Loan request rejected: what to do? »Alternatives 2019
December 14, 2019
Loan request has just been rejected
The fridge is broken, but the account is empty and the loan request has just been rejected. What can you do now? There are a number of alternatives, but no guarantee that you will end up with a loan. Under no circumstances should one trust the promises of credit intermediaries seeking a loan against payment in advance.
Reputable companies always make a free and non-binding offer first. Often, however, even the change of the bank is enough.
What is still to be considered in the case of a rejected loan request, you will find in our guide to the subject loan request rejected.
Maxcredit or Mono credit made. Such reputable agents always work without up-front fees and make a non-binding offer first. If a company demands money before taking on the contract, customers should keep away from it.
Also part of the circle of reputable providers is the East German company Pixocredit. It offers its customers to seek both loans with and without credit bureau. If a regular loan is cheaper, the borrower receives it, otherwise it will be given a loan without credit bureau. Of course, the query can also restrict from the outset on loans without credit bureau.
The main advantage is the renunciation of any credit check and a credit bureau entry. Instead, a pledge is deposited whose value is estimated. Usually you can not lend the entire value, but only part of it.
Thus, the pawn shop ensures that it gets its money back, even if less is achieved at the auction than planned. In addition, the costs of the auction must be covered. If there is still money left after paying off the debt and the costs of the sale, the debtor will of course be refunded.
Because of the high costs of estimating, shipping and storage, interest rates are usually higher than installment loans.
Responsible guarantee. Thus the guarantor becomes a debtor. In practical terms, this means that the bank can contact the guarantor immediately in the event of late payment. Usually, according to the German Civil Code, it is compulsory that a compulsory execution must first be initiated. Only if it fails, the guarantor can be prosecuted. In the case of the enforceable guarantee this clause is suspended.
Of course, an alternative, if the loan request was rejected
With a guarantor you can apply for a normal loan, if the credit rating is good, even at attractive interest rates. As a guarantor usually come first relatives in question, for example, parents, siblings or (adult and working) children. For the spouse, a guarantee is only the second best way. Banks almost always have the option of taking out a loan together. This has the same effect as a guarantee, but is easier.
Not only because the interest rates are lower there, but also because the money is then no longer in the checking account. This reduces the risk that it will be spent monthly.