A restart loan is a loan for people who have payment notes but who want to take and invest again. For example, you may want to pay off expensive loans or invest money in something. What distinguishes a restructuring loan from other loans is that the bank only takes into account future repayment ability – not the financial history.

It should be clearly stated that far from all banks offer this type of loan.

It should be clearly stated that far from all banks offer this type of loan.

For example, you may have a home that has increased in value, which means that you can borrow more money on this to pay other loans. If you have paid off large parts of your existing home loan, for example, if you have lived in the same house / apartment for quite some time, then you may be able to find some space to borrow on the home again.

It is cheaper to have a loan on a house that has collateral than micro and private loans. Mortgages are so cheap because they are loans with collateral, where the lender feels safe to lend you money. Therefore, you can get lower interest rates than for eg private loans. This is the cheapest type of regular loan you can take and if you need a financial start, it is the type of loan that the bank feels the least nervous about.

Common requirements for getting a restart loan are that you firstly pass a regular credit assessment. This means that you should have an income that allows you to repay the lender. Then it is also usually required that you have either your own home or someone who agrees to have their home as security. Alternatively you have a guarantor or a co-applicant on the loan.

A little help for those who have financial problems

A little help for those who have financial problems

For those of you who have gone wrong in the economy and have incurred some minor debts, it may be possible to simply collect the old expensive loans into a larger loan. You can read more about how this works in our article on collecting loans.

If you have problems with going back every month for one reason or another, it may be helpful to read a little at our Department of Private Finance. It says a lot about debt and how you can improve your finances with the help of a budget and saving money and some such. You may find some tips you can use to improve your finances.