A loan despite a current loan is not uncommon and is very often requested from banks and savings banks. And not only there are such loans granted.
Mail order companies and retailers also grant a consumer loan under certain conditions, which is also granted if another credit contract has already been fulfilled. The prerequisites for this and how a loan can be taken despite a current loan are to be clarified at this point.
Why multiple loans are possible at once
Nothing is impossible. This also applies to lending. If the credit rating is correct, a loan can also be granted if other financial obligations already exist. As long as these are serviced regularly and on time and the income is so high that further obligations can be met, nothing stands in the way of further borrowing.
And so it happens that an expensive car repair is included in the loan for the purchase of furniture. Or the real estate financing is supplemented by a loan for the purchase of a car. The banks approve this as long as there are no problems with the repayment.
How a loan can be taken despite a current loan
Taking out a loan in spite of a current loan is quite simple and is very similar to conventional borrowing. So you ask the desired loan amount from a selected bank.
The credit institution will then check the creditworthiness and decide on the basis of the result whether a loan is possible or not. By asking Credit Bureau, the bank will be informed of the loan that is already running. Further information therefore only has to be given if this is desired.
When admitting, however, you should always bear in mind that the monthly financial burden increases with another loan. It is therefore advisable to compare income and expenses in advance so that you can see how much money is left to live in the end.
The requirement for another loan
In order to be able to take out another loan, the credit rating must be correct. It consists of several aspects and shows the economic and personal creditworthiness of the borrower. In order to get a precise overview of your own creditworthiness, it is worth checking your own Credit Bureau once a year.
This way you can compare the entries stored there and gain an impression of your own economic situation. In addition, the income and expenditure should be evaluated. Only if there is enough money available to repay another loan can it be taken up without hesitation.
If all the components fit together, there is nothing standing in the way of a loan.