The installment loan despite bankruptcy seems to be a way out of the deprivation of an ongoing bankruptcy procedure. But there are considerable problems and risks with the feasibility. In addition to observing legal regulations, insolvency must not be kept secret from any application, the choice of provider is particularly difficult.
Installment loan despite bankruptcy – overwhelmed by the flood of advertising
Anyone looking for an installment loan despite bankruptcy is almost overwhelmed by online advertising. The number of Google hits shows about 102,000 pages on the subject. A huge hit rate, given the small credit opportunities associated with bankruptcy. In the course of the procedure, the realistic credit outlook, without outside help, is zero. Nobody gives a loan to an insolvent debtor. Only charities, churches and pawnbrokers remain as realistic credit opportunities. Only after a final bankruptcy, in the best case all creditors have been satisfied, do the chances improve.
Now it is only the completed entry that poses the problems when searching for a loan. In cases where the debt relief after personal bankruptcy has been granted or the debt has been paid, waiting is the most sensible decision. The entry will be automatically deleted by Credit bureau after three years. All normal credit channels and low interest rates are possible again.
If you cannot wait that long, you should not apply for loans from normal banks. The loan refusal is guaranteed, at worst if the application leads to being blacklisted. Only the services of a credit broker can lead to success. Unfortunately, there is still a risk involved.
Credit intermediary – foreign credit after bankruptcy
Credit brokers and special banks from the Internet make loans without Credit bureau possible. The negative Credit bureau entry loses its credit-exclusion effect. With such a loan, mostly a foreign loan, however, considerable additional costs must be expected in some cases. These costs are not always included in the effective annual interest rate displayed. In addition to the agency fees, the fees for residual debt insurance should also be considered. A careful loan comparison is particularly worthwhile for installment loans despite bankruptcy.
Another problem can be the right choice of provider. In the flood of advertising it is not always easy to recognize serious providers. In the course of the email contact, dubious providers reveal the desire for payment in advance. Mostly ominous preliminary costs serve as a reason. With such a wish, the dubious provider has already exposed himself. Reputable credit brokers only receive a performance fee when the loan is paid out.
Another scam of the scammers is credit enhancement. The current account is to be relocated, a savings contract, a pension or life insurance is to be concluded. The letter chances promise that the credit opportunities would increase. Whoever falls for it fills the credit broker’s commission fund, has new monthly payment obligations and still has no installment loan despite bankruptcy.