A loan despite payment in installments tends not to be a problem as long as the borrower’s credit line also allows further loans. The credit line is determined by the credit institutions and depends largely on the income of the borrower, the Credit Bureau entry and other current contracts.
Borrower’s loan payment
The higher a borrower’s current monthly payments are, the more likely it is that your own credit line has already been reached. A loan despite payment in installments is therefore only granted if the lender also believes that the installer can pay the installments regularly, on time and in full. It is possible that further loans can be applied for at any bank despite the installments already being paid, whereby the chance of a successful application is increased if the total cost of the loan is as low as possible.
The low-interest direct banks, which can be found via a loan comparison, are ideal for this. It should also be noted that payments in installments do not necessarily only include other loans. For example, liabilities towards online shops or contracts for the Internet and mobile phones can also be interpreted as payments in installments that are already active. Therefore, the income of the borrower plays an important role, because only if this can be settled in the appropriate amount, is there enough scope for another liability that arises from taking out the loan.
Creditworthiness as the most important factor
The loan despite payment in installments is also dependent on the attachable assets of the borrower. A possibly rather average or low income can be at least partially offset by high attachable assets, such as owning one’s own property or one or more cars. If there are already active installment payments, a borrower must always count on the possibility of rejection by the lender. Accordingly, the new loan should also be applied for with a certain amount of time so that a new provider can be sought quickly if the loan is rejected.
Here, too, there are the loan calculators, which not only eject the cheapest provider, but also directly provide a larger selection of potential lenders. You can also use the credit calculator to orient yourself to the success rate of the individual providers. The borrower’s line of credit is a fixed principle that is treated equally at all banks. Some lenders release the loan in more relaxed terms than other lenders do.
In any case, the probability of a successful application for the loan despite payment in installments is increased if the loan amount is relatively low and the term is short. This creates less uncertainty for banks, while the borrower has less long-term exposure.