 years
Monthly rate166 €186 €
additional load€20/ month
extra money available€2,000 for 7 years
calculated interest rate

-4,8 %

*Credimaxx effective interest, which 2/3 of the customers receive. As of August 2022

In addition, you can get an even lower interest rate if your old contract has residual debt insurance. You can cancel this with the loan rescheduling.

Example 2 - Loans with a long remaining term are particularly worthwhile for debt restructuring

Our sample calculation shows that replacing an old loan with a remaining loan term of 7 years is worthwhile from an interest rate difference of 0.25 percentage points. With a remaining term of one year, the interest rate difference must be at least 0.9 percentage points.

credit termThe loan rescheduling costsDebt restructuring is worth it
7 years1 % (e.g. €100 on a €10,000 loan)from 0.25 percentage points lower interest rates
5 years1 % (e.g. €100 on a €10,000 loan)from 0.35 percentage points lower interest rates
3 years1 % (e.g. €100 on a €10,000 loan)from 0.6 percentage points lower interest rates
1 year0.5 % (e.g. €50 on a €10,000 loan)from 0.9 percentage points lower interest rates

Mastering credit restructuring in difficult cases

An increase in existing loans is often successful with the providers recommended here, even in many difficult cases. Of course, the income must be high enough to cope with the higher loan rates after the increase. For example, with €100 of disposable income at the end of the month, you can afford an additional loan of €1,500. With a free income of €200, it is twice as much. This also applies if you already have loans, i.e. one Credit despite debts want to record additionally. These rules of thumb come from the article "How a loan rescheduling succeeds even in difficult cases“.

Only a few documents are required to reschedule an existing loan, even in difficult cases. If you have applied for the loan from the same intermediary or the same bank, the essential documents are already available. You also have a good chance if your payments have been complete and on time so far. Since the lender already has everything, approving a loan rescheduling is uncomplicated and quick in most difficult cases.

But beware (!) - a loan despite debt can also get you into the debt spiral to drive

Before you sign up for a Credit despite debts decide, you should carefully consider whether the loan can alleviate your financial problems in the long term. It is therefore important that you familiarize yourself with the need for credit, as well as with one provider comparison to reputable banks, which a loan in spite of forgive debts But that's exactly what you'll find above 10 recommended loan providers who still grant a loan despite debt.

Do you really need a loan despite existing liabilities?

deal with itwhether you really need a loan despite the existing liabilities at other banks. The best way to do this is by using Receipts and exceptions via a household book or follow an app. Because taking out an additional loan for existing debts entails that risk of over-indebtedness. If you can no longer pay your bills, you should better contact a professional debt counselor.

Can you reschedule loans and thereby get better conditions?

If you compare the conditions of several providers, you will often find big differences. Furthermore, some providers are more willing to help you with a loan rescheduling. This includes the providers credimaxx*, Smava* and Auxiliary*. In our example above, taking out a loan is worthwhile despite existing debts of €10,000. Because taking in an additional €2,000 increases your monthly rate by just €20. If you had taken out another loan of €2,000 at 10 % interest pa instead of a loan rescheduling, your monthly costs would increase by €30.19. The example makes it clear that it is quite possible to reschedule loans and thus get better conditions.

Pros and cons of borrowing despite debt

Advantages of taking out a loan despite debt

  • It kicks immediate relief of the financial problem.
  • You also have the option of a cheaper loan through debt restructuring to get existing debt
  • Despite lower interest rates, this is also lucrative for the new bank, since the loan amount for the debt restructuring is higher than for a new loan
  • Debt restructuring also allows you to get old ones Residual debt insurance about a special right of termination to cancel. These are often overpriced, and debt restructuring is worthwhile for that reason alone.
  • the According to the law, the old loan can be terminated at any time possible
  • Fees for canceling old loans are capped by law at 1 % of the outstanding loan amount
  • Rescheduling existing debts is worthwhile from an interest rate difference of 0.25 percentage points

Disadvantages of taking out a loan despite debt

  • There is a risk more and more debt accumulate ("chain credit").
  • you should get through Review your income and expenses consider whether you can even afford the loan despite your debts.
  • In order not to debt spiral You should definitely refrain from borrowing money that you may not be able to repay.

