Debt Rescheduling with Private Credit

A rescheduling with private credit is not always easy, but possible. If you are interested, you should not turn to a bank based in Germany, but to a foreign or private lender. A good contact person can also be a private credit intermediary. He usually has a good overview of the loan offerings of domestic and foreign banks and can therefore judge what are the chances of borrowing. If your income is high enough and, in addition to the livelihood, leave sufficient leeway to pay regular loan installments, there is often nothing in the way of borrowing.

loan comparison

loan comparison

It is very important that you get an overview of as many offers as possible before you undertake a rescheduling with private credit. It does not make much sense to go to various branch banks on site and get offers there. You will have no or little chance of borrowing there if you have negative private credit entries. All German banks, Volksbanken-Raiffeisenbanken and Sparkassen are obliged to obtain a private credit from a customer who makes a loan application. This applies not only to the first application, but also to a repeated application.

You should focus your search on other offers, where a private credit information does not matter. Foreign banks, private lenders and private credit intermediaries are not interested in whether you own negative private credit entries, but merely determining whether your income or other collateral is sufficient to get a loan is authoritative in this regard.

In Germany, an official seizure limit is set, below which the income can not be seized, regardless of how high the debt of the person concerned. Only if your income is so high that it is above this seizure limit, you have the opportunity to tackle a rescheduling with private credit. In the case of a loan application, it is checked whether there is sufficient scope for the monthly loan installments, without neglecting the other financial obligations. The amount of income also determines how high your credit can be. Another factor that affects the amount of the loan is the terms and conditions of the bank.

A credit comparison has the advantage that it can be performed at any time on the Internet, even on weekends and public holidays. In addition, the comparison involves as many providers as possible. So you can get an overview of the most important private credit intermediaries, private credit intermediation platforms and foreign lenders. 
If you have found the right loan or have shortlisted several offers, you can go directly from the comparison portal to the provider and obtain all the additional information you need for your loan application.

Private lenders

Private lenders

Private lenders may be individuals from their own circle of friends or acquaintances and strangers. A personal loan has several advantages over a bank loan. Thus, the two contracting parties have largely free hand with regard to the design of the loan agreement. A rescheduling with private credit is by no means linked to such strict requirements as is the case with a bank or savings bank loan.

However, this does not mean that you do not have to comply with the agreements you have made with the private lender, or only insufficiently. Especially in the private sector can quickly lose a lot of trust, if the money is not repaid as agreed. This lost trust can later be recovered only with great difficulty. It is very important to contractually keep track of all lending and repayment details in advance and stick to it.

If you do not want to borrow money from a person you know, but prefer a loan from a stranger, you have the option of registering on one of the many Internet platforms that seek to bring private lenders together with private lenders. Registration on such platforms is free of charge and also not binding. If you are looking for a loan to reschedule with private credit, you generally have a good chance of finding it on a private lending platform on the Internet.
Private lenders use these platforms to lend money and collect interest from their borrowers. They see this as a form of investing, which in many cases can be significantly more attractive than other forms of investment. 
If a loan application seems interesting to these lenders, you can contact the interested party via the platform and arrange everything else. In this context, it must be explicitly stated that the credit intermediation platform itself does not act as lender. It just wants to help lenders and borrowers find each other.

Foreign lenders

A debt rescheduling with private credit can be tackled at a foreign bank. This may be a bank domiciled in Switzerland, Liechtenstein or Luxembourg. Most foreign lenders require that the German borrower has a fixed income and an indefinite employment contract. As a minimum income usually 1100 Euro are set. This amount is slightly above the current seizure limit and therefore leaves little room for regular monthly loan repayments after a private credit rescheduling. However, you should be aware that foreign banks can only provide smaller loan amounts of € 3,000 to € 5,000. Larger loan amounts are only possible in exceptional cases.

For a loan application you need proof of a permanent residence in Germany. You must also be at least 18 years of age. Whether there is an age limit, can not be said universally. Here it is necessary to ask the conditions of the banks. 

You must enclose an up-to-date proof of income and a copy of your current employment contract with the loan application to the foreign lender. Whether and to what extent the bank needs further documents will be clarified before borrowing. Unlike a German bank, a foreign bank does not request private credit information from its German clients. Abroad, there is no institution comparable to the private credit. For this reason, the private credit information is omitted.
You can apply for the loan yourself. If you do not want this, you can also seek the help and support of a private credit intermediary. If he works seriously, he can give you valuable assistance in finding a suitable rescheduling with private credit and choosing the right lender for you.

If the rescheduling with private credit is approved, the money can be paid out in one amount. You can choose whether you want to transfer the money to your current account or otherwise disburse it. As a rule, you will receive a postable payment or transfer of the money by courier. If you choose one of the last two variants, you can be sure that no one will know about your debt restructuring with private credit, neither your employer, nor your bank or the private credit.

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