Alternatives when it is difficult to get a loan from a bank
Get a Swiss loan if bank does not grant a loan
If you need money for an urgently needed purchase, but the savings book does not give the amount, then the way usually goes to the house bank to ask for a loan. But the bank is not always well disposed towards the customer when it comes to approving the loan. This may have to do with the fact that the customer cannot provide any necessary collateral that the bank can fall back on if the installments are not paid. However, this can also be the customer’s lack of creditworthiness. And if the bank does not grant the customer a loan, there are other alternatives. There is, for example, the so-called Swiss loan. This credit, granted by Swiss financial institutions to German citizens, is granted without notice and can be applied for up to a total of $ 3500 per person. However, the only requirement for approval is proof of a fixed monthly income. In addition, the employment relationship must have existed for at least one year and be permanent.
However, the applicant can also be denied the Swiss loan. This is the case if he is 58 or older, retired or self-employed. Even if he has a maintenance obligation to more than five people, he has no way of getting this loan. If the applicant’s income is even below the attachment limit, there is also no need to apply for a Swiss loan. A second way to get a loan is the employer loan. With this loan, the employee receives a loan from his employer, which is usually one or two months’ salary. Since the interest rate for such loans is generally lower than that of the banks, it is interesting for the employee.
An employer loan
The advantage of the employer is that in addition to the interest, he also receives a higher repayment. The contract should in any case be agreed in writing, because an employer loan without a written contract is equivalent to a monetary benefit in terms of tax law and must be taxed. A written fixation is therefore necessary, but also to avoid irritation. However, it should be noted that if the employment relationship is terminated, the entire remaining amount will be due immediately. The third alternative to obtaining a loan is a personal loan.
This does not primarily mean the advertisements in the local daily newspapers, in which private donors offer their private money at high interest rates and fees. Rather, it means a loan from relatives or friends. These have the advantage that they can be flexible in their design. This means that special payments can be agreed as well as an early repayment of the total loan. In addition, loans from private customers can also be obtained without interest in many cases, which makes repayment easier for the debtor. In the interest of good relationships with his relatives and friends, however, the content of the contract should be strictly observed.