A rescheduling of loans is possible at any time. However, to do this, you must meet the requirements for borrowing from the bank. This means that you must have a good credit standing sufficient to provide the bank with sufficient collateral.
Otherwise, a loan application must unfortunately be rejected. It does not matter what you want to use the money for. Provided that the necessary conditions are met, you can repay both a installment loan and a credit line. In addition, it is possible to combine various loans.
Installment loan and credit line
An installment loan is characterized by the fact that the borrower receives the entire loan amount requested in one amount. Subsequently, he must repay the money in installments including interest. This happens over a certain period in which the amount of monthly installments usually does not change. Exceptions are contractually agreed. This would be the case, for example, if the level of the closing rate differs from the other rates.
Installment loans are offered by almost all banks and savings banks. The Volksbank Raiffeisen banks, which are represented in almost every major or smaller city, also offer various loan offers for different target groups. So the choice is very large if you think about tackling debt restructuring.
A credit line is linked to the checking account. It is an overdraft facility that you can take but you do not have to. You only have to pay interest on the sums of money that you use. However, no interest is charged on the provision of a credit line. The credit line has the advantage that it can be used at any time. It is not necessary for you to announce this in advance. But there is also a danger here. If you overdraw your account too often or lose it permanently, you not only have to pay unnecessary interest, but you should be aware that this can be the beginning of a spiral that leads to more and more over-indebtedness.
You should avoid this at all costs and look for suitable alternatives in good time. This could be a debt rescheduling. In a specific case, that would mean that you take out an installment loan and use that money to make up for the credit line. The interest on an installment loan is often much lower than the interest you pay for a credit line.
It is important to find the right loan for your project. Most installment or consumer loans offered on the Internet or in branch banks are generally free to use. That’s why lenders are not interested in what you use the money for. A debt rescheduling is therefore easily possible once you have received the approval for a installment loan and the money has been entered into your account.
You should compare the credit offers of the house bank with the offers of various other banks. For this you do not necessarily have to go from branch to branch and get the offers on site. This procedure takes a lot of time and can also be problematic since you are bound by the opening hours of each bank.
The situation is quite different with a credit comparison on the internet. It’s free, available 24/7 and can be done in minutes. For this he gives you a comprehensive overview of the numerous offers currently available on the credit market. If you have one of these offers or you are offering more than one offer, it is not a problem to find out more about it. All you have to do is go to the providers’ website where you will find the information you need and an application form.
In a credit comparison, it may be useful to use a search mask or a credit calculator. These aids are often available on a comparison portal. If you have precise ideas about which loan amount you want to borrow, how long the loan term should be and how much you want to pay, you can enter these search criteria. Afterwards, you will only receive offers that match your search criteria.
If you want to reschedule a loan to a bank, you must expect the bank to scrutinize your credit rating. She has set various criteria for this. In addition to income, private credit plays a central role in German banks. There should be no negative entries possible. Otherwise it will be difficult to reschedule loans. In addition, you should be employed and have a permanent, unfinished employment contract. In addition, it is always necessary for your income to be above the statutory exemption limit. The amounts below are used to finance your livelihood and may not be used for the loan installments. Besides, the bank has no chance to access funds below the seizure limit if you can no longer meet your payment obligations as part of a rescheduling of loans. This is only possible with amounts of money above the attachment exemption limit.
In addition to the loans provided by German banks, there are also various loans from foreign banks, which are also available to German citizens. A debt rescheduling is possible in this way if you meet the requirements of foreign banks. Income plays the most important role in assessing your creditworthiness. If you are self-employed or self-employed, you generally have no chance of tackling a debt rescheduling through a foreign bank. The same applies if your income is insufficient to pay regular loan installments.
Private credit intermediaries
It may be worthwhile recruiting a private credit intermediary to find the appropriate form of debt rescheduling. Many private credit intermediaries have years of experience in this area and can look back on numerous successes. Often, you can still help in difficult cases where there would otherwise be little chance of getting a loan. The choice of a private credit intermediary should be made wisely, because not all of these credit intermediaries are reputable. Special attention is needed if you are confronted with unrealistic promises or if you are to go in advance. Here, the likelihood of a successful rescheduling of loans is very low.
Such credit brokers, who are dubious, are interested only in your own profit and not in a credit intermediary.
A reputable credit intermediary will also not make any extra home visits, but can arrange all the formalities that are necessary for a loan application by mail, by phone or by e-mail. He will record your financial situation and decide on this basis whether a loan is possible and, if so, how and where it happens. If the credit transfer has been successful, you can dispose of your money within a few days and use it to reschedule your loan.