If the checking account is in the red, this is usually not a good sign. Because then you live beyond your means and the way into the debt trap is usually already predetermined. But there are often reasons why the current account is so badly populated. Perhaps an important investment had to be made that could not be expected in advance and for which the savings were insufficient. Or else, you really lived above your own circumstances.
Be that as it may, it is important that the checking account is quickly cleared to avoid unnecessary costs and unnecessary annoyance. This compensation works very well with the help of a loan to balance the current account.
The easy way
If you can decide in good time to take out a loan to balance the current account, then you should very much like the offers around such a loan. Because if the overdraft on the current account has not yet had a negative impact on the Credit Bureau and if you also have a good income, then all doors are open to you with regard to borrowing. Because then you can apply for a loan from any bank in Germany.
We recommend that you always use a simple installment loan as a loan to balance your checking account. You can adapt this to your project individually. This does not only mean that you can freely choose the loan amount. You can also decide what the money will be used for. An installment loan is not earmarked and therefore does not entitle the bank to inquire about its use.
In addition, an installment loan is available in almost every amount. So think carefully about how much money you need and whether there are perhaps other liabilities that need to be cleared. When choosing the loan amount, always keep in mind that you will have to repay the loan to the lending bank somehow in order to balance the current account. Therefore, only choose the loan amount that you can manage and plan the monthly installments so that they match your available budget.
Also make sure that you choose an installment loan that comes with the lowest possible effective interest rate. Compare several offers with the help of a comparison calculator before you decide. The higher the effective interest rate, the more money you have to plan for the repayment. You can get cheap installment loans with an effective interest rate of less than 3 percent. But be careful: the effective interest rate is always based on the loan amount and your credit rating. Always ensure that you have a good credit rating so that you can benefit from the bargain offers.
The stony path
If you already have problems with the Credit Bureau because the bank has already reported the overdraft on the current account, you will only be able to use an installment loan as a loan to balance the current account if you take out the loan together with a second person. You need a guarantor or even a second borrower who has the good credit rating desired by the bank.
If you prefer to take out the loan on your own, then you have to use unconventional loan offers. For example, a foreign loan that you can get from the banks in Liechtenstein, among others. Or a personal loan that also does not require Credit Bureau to ask. With these options, however, it is particularly important that you keep a cool head when choosing a suitable offer. Don’t get involved in any offers where you have to pay in advance. Take a close look at the APR, which will be around 10 percent, and always try to take out the foreign loan or personal loan without the help of an intermediary first, in order to save additional costs and to be able to decide for yourself which offer good and which offer is less good. This way you will definitely reach your goal at some point. It only takes a little longer and can be a little more expensive.