Which bank gives credit despite debt? – it works with a guarantor

If you have a guarantor, you can get a loan on good terms. However, if the installments are not paid, the bank will contact the guarantor. The guarantor is liable for the loan amount and the bank can collect the money from him. This can severely strain the relationship with the sponsor and their trust should not be abused. Other ways to use a guarantor are the Loan with fixed-term employment contract or the Credit after a residual debt discharge.

Advantages of the guarantee for a loan

  • Lending with a guarantor is also possible despite debts at most banks.
  • You can offer the bank a guarantee if you are in debt and otherwise cannot get a loan.
  • The guarantor can support a family member, acquaintance or friend.

Disadvantages of the guarantee for a loan

  • The guarantor bears the entire risk.
  • A guarantor does not receive compensation for the guarantee.
  • You bear a great responsibility as a debtor, because the bank can turn to the guarantor
  • Therefore, private relations with the guarantor may be strained.
The ideal guarantor has a permanent job, survived the probationary period and a fixed term, an income of €1260 a month or more, and a mediocre credit rating or better
The ideal guarantor has a permanent job, survived the probationary period and a fixed term, an income of €1260 a month or more, and a mediocre credit rating or better

Role of Schufa when the bank gives a loan despite debt

The Schufa is an important basis for banks to ability to pay to consider. If you have ever had a wage garnishment and you are dealing with your money over a P account had to protect, the Schufa knows about it. The Schufa then devalues your solvency. The same applies to late paid bills, loans and especially after a personal bankruptcy. If you know your Schufa score, you can find out with this overview which bank still grants a loan despite negative SCHUFA. If you are in debt, a correctly used (!) Debt restructuring loan remedy.

Reputable credit providers work with partner banks that take your current financial situation into account. Other providers do without the Schufa query entirely and give you a loan directly without the Schufa Sigma bank*. However, this is not recommended for debts, since the interest rates on loans without Schufa are very high and debt restructuring through the fixed loan amounts is often not possible or sensible. Therefore, it is better to get a loan despite debts with the providers credimaxx*, Smava* and Auxiliary* to inquire and to renegotiate the interest rate at the same time.

Loans without Schufa are tempting, but with pre-existing debt not recommendable. The providers charge high interest rates for these loans and sometimes additional costs for residual debt insurance or the like are due. If you already have debts from other loans, an expensive loan without Schufa will quickly get you into the debt trap.

Which bank gives credit despite debt? - Conclusion

If your bank won't lend you money because of debts, you can get Smava*, Auxiliary* and credimaxx* often another Credit despite debts give. The banks' offers are often very appealing to debtors, as they want to attract you as a new customer. A rescheduling of the old loans is often particularly worthwhile here.

Nevertheless, debtors should act prudently in order not to get caught in the debt spiral. The danger of debt spiral This is particularly the case if the debt has already been rescheduled several times in the past and the mountain of debt has continued to grow.

However, a loan rescheduling often makes sense and is further fueled by consumer-friendly legislation. Thus, the cost of terminating old loans is capped at a small amount of 1 % of the outstanding amount. As a result, debt restructuring is worthwhile from an interest rate difference of just 0.25 percentage points. In addition, by rescheduling you can residual debt insurance about a special right of termination Get rid of. This is possible because the insured event no longer exists.

Borrowers with good organizational skills use borrowing despite debt to negotiate lower interest rates through debt restructuring and to shake off residual debt insurance that is no longer needed.

*Affiliate link: If you get to a provider via one of these links from my website, I may receive a commission. This does not result in any additional costs for you. ❤️ THANK YOU for using these links! ❤️

Disclaimer: This is well researched but non-binding information.

Cover photo: Photo by Willfried Wende on Unsplash

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