Those who find out about a loan in spite of a current loan always assume difficulties at first. Of course, there are certain requirements for lending that a prospective customer must comply with. As a rule, the Credit Bureau must be positive and the income from sufficient. Since there are already credit obligations for the desired loan, a regular and high income is generally required for a loan despite a current loan.
Does the bank have a loan despite a current loan?
The conditions must be very good for a bank to grant the loan despite the current loan. The main requirement is, of course, regular and high income. In order for the loan to be approved, permanent employment is usually required. If a prerequisite is not met, additional collateral is required. Additional collateral can be assets such as a property. The mortgage on a property can secure the loan unless the first loan is already secured by it. However, this alternative is not an option for all interested parties, because a property is often used as a pension or by your own family.
Life insurance on the loan despite ongoing credit
If a life insurance company is in possession, the bank is not required for a loan. A policy loan can be applied for from the insurance company if all the requirements are also met here. It is a loan on your own insurance, which is why no debts are made in this sense. The amount of this loan depends on the surrender value. Before the loan is insured, the term should have run for a few years.
This form of credit despite an ongoing loan is ideally suited because a lender has hardly any risk. In any case, there is a claim against the insurance company with a corresponding amount. In most cases, the interest on the policy loan is also significantly lower. The repayment can then be made like a normal installment loan.
The loan despite current credit from Switzerland
Swiss banks are currently very well known for the loan despite current credit. At this point, no Credit Bureau information is required for lending. The maximum loan amount for the Swiss loan is USD 3,500. There are also restrictions on the rigid conditions. The term and the repayment rate, which are important conditions, have already been set in advance, as has the interest rate and the loan amount. Due to the predetermined maximum height, only a limited scope is possible.