If we cannot end up without a new loan and are still blacklisted, there are still limited options for taking out a new loan. Despite the blacklist notification, as a homeowner we can still take out a loan. However, it is highly doubtful whether this is so advantageous for the credit applicant. The lender runs a rather limited risk. Are we not meeting our obligations? and if we do not repay our loan on time and regularly, then the lender sells our home to be able to recover the borrowed money. It is often about smaller amounts.

Borrow from a private person

Borrow from a private person

Another option is to borrow from a private person. That is certainly not an option, because such private lenders usually charge usury because their risk is so much higher.

Borrow or pledge

Borrow or pledge

A third possibility to take out a loan despite our mention on the National Bank’s blacklist is lending or pledging. In order to be able to take out a loan, for example, we provide a car or jewelery as collateral for our loan. Only when we repay our loan, of course with interest, do we get back what we have given as collateral. If you do not pay back your loan punctually, your property given as collateral will change ownership…

Take out a loan to fill a well…

Take out a loan to fill a well...

Many repay one loan by entering into another. This is of course no solution. After all, there is a strong temptation to use a newly obtained loan for purposes other than paying off our previous loan, so that we are even more deeply indebted. As a result, we end up in a spiral of debt that we cannot possibly break through. Then help from the OCMW or CAW and at a later stage the collective debt mediator is the only way out…

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