As soon as you need a small (or larger) financial injection, often the own house bank is the first way. But what happens if the loan is rejected? In this post you will learn the reasons. And what alternatives are available in the event of a loan rejection.
These are the reasons why a loan is refused!
At the latest when the credit request was rejected, you ask yourself about the reasons. One aspect you need to know in advance:
- Each credit institution must tell you the exact reasons why the loan was rejected!
With statements like: "Our internal criteria do not allow a loan to be granted.", you should not be "fobbed off". Of course, the lenders know exactly why loans are granted or not in your case. For these reasons, a loan is not granted in many cases:
- Negative Schufa entry is present.
- Income is not enough (because in most cases they ask about rent and other expenses).
- Employment contract is limited in time.
- It fails narrowly because no guarantor or second borrower with a fixed income is registered.
Not infrequently, a loan is rejected because partly outdated Schufa entries reduce your "scoring. Unfortunately, the banks have no other way to check your potential payment morality. As already mentioned "LEIDER". In individual cases, usually quite different situations arise.
Are there alternatives if the loan was rejected?
If there are Schufa entries that have long since been settled or have become time-barred, then take care of them! Report to the Schufa. Submit the proof of payment. Have the negative entries deleted. And as soon as possible. The Schufa is probably the most common reason why a loan was rejected.
In all other cases, you must get a guarantor. Your parents, relatives, friends or any other second borrower. No chance? Then you'll have to get the money somewhere else:
- Pawn shop
- Personal loan
- Try a "earmarked loan"
- Credit from abroad (typical example: Swiss credit)
Regarding the topic "personal loan", there are 2 variants:
- Loan from friends or relatives (thereby you save the interest. But here are literally "friendships at stake". So use this option only if the house bank has refused you the loan, but this can actually pay off!
- Various platforms where private lenders invest and lend amounts of money. Auxmoney is such an example. Investors invest capital. Here high interest results, which however you also carry. In any case, the chances are higher here!
Debt restructuring is often the sensible way!
As soon as the debts grow over your head, it makes sense to combine several loans. Not infrequently, the lenders even advocate this measure. Because you tie yourself to a bank in the long term. It depends, of course, on how many liabilities already exist. In addition, your creditworthiness is always checked.
- Rescheduling combines several loans
- You may even save interest by paying off existing loans early
- Credit for debt restructuring is often less rejected
You are pretty broke? Then the loan is rejected because your expenses exceed the income!
In this case you should visit a debtor consultation. Under certain circumstances, a private insolvency (consumer insolvency) is also worthwhile. Counseling centers for debtors are, for example:
In any case, the fact that a loan has been rejected is a first sign of financial difficulties. Do not try to take out a loan under any circumstances (especially not with dubious loan brokers). In case of need you should contact the above advice centers.