March 8, 2019

Loan consolidation despite negative with immediate approval


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The scoring or “the entry” of the protection community for general credit protection (credit history) is sacred to many banks when it comes to the question of whether or not they should approve a loan. If the “credit history negative”, as it is popularly called, it is extremely difficult to obtain a loan. Wishes that you want to fulfill, then have to wait. This is not nice, but may still be over. It is much more problematic if you aim for a loan consolidation despite negative credit history. However, such an undertaking is not hopeless.

Loan consolidation despite negative credit history at a foreign direct bank

The easiest way to get a loan that does not have a negative impact on the credit history is through a foreign bank. The credit history is a German company and works exclusively with such banks that have a banking license of the Federal Republic. Accordingly, foreign banks do not have access to data that is so problematic for you. The financial institutions in question have largely set up direct banks that are active in Germany via the Internet. Accordingly, you can apply for the loan for the consolidation from your home sofa.

Loan consolidation despite negative credit history in private lenders

Another way you can take the credit history out of the equation, whether you get a loan or not, is through private financiers. These can finally decide individually whether they want to use the data of credit history for their loan decision or not.

By the way, you do not have to have someone like you in your environment. There are now many loan portals that have set themselves the task of bringing private investors and borrowers together. However, this could lead to two problems as part of a debt consolidation: on the one hand, the amount of credit lent by private investors in this way is very limited. In most cases, only four-digit amounts are offered, they should rarely expect five-digit and six-digit in any case. On the other hand, the portals demand their share of the cake. Lending will be more expensive accordingly. You will need to calculate in the sequence whether the debt restructuring is really cheaper for you.

How to convince a German bank of a loan consolidation despite negative credit history

If it is to be a German bank, in spite of your problems with the credit history to reschedule, you have to convince. The simplest method is to introduce a second borrower or at least a guarantor to the bank. The other person should – this is in the nature of the matter – have no problems with the credit history.

You can also try to argue to the bank that consolidation will improve your solvency. After all, your monthly installment fee will drop because the new loan is cheaper than the old one. You will likely have a chance of succeeding with this approach, especially at the money house where the old loan is located. There you will eventually also worry about whether you can really repay your previous loan easily. Finally, your negative credit history entry points clearly in the direction that you have financial problems. As a rule, the financial institution will therefore be open to solutions that secure the repayment.


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