Many people apply for a loan to bridge a financial bottleneck and thus ensure their own financial flexibility. But a loan always has a certain duration which normally lasts a few years. Over the years, some borrowers are considering debt consolidation, especially if the current loan is more expensive than a debt consolidation loan. With a debt loan, a cheap loan can be won, which can save a lot of euros. But also a debt consolidation loan has its criteria. So even with this consolidation a loan inquiry. If this turns out to be negative, a consolidation is usually not approved. But there are still ways to get a loan for consolidation despite bad remark.
A guarantor increases the chances of a loan for consolidation despite bad remark
For a loan for consolidation despite bad remark, for example, a guarantor can be provided. This indicates a positive credit decision and serves the bank as collateral. If the borrower can no longer meet his obligations, the guarantor will intervene. Even a guarantor needs positive references, such as a regular income and a positive bad remark information. He should be alerted to his risk of debt liability. In addition, a loan for consolidation, despite bad remark be covered by a life insurance. If a few years have already been paid in and accumulated, this can be pledged for the duration of the installment term. Once the loan has been paid, life insurance will return to the borrower’s possession. However, this lending is associated with a risk. If something happens to the borrower during this period, his dependents are not covered. An accomplished banker can, however, give helpful tips on this loan.
The way out of the debt trap
Also, the conclusion of a residual debt insurance is a way to get a loan for debt consolidation. The residual credit insurance is an insurance that occurs when the rates have to be suspended because of unemployment. With such insurance, the bank secures and they are more willing to give credit for a debt consolidation despite bad remark.
The offer is big for a debt consolidation despite bad remark, but customers have to put up with some waiting time and discussions with a bank. A debt consolidation can be a way out of the debt trap, since there is only one obligation a month and the debtor has the opportunity to no longer accumulate new debts.