For many individuals and entrepreneurs, bankruptcy means a departure from short-term liquidity. Insolvent clients do not receive any credit from the banks. In order to fulfill a loan despite personal bankruptcy his desire or perhaps to be able to build a business, more and more victims search in order to lend money despite private insolvency. There are different ways.
- Important: Entrepreneurs can only take out a new loan with the help of the insolvency administrator
- The attachable amounts should not be exceeded when borrowing
- A loan despite personal bankruptcy is usually provided by private banks
- Credit intermediaries without Private credit are another option
But what is behind the possibility of a loan despite insolvency? Our guidebook on the subject of credit despite insolvency reveals it!
P2P loan brokers: Credit despite personal bankruptcy so it is possible
The so-called P2P credit intermediaries enjoy great popularity today. The abbreviation “P2P” stands for the mediation of private to private. Since only very few banks provide a loan despite personal bankruptcy, private credit is a possible alternative. Suppliers such as Auxmoney, Lendico and Smava work on a similar principle. The private person in bankruptcy makes a free loan application and indicates here the desired reason as well as the intended use. If an investor finds himself, the money is in the account within a few days. In this case, fees are payable to the P2P intermediary. If there is no investor, the request remains free.
The advantages of P2P intermediaries are:
- No request at the bank necessary
- Possibility of loan approval despite insolvency
- Fast payment of the sum of money
- Early repayment possible without additional fees
- Relatively favorable interest rates
The disadvantages of P2P agents are:
- Risk of high debt due to missing credit checks
- Sometimes certain Private credit scorings are required
- No credit guarantee for portals operating on a good credit rating basis
- No assurance that an investor will find one
Who wants to apply for a loan despite bankruptcy, is not wrong with the P2P credit intermediaries. Despite existing disadvantages, there is the possibility to borrow money despite personal bankruptcy.
The short-term alternative: micro-credits for small sums
Sometimes only a short amount of money is needed to bridge a bottleneck that has come to an end within a few weeks. Borrowing money despite personal bankruptcy is possible with microcredit donors such as Vexcash or Xpresskredit. The sums usually vary and are between 500 and 3,000 euros. The money will only be made available for a short period of time, for example for 30 or 60 days. After the deadline, the amount is to be repaid directly and with interest.
The Benefits of Microcredit Donors:
- Receive fast money at short notice
- Depending on the provider credit without Private credit request possible
- Short maturities
- Low interest rates compared to the classic bank
The disadvantages of microcredit donors:
- Fees are due upon conclusion of the contract
- The short maturities can quickly lead to debt
- Only limited amounts possible
- No redemption in installments possible
Are credit intermediaries without Private credit serious?
In order to get a loan despite personal bankruptcy, or to be able to borrow money despite private insolvency, many affected people turn to non-Private credit credit intermediaries, and providers like Bon-Kredit and Maxda advertise with the promise that everyone can get a loan. Again, the requests are free. If they are granted, a payment amount may be due to the provider. In order to apply for a loan without Private credit it is necessary to prove a regular income. The advantage of this is that the loan is not noted after approval in the Private credit. However, interest rates are often significantly higher for non-Private credit credit intermediaries than for a bank’s current loans. This serves as a hedge for the lender.
Online pawn shops as an alternative?
To avoid the credit, it is also possible to avail online pawn shops. An example of such a provider is iPfand. The functionality is simple:
- Offer valuable item and wait for the offer
- Accept offer, have item picked up and receive money
- Settle the mortgage and get the item back
A disadvantage with this variant is the possible loss of the valuable object, if the Pfandkredit can not be repaid.
Conclusion: borrow money despite personal bankruptcy – negative Private credit no problem
For a loan despite personal bankruptcy or to borrow money despite Priavtinsolvenz there are several options. If advantages and disadvantages are balanced against each other, P2P loans, microcredits or even online pawnshops offer a good alternative to borrow money despite private insolvency.
While online pawnshops are more suited to short-term payment bottlenecks, microcredit and P2P concepts also offer longer-term alternatives.