If a relationship breaks down, this is usually associated with a high emotional load. It is not uncommon for financial problems to arise, because the partner who leaves the shared home is forced to build a new household within a short period of time. It is a legal requirement that the shared property must be shared, but how do you share a fitted kitchen, washing machine or television?
In order to be able to finance such new purchases and moving to a new apartment at short notice, a loan during the separation is a good solution. A corresponding loan application can, however, be problematic, especially if it is made during the separation year. During this time, there are still many unanswered questions, such as whether and to what extent maintenance payments flow or who may service existing debts. If the creditworthiness is also scratched by a negative credit bureau entry, a loan can be difficult during the separation, but there are solutions.
Collateral paves the way for a loan during the separation
Divorce can affect your credit rating during the separation year. This fact, which is kept secret during negotiations with the bank, is dangerous and can be considered a credit fraud. It is much better to deal aggressively with the situation and make it easier for the bank to approve the loan by offering collateral that is undisputedly the sole property of the borrower. A strong argument that immediately wipes out doubts about creditworthiness is the naming of a solvent guarantor. If a new life partner has already been found, he or she can act as a second borrower and, with a little luck, get the loan approved.
Private lenders grant a loan during the separation
Unfortunately, divorce often divides the group of friends and acquaintances into two camps. From this side, the loan seeker can turn to those of them who sympathize with him. If these friends have the appropriate financial means, they will not hesitate to provide a loan. A loan seeker can count himself lucky if he has a wealthy relationship. In such a situation, false pride is out of place. Rather, he or she will surely listen to the financial issue.
In addition, there are various portals on the Internet on which private donors grant loans. They are rarely interested in the creditworthiness as rated by a bank and mostly do not provide credit bureau information. It is much more important to these private lenders that they are conclusively calculated how the loan should be repaid. Anyone who also succeeds in presenting their concerns transparently, honestly and well worded has the best chance of obtaining a loan in this way during the separation. It should be noted, however, that these lenders are compensated for the increased risk in the form of higher interest rates than would be the case with a bank loan.