There may be several reasons why a person wishes to reschedule one or more loans. Often, overall market interest rates have fallen over time. This could give them the opportunity to pay significantly less interest on renewed borrowing than was previously the case.
Borrowing is generally not a problem if it is in order. It becomes more difficult if there are negative entries or other reasons against having to borrow again.
Compare loan for debt restructuring despite private credit
A loan for debt restructuring despite private credit will not be available at any German bank, but only abroad or from a private lender. For this reason it would be strongly advised to inform yourself before rescheduling and to compare several offers. Not only interest rates, maturities and other credit conditions, but also the credibility of the lender should be taken into account.
Special care should be taken if the lender already collects any fees in advance or makes unrealistic promises. Unemployed or Hartz IV recipients can usually not get credit for debt restructuring despite private credit. An exception can only be made if a co-applicant, a guarantor or other security exists, which is not the case with a Hartz IV receiver.
Application and authorization
Similar to many other loans, a loan for debt restructuring can be applied for on the internet despite private credit. What formality and which documents are required for this can be provided by the lender upon request. Foreign loans are also available to German citizens who have reached the age of 18 years and who are either in civil servant or employee employment. The private credit information does not matter here.
Anyone who has submitted a loan application will receive a message within a few hours as to whether this loan application can be met or whether it must be rejected. In the former case, the customer can dispose of his money after a short time and replace an old loan or combine several loans. A rescheduling is only worthwhile if the interest on the new loan is well below the interest on the old loan. A summary of several loans is almost always recommended, since only a monthly repayment installment must be paid to a lender.