A garnishment mostly results from unpaid liabilities. A garnishment of wages has several unpleasant effects. On the one hand, it can lead to consequences for the employer, because these always have a certain amount of extra work with attachments. On the other hand, the attachment leads to a note in the Credit Bureau file, which means that the debtor will hardly receive a loan in the future, because a loan despite Credit Bureau and garnishment is almost impossible. This post explains the possibilities.
Is a loan possible despite attachment?
In the case of a garnishment, you can of course try to apply for a loan anyway. However, the problem is that the garnishment is also visible on the proof of wages and the income must be presented for proof. Therefore, foreign banks are also likely to reject the loan. There may be a small chance if the remaining income is sufficient so that the monthly payments can still be paid. If you absolutely need a loan, you should try to arrange installment payments with the creditor who ordered the attachment. Often the creditors withdraw their attachment and then at least the pay slip would again be without this negative indicator.
Find reputable intermediaries
There are credit intermediaries who specialize in brokering loans when the going gets tough. It is important that a reputable provider is found. Many of these offers can be found on the Internet, but they should definitely be checked carefully. There are also reputable credit intermediaries who can help you get a loan despite Credit Bureau and garnishment under certain conditions.
In order not to fall into a trap, the following should be observed: The most important thing is that no advance payments are ever made, as this is usually a sure sign for a dubious broker. The potential borrower should also exercise caution if the loan is made dependent on the need to conclude any home savings or insurance contracts.
Swiss credit not possible in the case of garnishment
A Swiss loan in spite of Credit Bureau and garnishment is in no way possible, since these banks require a regular salary as security. Therefore, the attachment cannot be hidden. However, with the attachment, this security is no longer given to the bank. In order to obtain a loan approval, it is necessary to have the garnishment lifted in Germany in advance. Credit Bureau entries, on the other hand, are of no interest to Swiss banks because they do not query Credit Bureau.
Collateral or a surety
Another way to get a loan despite Credit Bureau and garnishment is when a guarantor is provided. The latter undertakes to repay the installments in the event of payment default. Therefore, the guarantor must of course have an impeccable credit rating so that the bank accepts it. Sufficient income is also an important prerequisite for credit approval. Other collateral also increases the possibility of a loan if the borrower has valuables, for example. This includes, among other things, a life insurance with which the loan can be secured. A property can also be deposited as security.
Personal loan as an alternative
The last resort to get a loan despite Credit Bureau and garnishment is a personal loan. This is not only possible in the family or with friends, which of course has the advantage that the loan is often granted without interest and the repayment can be individually clarified. Those who cannot find a financier in the private sector can also use the Internet, because private loans are granted on numerous websites. You can try to get a loan here. Here, too, it is of course very important to compare the offers thoroughly and to examine the conditions in order not to fall into any cost cases.