The taking up of loans is not limited in Germany. Every consumer therefore has the right to take out a loan despite the existing credit.
With his loan request, the consumer can turn to a lender of his choice. However, additional credit is only possible if the applicant can meet the required credit requirements of the lender.
This is how it works – Overview in keywords
- Credit requests with existing current loans are not uncommon
- Even with punctual and agreed payment obligations, not even the score suffers
- Loan offers with good as well as slightly weaker creditworthiness are therefore eligible
- Check now which loan suits you
- Directly – but without obligation – apply for your preferred loan
Credit despite existing credit – at the house bank
For an existing loan, an additional loan can be requested from the principal bank. Many consumers have a very good business relationship with their bank.
Credit despite existing credit – even with immediate approval
Often, the first loan has already been taken at this bank. In order to be able to accept additional credit, a consultation appointment must be arranged in advance in the branch.
If the bank customer comes to the appointment, he must present the official a valid identification. The additional required credit data has to be available to the clerk in his computer.
In the case of a loan despite existing credit, a private credit statement is obtained again. The creditworthiness must also be recalculated.
If the private credit of the bank customer is positive and the creditworthiness sufficient, the loan can be applied for. If it should pay off, the current loan can be replaced with the new loan.
As a result, only one credit installment is due monthly. The bank customer has a higher financial margin.
If the creditworthiness is insufficient, the bank customer can offer additional collateral.
The credit rating – that’s what the banks expect
If a loan is to be taken up despite existing credit, banks are required to have a high credit rating. The credit rating must be so high that the borrower can serve two loan installments while at the same time making a living.
Banks are therefore assessed for creditworthiness before any credit is granted to establish their creditworthiness. If the monthly income is insufficient to secure the loan, additional loan collateral is needed.
Banks usually accept different property or personal security. For example, real estate assets, fixed savings deposits, share packages, funds or high-quality works of art are among the most common securities.
Precious metals and coins are also welcome collateral. Guarantors and co-applicants are counted as personal security.
For a guarantor, particular attention is paid to liquidity. Some banks are more protective of guarantors than borrowers.
A second borrower is also accepted as collateral by many banks. Guarantors and co-applicants are, as a rule, jointly and severally liable.
This means that these persons are held liable in the event of a loan default without a judicial reminder procedure.
Additional loan from the internet – online and direct banks
Consumers who do not need advice on a loan can contact an online or direct bank on the Internet. The banks offer installment loans at very favorable credit terms.
This is partly because the banks are exposed to a great competition among themselves. On the other hand, most online and direct banks have a very lean corporate structure and work with very few people.
This also has a positive effect on the costs. For the application, consumers can use an online form. After entering the personal data, the bank collects online information from the private credit.
If the scoring of this information is in order and the information on the credit rating is sufficient, the applicant will receive a provisional loan commitment. If you need a loan despite the existing credit, you should have a very good credit rating.
A final credit decision will only be taken once the required credit documents have been received by the bank. If the applicant then receives a commitment, the loan will be paid out immediately.
Credit comparison – that’s how easy it works
Since the online and direct bank lending offers are not manageable, a manual credit comparison on the internet is very difficult. Much easier and, above all, not so time-consuming is a credit comparison on creditend.
The large comparison portal cooperates with many different banks offering their financial services on the Internet. Consumers have the opportunity to compare different installment loans from 500 to 120,000 euros.
Some banks allow credit periods of up to 12 years. For the credit comparison, a credit calculator is available in which the loan amount and the repayment term are entered.
Who needs a loan despite existing credit, should choose the purpose of rescheduling. Immediately after entering numerous credit offers appear on the comparison page.
The loan offers always contain the same information. These include the bank name, the product details, the monthly rate, the borrowing rate and the annual percentage rate of charge.
If the applicant has decided on a loan offer, he will be forwarded immediately to the application.
Credit marketplaces on the Internet – by private investors
Due to the creditworthiness, not every loan request is accepted by the banks. Anyone wishing to take out a loan with a restricted creditworthiness despite their existing credit can turn to a credit marketplace.
Credit marketplaces are Internet portals where private lenders provide installment loans to individuals. Even self-employed and pensioners are served on these portals with loans.
creditend has also set up a credit marketplace. Consumers receive credits of between € 1,000 and € 50,000 on this credit marketplace.
Run times of 12 to 144 months are possible. If the private credit information does not contain any hard negative characteristics, it will be treated neutrally. Before applying, the loan amount, term and purpose are entered into a loan calculator.
Thereafter, the personal data and details of the income and expenses of the applicant are required. The legitimation is carried out by videoidentification or postident procedure. The required credit documents are sent by post to creditend.
Once the documents have been reviewed, the loan can be disbursed despite the existing loan.
Compare loans – favorable loan conditions
If a consumer is creditworthy, additional credit will be available from conventional banks or online and direct banks. To determine the creditworthiness of a private credit information is obtained and the credit rating calculated.
In the case of a limited creditworthiness, consumers must be able to offer additional loan collateral for a loan despite the existing credit. If this is not possible, a loan may be requested from a credit intermediary or credit marketplace.
Since limited credit is an increased risk for lenders, consumers are likely to face increased borrowing costs. In order to save costs, consumers should therefore compare many offers before applying for a loan.
The comparison could be done manually or supported by the software. In the connected comparison, the software helps you to apply for your individual credit despite the existing credit.