Have you made one or more personal loan applications that have been declined, and you are wondering whether these declines will have any consequences?
Entry at the ZEK
If your application has been submitted to a bank, a rejection will be saved at ZEK for 6 months. Each rejection is entered and with a code, eg B. 99, with or without reasons (budget, too many ongoing commitments, etc.).
If you applied for the loan from a broker who did not submit your application to a bank because you do not meet the basic requirements, no entry will be made at ZEK.
Negative effects of a rejection?
Refusing a loan puts you at a disadvantage if it means that you have to wait 6 months or more before you can apply again. This depends on the number and the reasons for the rejection.
Meaning of the number
A rejection and the entry in the ZEK have no negative consequences as long as you have not accumulated more than 2 rejections.
With 3 or more rejections, the situation becomes problematic for future loan applications.
Many private individuals make the mistake of submitting their loan application to several banks at the same time. If all banks reject because the basic requirements according to the KKG are not met, the upper limit of 2 rejected entries with all negative consequences for future loan applications is quickly exceeded. A broker works with several banks and will only submit your application to the bank where your profile has the greatest chance. In the event of a rejection, there is only one entry at ZEK.
Debt enforcement as the reason for the rejection
If you have not received your loan due to one or more debt enforcement procedures, you will have to wait longer before you can apply again.
However, the duration of the ZEK entry is 6 months regardless of the reasons for the rejection.
When can a new loan application be made?
Before a new loan application is made, the cause of the rejection (s) must first be identified and analyzed. As long as the reasons for the rejection are not clear, it is pointless to make a new application – regardless of the deadlines.
If the problem is identified and resolved, a new loan application can be made after 3 months.
If the reasons for the refusal are related to a debt collection, you have to wait at least 6 months.