Whoever struggles with a wage garnishment, usually gets no credit in their own country, because they appear quickly in the credit bureau. Apart from that, borrowers must tell the bank the truth. The question “Are there already any wage seizures?” Is not uncommon.
Anyone who tickes No here, even though he wants to have a loan despite garnishment, is liable to prosecution in the worst case scenario. Why? Because you secretly want to do it again despite your debts and that you do not like to see it in court. In court, this is often construed as fraud if someone despite distraint does not mention what is the matter. Who plays with open cards, has the best chances. Especially abroad.
Loans despite garnishment abroad
The advantage abroad is that up to about 3,500 USD rarely a credit bureauprüfung is required. In Switzerland, this is completely dispensed with, which is why borrowers have the highest chances of obtaining a loan there. But if you want to apply for a loan, you need a good income. Without it, there is no credit abroad. Especially there banks want to secure an income, because they just can not take the credit bureau insight.
Anyone who can not demonstrate a fixed income or is self-employed, should get a guarantor on board. When he signs, it is generally easier to get a loan. Because there is a co-debtor and you do not have to pay for it yourself. If the borrower can not pay, the guarantor will be asked to pay the debt. This sometimes has an advantage in terms of garnishment. Since the debt is transferred to the second person, the actual borrower is a little bit off the hook. If both can not pay, that would of course be negative.
Is there really no credit bureau exam abroad?
It is a misconception that banks are not looking into any registers. Anyone applying for a loan in Austria, for example, must submit a credit report. For some banks and information files, this already works automatically because they are now well networked. In general, a bank may require proof. Some also wish to receive confirmation from the house bank as to how the account was managed in the past.
Those who receive a positive rating there have a higher chance of getting a loan. Anyone wishing to avoid credit bureau information should apply for a loan in Switzerland or choose a credit bureau-free loan. The downside, the loan amounts are not high and mostly these loans are much more expensive than with credit bureau information. If there is no other option, of course, thankful for it.
Credit and unemployment: how does it fit together?
Anyone who wants to have a loan despite being hired and unemployed usually has a hard time. Because here are several factors that do not favor a loan commitment. Of course, a bank wants to see collateral. Anyone who already has a garnishment, must first prove that collateral is there. Why are they not then used to settle the outstanding debts? Such questions are common. In any case, unemployed people still have a chance.
If you want to set up a good business plan and start your own business, you can try a business loan. Here, banks have more leeway. The loan despite garnishment is a little difficult, so at this point, again a guarantor is required. Tip: Who founds a company, gets a business partner in the boat and this should apply for the loan. In many cases it is easier in this way, because borrowers thus escape the bureaucracy.
Apply for a loan through a friend
If you make a guarantor, this takes over the responsibility, if the borrower gets into financial difficulties. An other possibility would be. That the guarantor acts from the outset as the main borrower. He takes care of borrowing and takes the risk. Thus, a loan is possible despite wage seizure, because it is virtually agreed in a private context. Tip: The acquaintance should definitely set up a contract and require collateral. It does not necessarily have to be a house.
Symbolically, the borrower can also give his DVD player or the like in pledge. So both sides are secured and the friendship does not break sometime because of money. Anyone who acts like this and wants to do someone a favor should be able to do without the money in any case. After all, nobody knows what the future holds. With small tricks, a loan is feasible despite garnishment, but hardly any collateral in Germany.