A payment note risks putting a stop to many different types of purchases that you want to make during the three years the note is active. For example, it may be a problem to rent an apartment, obtain a telephone subscription, etc.
Loan despite payment note
Another large area where payment remarks often come into the picture and poses major problems is when applying for loans. For example, the major banks have routines that usually mean that people with payment notes are automatically denied when they apply for a loan. Fortunately, there are still opportunities for those who have no objection and want to borrow money as there are lenders who have chosen not to automatically deny such applications.
Lenders who may approve applications from people with complaints do so when they use a different type of credit check. In fact, they rate the economy as a whole. Payment remarks will have a negative impact there, but if there is stable income or other positive things, this may well offset the minus from the complaint. Thus, there is no guarantee that these will agree to lend money, but there is also a fully realistic possibility provided the economy is otherwise good.
Greater chance of getting a loan with collateral
Should you then apply for a loan where you offer something in collateral to the loan institution, your chances increase significantly to get a loan despite your payment note. Loans that have collateral are, for example, car loans and home loans.
The fact that it is more likely that you can borrow per if there is a collateral involved has to do with the lender being able to feel more secure when they lend the money. Should you not complete your repayments as you should, the lender may claim the collateral as payment for the loan, the total of which is that the total risk will be much lower for a lender to lend to people who have payment notes if there is a security for the loan. However, what interest you may pay may be adversely affected by remarks, as there is still an increased risk for them to lend.