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Loan with ongoing financing: can it be done?



 

Can I apply for a loan if I already have another loan in progress?

Can I apply for a loan if I already have another loan in progress?

Is it possible to request a second loan for those who already have a loan in progress for which they are paying the installments? This is a question of no small importance, at a time when the balance sheet of many families continues to be affected by the long crisis that began in 2008 and the effects of the austerity policies decided by governments to try to bring state accounts under control.

You can apply for a loan having another one already in progress. The dry answer to the start-up question is certainly positive. In fact, you can request a second loan even if you are already struggling with a loan for which you are paying the installments.
Of course, the answer is different if instead the question concerns the real possibilities that a request of this kind will be accepted by the credit institution to which we intend to address. In this case, in fact, the bank or the financial company in question will make a personal evaluation and then give the final answer.

What are the factors assessed by the counterparty?

What are the factors assessed by the counterparty?

Once the counterpart has received the request, it will in fact open its own investigation in which it will try to evaluate a series of information that is absolutely straightforward. In the event that the applicant already has a first loan in progress, the determining factors in the assessment will become two in particular:

  1. the fact that the applicant has not been the protagonist of late or missed payments in previous relationships with the credit sector;
  2. the ratio between the monthly earnings and the amount to be paid by adding the two loans.

As regards the first aspect, it should be emphasized that if the applicant’s name appears in one of the many databases in which those of bad payers are contained, the chances of having their request accepted are practically eliminated.
In the second case, credit companies, on the other hand, are used to adopting a policy which is clearly aimed at creating a safety margin. The application can in fact be accepted if the part of the income intended to cover the installments does not exceed a quarter of the applicant’s financial capacity.

A special case: the double fifth

A special case: the double fifth

As we have seen, in order to accept the request for a second loan, the part of the income used to pay the installments must not exceed 25%. There is however a very particular case which constitutes a partial exception in this sense, namely the so-called double fifth.
In fact, it is not uncommon for an employee, who already has a loan with a fifth loan, to decide to request a second loan, with the same formula. Consequently, adding the two fifths would reach a total of 40%, therefore well beyond the threshold set in the other cases.

Debt consolidation

Debt consolidation

It must then be specified that there is an alternative possibility to request a new loan, or debt consolidation. In practice, when you already have open loans for which you are paying the installments and intend to request another one, you can opt for a grouping of the former. The advantage offered by this solution is not only in terms of rationalization, but also of convenience, since the debt restructuring will result in a new and only lighter and therefore more sustainable installment. In return, the institution that grants this solution may extend the duration of the loan, having a more substantial financial return, even if more diluted over time. Even in this case, however, certain guarantees must be presented, in particular the enjoyment of an open-ended contract and the absence of one’s name from the Risk Centers present in our country.