Individuals who are in private bankruptcy must be well-behaved throughout the entire bankruptcy. If it becomes financially tight in the phase of personal bankruptcy, there is also the possibility of loan financing here.
Borrowing during bankruptcy is not necessarily easy since a large part of the income is seized, but a certain proportion of the monthly income must still be maintained by the private individual. If necessary, the loan can be repaid from this financial framework. Under normal circumstances, borrowing by bankruptcy is difficult. The private bankruptcy is of course noted in the Credit bureau information, so that “normal” loans are practically out of the question for financing.
On the other hand, Credit bureau-free loans are suitable for borrowing despite bankruptcy. Despite, or primarily because of, the waiver of Credit bureau, borrowers must also meet certain criteria here in order to be granted a loan. Credit bureau-free loans despite bankruptcy should be compared with each other before signing the contract, this is the only way to find a cheap loan offer in the long term.
Basic conditions that must be met for a loan in the bankruptcy phase
In order for a loan to be taken out in bankruptcy, the principle of good conduct must always be followed, but this does not prohibit borrowing. However, the loan must be approved in advance by the insolvency administrator or the competent insolvency court.
Find a cheap loan without Credit bureau during bankruptcy
Fundamentally, even with loans without Credit bureau, borrowers have the opportunity to significantly influence the effective interest rate and thus also the total loan costs. Borrowers who want to avail themselves of the cheapest possible loan should have a good credit rating, in the form of a high income, private individuals in bankruptcy must state the available part of the income here. In the case of bankruptcy in particular, it is important to have additional credit protection. A guarantee can significantly improve the creditworthiness of the borrower.
A third person guarantees / guarantees the repayment of the loan. In case of doubt, the credit institution is able to “ask the guarantor to pay” in the event of a repayment default. Credit bureau-free loans despite bankruptcy are not only offered by banks today, so if the loan application is rejected, the offers of financial service providers and credit intermediaries are also possible. Personal to private loans allow for an individual agreement between borrower and lender, so that a private lender may agree to lend to an insolvent person.