How can you get a loan despite garnishment?
A prospective loan lover who seeks a loan despite garnishment will quickly realize that it is almost impossible to obtain a loan from the house bank despite being hired. Nonetheless, there are some, albeit minor, chances of getting a loan despite being garnished.
The only, but very small, possibility to get a loan from the house bank, despite being hired, is that the prospective loaner places a guarantor who is liable for the proper payment of the credit with his assets. Here, however, it can be assumed that this option is definitely only for a small loan.
Bank Loans are loans offered by foreign, mostly Swiss online credit intermediaries. Up to a certain sum, no credit bureau query is made here when a loan request is made. An advantage of this loan, despite the fact that it is hired, is that the loan inquiries are processed quickly and usually free of charge. Nonetheless, anyone interested in credit should carefully review these offers so as not to subsequently conclude a loan with a high cost factor which, at first glance, is not obvious. The best comparison option here is the effective annual interest rate for a loan offer. Leading the Bank Loan market is currently credit. Depending on the amount of the loan and the duration of a loan, the annual percentage rate is between 4.90 and 16.90 percent.
Credit by private
Online credit portals, provide loans from private hands. Here, a loan request may be successful, as private lenders do not base their decision to lend solely on their own profit maximization, but also incorporate social criteria. Small loans are available here at an effective annual interest rate of 4.79 or from 4.85 percent. Anyone interested in credit should take into account that at bank loan requests are not free.
Nonetheless, anyone who is interested in credit should think twice about taking out a loan despite being hired, because on the one hand, a wage seizure is linked to a credit bureau entry, which ultimately leads to an enforceable title, ie foreclosure. And here it must be taken into account that the seizure limit for a single is about 1,000 euros a month – where ultimately the question arises, if the then quite tight budget, an additional and also longer-term monthly burden makes sense. And on the other hand, the prospective creditors could not meet his payment obligations, otherwise he would usually have no garnishment, and here is then the assumption very close that this could happen again, if only because of the tight budget.