There are banks that grant a loan despite a negative credit rating. However, this is very rarely the case and the need for an individual test. Most banks refuse a loan despite a negative credit rating because a negative credit rating entry represents an increased risk for the bank. The more payment commitments you have made at the same time, the more difficult it is to get a loan.
How does a negative credit rating come about?
The protection association for general credit protection, in short: credit rating, is a private credit agency, which is supported by the lenders. All contracts you have concluded or even default payments are saved by the companies in your credit rating account. From this, a credit rating score is calculated using mathematical methods, which calculates the probability of default. He actually makes a forecast. However, the credit rating procedure has established itself in recent years in such a way that the credit rating score often decides whether a loan is granted or not. As the credit rating score drops, the creditworthiness also drops. Those who do not pay bills or have too many payment obligations running at the same time are downgraded.
How do I get a loan despite a negative credit rating?
As stated above, despite negative credit rating, a loan is not entirely excluded, but it is extremely rare. It depends on the goodwill of your bank. And it also depends on your individual credit rating score. There is not one negative credit rating. The negatively influenced score can range from “satisfactory rikiso” (value 95) to “very critical risk” (value <50). With a score of 95, some banks no longer grant loans. The bank therefore examines your financial situation very carefully and then decides whether it wants to take the risk or not. Therefore, collateral that you can deposit is always an advantage. The security should at least correspond in value to the amount of the installment loan. Real estate, cars or works of art count as collateral. It is also possible to include a partner in the loan agreement whose creditworthiness and creditworthiness is accepted by the banks. However, these securities are by no means a guarantee of getting a loan despite a negative credit rating. Despite negative credit rating, the following people have chances of getting a loan:
- Employees subject to social security contributions
- Employees with permanent employment outside the trial period
- Employees whose income level is above the garnishment limit
- Persons whose completion note is at least 6 months old
Since each bank has different award criteria, it is possible that one bank will reject you while the other bank makes you an offer. Please note, however, that multiple inquiries from different banks will have a negative impact on your credit rating score. Therefore, ask specifically for a condition request or contact a financial service provider . He will check the various offers of the banks for you in advance. Our specialists can usually assess your situation at first glance and know which bank partners you may have chances for a loan despite a negative credit rating. They always keep an eye on your overall situation and accompany you on the way to solid financing. Depending on your individual situation, it is also possible that we cannot help you with your request.