Monthly Archive: March 2020

Late Credit or Leasing Monthly Payment – What Penalties?

Have you taken out a loan or a lease, and are there any delays in paying your monthly payments? What are the consequences and penalties? Is there the possibility of postponing the payment of certain monthly payments? When does the situation get serious? Can the spouse be requested by the bank?

When you take out a private loan, you agree to pay an amount X every month over a given period. Countless contingencies can put your finances in the red, which will cause late payments for some or all of your bills.


1. Payment on reminder

The first scenario is that you pay the monthly payment of your credit or leasing on recall. After all, you say to yourself that this is an invoice like any other and that a late payment is a trivial fault that has never had any consequences other than administrative costs? Would you not imagine that a request for credit or leasing in the future could suffer from it?

And yet! The ZEK considers that this is already a serious fault at this stage which damages your confidence index. It will inflict a ZEK 03 code on you which will remain registered for 5 years. Thus, all future requests for credit or leasing within this period of time are very likely to be refused.


How are these penalties presented, are they late interest, fixed costs?

Regarding late penalties, fixed costs start from 15 and can be up to 100! These amounts differ from one bank to another and are entered in the general conditions.

Exception with Credit Now

Credit-now authorizes twice the deferral of monthly payments without additional interest charges and without registration with the ZEK.

Some banks do this on an exceptional basis, with no impact on the client, but on an informal basis and are rather rare.


2. Reduction of the monthly payment

late credit

The second scenario is that the evolution of your financial situation no longer allows you to assume the amount of your monthly payment. Therefore, you request a reduction in your monthly payment from your bank.

A ZEK 04 code will result, more serious than the 03. It will also remain registered for 5 years.


3. Delay reaching 10% of debt

3. Delay reaching 10% of debt

In the event of significant delay in payment amounting to 10% of the net amount of the debt, the bank is entitled to claim the total amount of the debt plus interest with immediate effect.

In general, this type of procedure leads to a court. The client will be forced to repay the full amount of the debt immediately, and if this is not possible, legal proceedings will be initiated.

If the person lives in a couple and the spouse is solvent, the bank can turn against the latter.

Credit with negative Credit Bureau with guarantor

In order to check the creditworthiness of your customers, Credit Bureau information is obtained before a loan is granted. If the bank classifies this negatively, the loan is rejected. This can also happen if there is a good income, the donor is thus fully responding to Credit Bureau’s information.

Regarding Credit Bureau, it must be said that this institution protects its contractual partners against loan seekers who have not properly met their financial obligations in the past. This can be unpaid bills from a mail order business or an unredeemed loan or even an oath of disclosure. The information provided by Credit Bureau is binding for German banks. A negative Credit Bureau loan with a surety can be an alternative to a normal loan.

credit limit

credit limit

Even if the loan seeker is of the opinion that a loan with a negative Credit Bureau with guarantor will give him the desired amount of credit, he is wrong. The size of a loan without Credit Bureau amounts to 3,500 USD. If you now need a larger sum, for example to buy a car, a loan with a negative Credit Bureau with a surety can be the better solution. However, the guarantor is subject to the same conditions as the borrower.

He has to be solvent, ie he should have a sufficient and regular income, a permanent job is also an advantage. A very important point is that a guarantor must have a positive Credit Bureau query. In addition, the guarantor should be economically able to pay the installments due in the event of a default, without severely reducing his standard of living.

The guarantee

The guarantee

The loan seeker can find a solvent guarantor in his relatives or acquaintances. If this is found, the importance of a guarantee should be made clear to it. It may happen that he does not get a loan even with a credit request, unless he provides a guarantor himself. The banks regard a guarantee as a contingent obligation. This means that a guarantor does not just guarantee, but has to vouch for his entire assets. A negative Credit Bureau loan with a guarantor is only a good solution if the guarantor is sufficiently creditworthy.

Loan with guarantor despite negative Credit Bureau – Find the right loan

If you want to secure a loan with a guarantor despite a negative Credit Bureau, you can find a variety of attractive offers on the free financial market. Unlike the house or car bank, the creditworthiness is not a prerequisite for approval. All borrowers get an opportunity and can focus on low interest rates and flexible offers, which they recognize in a comparison and thus find the right loan for them.

Recognize cheap offers in comparison

Recognize cheap offers in comparison

Since not every loan is suitable for all borrowers, one should use a comparison before applying and find out which loan with guarantor is really cheap despite a negative Credit Bureau. In a credit comparison, cheap not only refers to low interest rates, but also encompasses the general conditions. Flexible contractual bases are convincing and are particularly important in the decision, since the financial situation can change in the term and lead to an adjustment of the repayment.

Special payments, a deferral or extension of the term are only worthwhile if the borrower can decide to do so without additional costs. With the enormous variety of loans, it is advisable to exclude all compromises and to opt for a loan with a guarantor despite the negative Credit Bureau, which fits the personal requirements optimally and does not only come with a low interest rate. The comparison of the lenders and their conditions shows the way and helps to exclude offers that are too expensive or unsuitable and to concentrate on the best loan.

Non-bureaucratic approval and quick transfer of the sum

Non-bureaucratic approval and quick transfer of the sum

If an invoice does not tolerate deferral or if an urgent purchase has to be made immediately, waiting times for a loan with a guarantor are very uncomfortable despite the negative Credit Bureau. In the free financial market, you apply for the loan directly online and send the completed form to the lender on the Internet.

This provides an overview and includes the truth of the information and the relevance of the guarantee in its decision. The permit and a prompt payment are received within 24 hours, so that urgent purchases or repairs, important bills or other uses of the loan can be realized quickly and without waiting.