Overdrawing your own account – for most consumers, this has long been part of everyday life. If the overdraft facility grants this, it enables you to live above your own circumstances without having to take out a loan. If the overdraft can also be quickly compensated for, the topic is quickly forgotten and only the increased interest that had to be paid for the overdraft is a reminder.
However, it looks a little different if the account is overdrawn over a long period of time. If you can no longer manage to get out of the red numbers on your own to keep the current account in credit. Then it can make sense to think about a loan despite an overdraft. Because this not only takes the load off the checking account. He also ensures that the expensive, interest, which must be paid when using the dispos, does not put an additional burden on the household budget.
The creditworthiness decides
Whether a loan is possible despite an overdraft depends on the creditworthiness of the borrower. Overdrafting the account does not automatically mean that the credit rating is not good. In the first step, she always says that the account holder is currently handling their finances somewhat lightly and is indulging in more than the budget actually allows. Whether the overdraft will eventually lead to debts that can no longer be controlled and therefore have a negative impact on the Credit Bureau is a completely different issue.
However, if you only have the account in the red by then, can prove a good job with a decent income and meet all payment obligations, you will also have a positive reputation and have no concerns that the bank could refuse a loan despite overdrafting. We recommend using a simple installment loan that is not tied to a purpose and whose loan amount can be customized to balance the account. The interest on an installment loan is significantly lower than the interest that banks and savings banks charge for using the overdraft facility. With rescheduling and using a loan despite overdrafting, a lot of money can be saved. In addition, this loan brings some financial relief, since the account is more usable through the settlement and can be much better reacted to unforeseen expenses.
If the debt is already causing problems
However, if the overdraft has already had a negative impact on the Credit Bureau, this negative entry will make it somewhat more difficult to take out a loan despite overdrafting. Even if this is not impossible despite all of this.
In such a case, only a little preparation needs to go into borrowing to make the right decisions and take advantage of the best possible loan offer.
In principle, with a negative Credit Bureau two ways lead to the desired loan despite overdraft. On the one hand, this can be applied for with the help of a guarantor or a second co-applicant. Again, the traditional and inexpensive installment loan would be recommended, which with its low interest rates and perfect adaptability guarantees all the conditions for easy repayment. However, if a second person is not at hand, a private loan or a loan from abroad must be considered. Both options are possible and do not require Credit Bureau to query them. However, the interest rates for both variants are not quite as low as for a classic installment loan. It is also important that a wide variety of offers are compared with one another in order to keep costs and fees as low as possible.
By the way: We recommend that you do not take out the loan with the bank that maintains the account that you want to balance, despite having an overdraft. It could be that the bank overdrafts your credit rating less than it may be. As a result, borrowing is difficult and you have to pay more interest than if you had a positive credit rating.