We get questions every now and then that are about borrowing money when you have debts. Here I will therefore try to find out what is relevant to this particular question.
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If you have debts with Good Finance, it is usually very difficult to borrow money. The lenders simply do not like to lend money to people who have a debt balance with Good Finance. In their eyes, it is simply too great a risk to lend money to people with this type of debt.
They know that there are financial problems in the past and that they risk not getting back their borrowed money. For example, if it goes as far as a debt settlement, it is not at all certain that they will get any money back at all.
The chance of borrowing if you have a debt balance with Good Finance is partly to go to lenders who charge a higher interest rate and normally you must then also have someone who is prepared to provide as collateral for the loan. This person must then have a good and orderly economy.
Here we basically group together all other forms of debt you can have. For example, other bank loans that are taken out and are still being paid off. If you have this kind of debt and want to borrow money then chances are much better.
In an application, the lender will take into account a lot of financial factors and one of these is just how much other debt there is at the moment. But if you have such a good financial situation, it is no problem to borrow money if you have other debts. For example, there are very many mortgages and if you would not be able to borrow any money for a car or something else it would have been almost impossible to borrow money at all.
If you therefore have debts that are not with Good Finance, it should not be a problem to borrow money if you have an economy that is under full control.