Are you looking for a loan despite overdraft? In view of the current high overdraft interest, you do not have to waste time with the overdraft facility. In the discount rate, you currently pay 16.88 percent effective interest at the Sparkasse, above the discount rate it becomes even more expensive.

Our credit advisor for overdraft facility will pick you up at this point. We summarize the initial situation briefly and then name the criteria according to which banks decide on lending. Depending on the creditworthiness available in the individual case for lending, we will name the suitable loan offer for overdraft facility.

Credit despite overdraft – overdraft trap overdraft

Credit despite overdraft - overdraft trap overdraft

A hurry is advised when it comes to credit despite overdrafting. Above the discount range, the house banks literally collect their customers. The dispo trap was addressed in public reporting back in 2014. Despite the political threats of the time, nothing has changed to this day. Back then, the Stiftung Warentest found that the overdraft facility cost up to 17.5 percent effective interest.

Despite the Capital lender’s ongoing zero-interest rate policy, overdraft is still the “gold donkey” of house banks. In March 2016, for example, the Sparkasse charged 16.88 percent interest for overdrafting – despite current accounts subject to charges and within the discount range. In addition to the discounts, it is not uncommon to charge 20 percent interest or more.

However, time is not only short because the financing costs are so exorbitantly high. The credit should go quickly despite overdrafting, since the overdraft above the overdraft range could lead to chargebacks at any time. If the creditworthiness is already tight, a reversal could make it even more difficult to find a loan due to a lack of cover.

Secure fair interest despite overdraft facility – credit comparison

Secure fair interest despite overdraft facility - credit comparison

Excessive overdrafting does not automatically have to be equated with a poor credit rating. The disposition is convenient. Many citizens have temporarily lost track of their finances through card payments. The overdraft facility over the overdraft facility on the bank statement is a clear warning signal in this case. Saving money against overdrafting takes a long time and is also expensive, as a simple calculation example shows.

Calculation example $ 3,000 installment loan (36 months term) from the loan comparison costs a total of $ 92.08 financing costs. This corresponds to an interest charge of around $ 31 per year. The same amount financed within the discount framework, based on the current 16.88 percent, costs roughly 500 USD per year in interest. The difference of just under 470 USD can be saved if only 5 minutes were spent on online loan comparison.

The loan offer mentioned is the small loan from Astro Finance. The credit institution also offers the new process of applying for credit with online ID verification. The online ID check is carried out via Skype within about 30 minutes. The employee also checks the authenticity of the documents required for lending (payroll) via video telephony. The credit check can then begin. The money is on the account with a sufficiently good credit rating within a very short time.

Overdraft facility compensation – what is the bank looking for?

Overdraft facility compensation - what is the bank looking for?

The overdraft of the account, as long as the score demonstrates sufficient creditworthiness for the lending, is unimportant for the requested bank. If the loan application matches the income, the household bill and the personal credit limit, the loan approval runs smoothly. It is more difficult to approve a loan despite excessive overdraft if the creditworthiness is already tight. In this case, it is checked very carefully by hand whether the applicant can afford his loan request.

Often credit banks, who are still willing to grant loans, request the bank statements of the last 3 months. The checking account is a reflection of the financial situation of an applicant. The bank does not want to see a chargeback due to insufficient funds. This chargeback proves that the applicant has recently been temporarily insolvent. In this case, the credit risk exceeds the scope that risk-taking commercial banks are willing to take.

Payments to collection agencies also do more than just frown when checking credit statements. Paying off collections means that the prospect did not keep to agreed payments. The examiner would even judge an overdrawn checking account positively if he can see a slight improvement every month. In this case, proof is provided that the prospective customer is at least currently getting along with his money and is even saving.

Credit despite excessive overdraft facility – P2P account balancing loan

Credit despite excessive overdraft facility - P2P account balancing loan

Credit from private to private has taken the place of previous risk loan offers from commercial credit providers. Against the background of the Capital lender’s interest rate policy, investors are looking for serious, as safe as possible forms of investment. Risk bank credit, on the other hand, was put in its place by international legal regulations.

For the loan in spite of overdrafting and poor creditworthiness, this gives the fairest credit opportunities for private investors. The names cream bank and best bank stand for serious contact and processing. Lending from private under difficult creditworthiness requirements is possible, because private investors are not limited by the legal framework in their freedom of choice.

Donors bid in small installments. The bidding process means that the investor only takes on an increased risk for a small loan amount. As everyone will confirm from their own experience, you can turn a blind eye to small things. If sufficient bids for the loan have been submitted and accepted despite overdrafting, the loan request is considered financed.

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