If you want to apply for an instant loan despite your debts, you should in particular check yourself in addition to the procedure for applying for credit. Regarding whether it should be pure debt restructuring with the aim of using the low interest rate phase or whether an additional loan should be taken out.
Debt can also be a positive feature
The calculation for the instant loan despite debt is similar to the procedure as if the borrower had no debt at all. Based on the evidence of income and the estimated cost of living, it is calculated whether there is a positive monthly balance that the borrower could use to pay interest and principal on time. The instant loan can also be granted in spite of debts if there is already an overdraft facility or another consumer loan.
If, for example, this has been serviced on time for some time, the existence of this scheduled credit account can even be a positive feature for the borrower. The loan application is processed and probably approved in the same way that the new smart loan providers would do for any other loan.
Pay attention to the total debt
However, the borrower should take a much closer look at their own finances than they would on their first loan. This includes honestly answering the question of what he really wants to use the loan for. Is it just a matter of filling a monthly shortfall between income and expenditure? Or is it about debt restructuring with the aim of reducing the interest burden. If it should be a matter of reducing or simply rebooking a monthly deficit, then you should rather not apply for an instant loan despite debts. In principle, the borrower should calculate the monthly installments for the new loan in the household bill and still be able to generate a monthly surplus, for example for new repairs. It only looks different with an actual debt rescheduling, in which the borrower replaces a previous (expensive) loan and can save monthly interest payments with the new loan.
When financing with an instant loan, everyone should pay attention to the amount of the monthly installments as well as the total debt. Then, with regular servicing of the previous loans, there is nothing standing in the way of the instant loan despite the debt.