When it comes to taking out a loan, we rarely consider whether our personal requirements for taking out a loan can be classified as suitable. Rather, we simply let ourselves be surprised at what the bank says about the loan application and whether or not it approves it under the given circumstances.
Around 20,000 loan applications are currently approved in Germany every day. The personal requirements that the borrowers bring with them are therefore sufficient 20,000 times. And these are not always optimal. Some only have a limited high income. Others already have other liabilities that they have to service every month. However, all of this and much more is not a problem if the new loan and all liabilities are always serviced on time. Then it doesn’t really matter what happens all around.
A loan despite overdraft facility – what should be considered?
A loan in spite of overdraft is therefore not uncommon and generally does not pose a problem when borrowing. Most consumers who have a regular job with a decent income have a overdraft facility. And whether this, which is known to be permanently available as a call credit – is actually used is on a completely different page and therefore usually has no influence on borrowing.
It can only be critical if it is determined when taking out a loan, despite overdraft facility, that the overdraft facility has been exhausted or even exceeded. If this results in financial problems, it may be that the bank is very careful when it comes to granting another loan. However, this must always be sought and evaluated individually, so that no general conclusion is possible here.
However, as a borrower, you have the option of avoiding adversity with a loan in spite of overdraft. If the overdraft facility is exhausted, it is worth not taking out the loan from the bank that also provides the overdraft facility. On the one hand, it will have no interest in replacing the overdraft facility with another loan. After all, the bank earns very well from the particularly high interest rates associated with overdrafts.
On the other hand, she knows the problems with the overdraft facility and can conclude from this that a simple installment loan might also cause problems. If you take out the loan from another bank, you will avoid the problem of overdraft and can choose the best possible loan from a pool of different loan offers. Always aligned in such a way that it fits the project perfectly and does not become a major financial burden.
Compare different offers
A loan should never be taken out without a prior comparison. The comparison ensures that the best loan offer can be used and that the costs and fees relating to the loan are within an acceptable range.
The easiest way to make a comparison is to use a loan calculator, which is available here on the Internet free of charge and without obligation. Only a few details are required to view the corresponding offers.