How to increase a loan in progress – Solutions and alternatives
The problem of over – indebtedness exists and is the cause of considerable difficulties for those who are affected, but it is also the demonstration that it is absolutely possible to answer in an affirmative way to the question ” can I ask for another loan? “.
It is also possible to increase the loan in progress , while giving an answer to a question often debated in consumer forums or ” how many loans can you have?” “Requires a more complete speech. However, we see all three hypotheses, providing the alternatives, the concrete solutions, to avoid the situation in which we find ourselves with a loan refused.
I have a loan, can I ask for another one?
Banks or financial do not care about the number of loans that are in progress. The conditions that are taken into consideration are: “income capacity” and “regularity” of repayments .
For the income capacity it must be kept in mind that the banks have different funding concession policies, which are positioned between 33% and 40% of the net income. An exception is the sale of the fifth which stops at 20% (see also Estimate of assignment of the fifth online without commitment ). So what does it mean?
To make the speech easier, let’s take some examples, and suppose we have a bank A that grants a maximum of 33%, a bank B with 35% and a bank C with 40%. For simplicity we say that the loan applicant already has a loan in progress with a repayment of 100 USD, and that you earn 1000 USD net. So the situation, if another loan is requested, could be:
- Bank A: at most, it would grant an installment of 33% of net income, therefore equal to 330 USD. But since 100 USD are already committed, then it will be able to grant up to a maximum of 230 USD;
- Bank B: same speech made above but given that the income capacity with respect to funding would be 350 USD, in this case we would arrive at an installment of 250 USD;
- Bank C: here the allowable installment would be 300 USD (ie the maximum 400 USD minus the 100 already committed).
As for the regularity of payments, the discussion is even more linear. If you are reported as a bad payer , even if you are continuing the repayment (or if it is finished), you will hardly get another loan. In this case the safe route is that of the sale of the fifth, otherwise you must cancel the bad payer status before making a request for new financing .
How many loans can you have?
There is no “maximum” number but this will be given by the “sum” of the loans, or rather the repayment installments, until the earning capacity is reached. Taking the example above, we see the case of bank C: we said that the employable income capacity (suppose there are no loans in progress) could be 400 USD. So in theory it will be possible to obtain only one loan if the installment is equal to 400 USD, or 8 loans of 50 USD each, and so on.
Debt consolidation: to organize but also increase active financing
If you need to increase your current loan, without requesting an additional new one or using debt consolidation, more liquidity, or you have to wait for the time required by the lender. These can start from a minimum of 3 months or 6 months, or they can even be higher.
The example we have made is simplistic, because in the income capacity should also be considered:
- loan requests made and rejected (until they are canceled by the system);
- any credit lines used.
The advice to avoid problems is simply to request a quote before making a request for funding. In fact in this way we will have a series of advantages, which are:
- an official document, free and not binding on the conditions of the loan;
- no limit on the number of quotes I can make;
- no effect for the “income capacity” that is not affected by the estimates;
- reliable data on the maximum financeable percentage of the bank or financial one.