Borrowing private money

Everyone sometimes gets into that situation that he or she needs (temporarily) extra money. If you do not just have that money on hold or are somewhere in a savings account, you will have to borrow money. However, if you have already accumulated extreme debts or perhaps even a negative BCR coding, then a credit with a bank can money lender or lender can sometimes become a big problem. Fortunately, there are many other options for obtaining money in a different way. There are even several gaps in the legislation that in some cases still allow for a loan.

If you already have several debts, it is generally not wise to put yourself in deeper debt by borrowing extra money. However, it is sometimes necessary. However, be careful that you do not fall into an even deeper financial gap and that you will no longer be able to make repayments.

Borrowing Private Money – Haunted by the Past

Borrowing Private Money - Haunted by the Past

If you have ever had a negative BCR listing in the past because, for example, you have had a somewhat more difficult time and you have not been able to fully meet your obligations for a while, it can be very annoying if you want to take out another loan. After all, you will be haunted by your past, even though you are still so spacious. It may even be the case that your ex-partner has incurred debts in the past that you have not had anything to do with, but that it is now an obstacle for you to take out a loan.

In some cases, private money may be the only good option because you can no longer go to the banks and financial institutions. Another way might be a private lender. With regard to private money, there is no BCR review, because that is only reserved for banks, lenders and the like. Such a form of borrowing is also referred to as ‘applying for credit with BCR’.

The private loan

The private loan

You can borrow private money from friends or family, for example. Such a loan method is also referred to as a private loan. Hereby the parties themselves can determine their own conditions. However, this does not always happen in practice.

Borrowing private money or a private loan is therefore a form of credit that is not taken out with a bank or institution. It therefore has several advantages. For example, you are not bound by legal obligations or legal terms. You simply agree that between yourself. The same applies to interest. That can therefore be very low or perhaps not be applied at all, depending on the mutual agreements. Private credit is therefore an extremely flexible way of borrowing money and normally the money is even available immediately.

Private loan and the notary

Private loan and the notary

When borrowing private money, it is not necessary to have the conditions fixed with a notary. It is advisable to put the conditions down on paper and to sign both of these.