Are you looking for debt restructuring despite a poor credit rating? We have put together the various options for debt restructuring despite a poor credit rating.
Debt restructuring despite poor creditworthiness – extent of debt restructuring
Debt restructuring despite poor creditworthiness is possible on a small scale, even without Credit Bureau and as a comprehensive pooling of liabilities. If debt restructuring is desired on a small scale – without Credit Bureau – then only a foreign loan is possible. Nobody has to spend a lot of time looking for a loan.
As far as is known, only a single foreign bank can currently – legally – grant loans to Germans without Credit Bureau. This has been Litebank from Liechtenstein since 2010. The bank was founded because in 2009 the Federal Administrative Court banned previous credit options. Since then, the Swiss loan should actually have been renamed Liechtenstein loan.
With only one credit provider that allows direct application, the services of a credit intermediary are unnecessary. The application can be made a little more conveniently via an intermediary, but there is neither faster nor better credit opportunities. Only one thing is guaranteed, the loan becomes unnecessarily expensive.
Debt restructuring with a Credit Bureau-free loan is only possible through two loan amounts. We offer 3,500 USD of credit without Credit Bureau and 5,000 USD of Credit Bureau-free credit.
Admission requirements for debt restructuring without Credit Bureau
Swiss loans are only granted to a target group. Only workers who are in employment subject to social security contributions are qualified for a Credit Bureau-free loan. The employment relationship with the employer must also have existed for at least 12 months. Only permanent, permanent employees have a credit chance.
Income from work plays a key role in credit approval because it is the only credit guarantee for the lender. It is therefore clear that debt restructuring is not possible without Credit Bureau, in connection with a garnishment of wages, despite poor creditworthiness. In addition, the future salary must not have been assigned to a creditor. Guarantors or property collateral cannot improve creditworthiness for lending. Conversely, information that can partly be read on the Internet does not apply or no longer applies.
In addition to the income check, a credit check is also carried out via the public debt register. An entry in this directory will automatically result in the loan being rejected.
Credit conditions for direct application
A loan without Credit Bureau in the amount of 3,500 USD costs 11.62 percent effective annual interest. To qualify for this loan amount, a single person has to prove a net work income of 1,130 USD. The Credit Bureau-free loan is repaid in 40 equal monthly installments of € 105.95.
The loan amount of 5,000 USD, which is probably more interesting for rescheduling, can be drawn on at the annual percentage rate of 11.61 percent. The minimum income to be demonstrated, again using the example of a single person, must now be 1,600 USD net per month. The loan is repaid in 40 equal monthly installments. The rate in this case is 151.35 USD.
Extensive debt restructuring – despite poor creditworthiness
Debt restructuring despite poor creditworthiness, in which all liabilities are pooled, is unfortunately not possible without Credit Bureau. The score plays an important role in choosing the source of funding for such a measure. If a score of H can be proven, then it is worthwhile to attempt a loan on one of the portals for private lending.
Debt rescheduling can be a little longer. It is still worth trying, as private loans are almost always cheaper than the alternative of a credit bank despite their poor credit rating. In addition, the loan attempt is free and has no negative effects on other loan options.
If the choice is made to reschedule a credit bank, the help of a reputable credit broker can be well-invested money. Various German credit banks offer credit options for credit problems. Unfortunately, they do not advertise these options or only subliminally. Reputable credit intermediaries know all the credit banks that could help in this case.
A loan from Cream Bank is offered particularly often for debt rescheduling despite poor creditworthiness. This loan could also be applied for directly. On the side of the loan provider, the debt rescheduling loan is referred to as an extra loan. What is particularly interesting about extra credit is the great flexibility and the long term. The repayment can be extended up to 120 months. The peg on this debt rescheduling loan is the high interest rate. Debt rescheduling despite the poor creditworthiness with the extra loan costs 11.95 percent APR.