If your own wages are seized, many banks have no chance of getting a loan with garnishment. For the banks, you are usually part of an absolute risk group. In the event that the installments for the bank loan can no longer be repaid, the bank cannot seize the wages, as these are already being attached. This means that she has no chance of getting her money and is making losses. Nevertheless, many people urgently need a loan with garnishment. There are ways to get such a loan. How this works is described below:
Loan with garnishment
If your own wages are seized, there is little chance that you will have collateral. The bank understands collateral as homeownership, houses and land, but also life insurance and building society contracts. A mortgage can be taken out on these securities.
If you can no longer repay a loan, the bank receives the security in return and can sell or manage it. The bank receives the money it earns instead of the loan installments. If they earn more than the credit is high, the debtor will of course get the difference.
So if you had collateral despite the garnishment of wages, that would be one way to get a loan with garnishment. Another way is through a guarantor. A surety can be the spouse, a relative or a good friend. It is important, however, that a guarantor has a regular income or collateral in the amount of the loan.
The guarantor then guarantees to the bank that he will pay the amount of the loan if the loan installments can no longer be paid back. With a guarantee, you can easily get a loan despite the garnishment of wages. If you cannot find someone who vouches for you, you can also take a different path.
Credit through a direct bank
Foreign direct banks take a different route than Cream banks. You have identified people as a target group whose wages are being seized. Foreign direct banks therefore grant a loan with garnishment, but for a higher interest rate than a Cream bank. Furthermore, foreign banks often pay certain fixed prices in advance.
Among other things, an administration fee, sometimes also an agency fee and a fee for insurance. With these additional expenses, foreign banks secure themselves so that, despite the risk, they grant a loan to someone whose wages are seized and do no negative business.
However, applicants have the advantage that they can get comprehensive information beforehand free of charge on the Internet. There are a number of banks that have this business model. So a variety of different offers on different terms. If you compare well, you can save a lot here and choose the offer that best suits your needs.
Another advantage of foreign banks on the Internet is that they advertise with very quick processing. Within 24 hours you have your individual offer that you only have to accept. The money is also super fast on your own account. This is because the foreign banks do not have to examine the individual applications in detail.