To borrow a loan for private bankruptcy is actually a contradiction in itself, because the private bankruptcy and the associated six-year good behavior prohibits the inclusion of further debts, unless they serve to minimize the existing debt. Thus, it is also very difficult to take out a loan for personal bankruptcy, because banks usually have a lump sum to a rejection.
Convincing the bank
The borrower can convince the banks as a lender of only if he is also able to bring more collateral in the loan agreement. A frequently used security is the use of a guarantee, because the guarantor indirectly increases the creditworthiness of the actual borrower (and private insurer) through his own income and assets. Of course, this is not always possible, because not many people maintain such good acquaintances in their own environment that they could actually use a guarantor at short notice.
After all, the guarantor himself must have sufficient creditworthiness and, at the same time, be willing to lend a guarantee – this is ultimately associated with great risk for him. A personal bankruptcy loan is thus much more commonly borrowed from the private sector by the borrower seeking a private lender for the loan. That either a person from the immediate environment, for example, the own parents, or a foreign lender, which was picked out via a portal separately.
Next over-indebtedness must be avoided at all costs
Even if a lender can be found for the personal bankruptcy loan, the borrower should actually consider whether the loan is really needed from an economic point of view. Consumer credit should be absolutely taboo after personal bankruptcy or during the good conduct phase, and the loan should only be used to replace any potentially more expensive credit granted to other creditors as quickly as possible. The way in which the loan is then obtained, for the replacement of an existing loan once completely does not matter.
If the loan is taken from the closer private environment, borrowers often have the advantage that the lender only demands repayment. A further interest burden is usually not required with a money lending from the closer relatives circle, also the repayment is generally very flexible and cut to the needs of the borrower.
However, this is not the case with a foreign lender, because this lends the sum of money not because of a good relationship to each other, but because he wants to generate a return on the award of the loan. As a result, he has to secure his investment well, so that he can actually make a long-term profit without any losses. Such personal loans often have a high interest burden.