Getting a loan through an Austrian bank

Hey everyone. I’m looking for some insight from anyone who actually understands how this works. Here’s my situation: because of some past debts on my checking account and being inconsistent with my loan payments, I’ve ended up on a blacklist. My plan was to take out one large consolidation loan to wipe the slate clean and close out all my old debts at once. Naturally, every major bank has turned me down. Then, I stumbled upon an ad claiming they can secure a loan regardless of your credit history because the funds are disbursed through an Austrian bank, 😲, which apparently doesn't care about our domestic credit reports. It sounds a bit fishy to me. I wanted to get your take on this—has anyone here actually gone through something like this and had it turn out okay? Sorry if this has been covered before, but I couldn't find anything on it. Thanks in advance.

Brenda Rogers41 said:Hey everyone. I’m looking for some insight from anyone who actually understands how this works. Here’s my situation: because of some past debts on my checking account and being inconsistent with my loan payments, I’ve ended up on a blacklist. My plan was to take out one large consolidation loan to wipe the slate clean and close out all my old debts at once. Naturally, every major bank has turned me down. Then, I stumbled upon an ad claiming they can secure a loan regardless of your credit history because the funds are disbursed through an Austrian bank, 😲, which apparently doesn't care about our domestic credit reports. It sounds a bit fishy to me. I wanted to get your take on this—has anyone here actually gone through something like this and had it turn out okay? Sorry if this has been covered before, but I couldn't find anything on it. Thanks in advance.

What you actually read about is a local loan shark who’s going to come looking for you in the dark with some heavy hitters and an 18% monthly interest rate. Cut your spending, pay off what you owe, and please don't try to "reprogram" your debt through some shady outfit, unless you want to see Brenda Rogers41 featured in the news for all the wrong reasons.

I just don't get how people can't see that there’s gotta be some kind of catch when you're getting money from someone that every major bank turned down and who ended up on a blacklist...

I mean, sure, anyone can have issues and that's fine, but if this guy's only option is to dive even deeper into trouble...

It wasn't really the overspending that landed me in this mess; it was a family medical crisis. Not that it matters much now—that's behind us. But the fallout remains. I’m facing lawsuits and potential garnishments if I don't settle everything immediately, and frankly, I have no desire to go down that road. I know a few people who managed to secure legitimate loans through brokers at standard banks like Goldman Sachs or JPMorgan Chase, even after being rejected by those very same institutions. They didn't pay any shady fees under the table either; they just had to take out a life insurance policy where the broker pockets the commission. Of course, those were loans back in the States through American banks, whereas my situation here is in Europe. I figured this was going to be an uphill battle, which is why I reached out to this forum for your take. I appreciate the honest answers.

Brenda Rogers41 said:It wasn't really the overspending that landed me in this mess; it was a family medical crisis. Not that it matters much now—that's behind us. But the fallout remains. I’m facing lawsuits and potential garnishments if I don't settle everything immediately, and frankly, I have no desire to go down that road. I know a few people who managed to secure legitimate loans through brokers at standard banks like Goldman Sachs or JPMorgan Chase, even after being rejected by those very same institutions. They didn't pay any shady fees under the table either; they just had to take out a life insurance policy where the broker pockets the commission. Of course, those were loans back in the States through American banks, whereas my situation here is in Europe. I figured this was going to be an uphill battle, which is why I reached out to this forum for your take. I appreciate the honest answers.

Yeah, I mean, nobody sane gets into debt just for luxury items...

Brenda Rogers41 said:It wasn't really the overspending that landed me in this mess; it was a family medical crisis. Not that it matters much now—that's behind us. But the fallout remains. I’m facing lawsuits and potential garnishments if I don't settle everything immediately, and frankly, I have no desire to go down that road. I know a few people who managed to secure legitimate loans through brokers at standard banks like Goldman Sachs or JPMorgan Chase, even after being rejected by those very same institutions. They didn't pay any shady fees under the table either; they just had to take out a life insurance policy where the broker pockets the commission. Of course, those were loans back in the States through American banks, whereas my situation here is in Europe. I figured this was going to be an uphill battle, which is why I reached out to this forum for your take. I appreciate the honest answers.

But couldn't you just work something out with the bank? Like a debt restructuring or a payment deferral? Hasn't someone already tried that?
Banks aren't exactly thrilled when they have to resort to foreclosures and all that; they much prefer it when people can actually pay up...
And that thing you mentioned about taking out a loan somewhere else—if you actually have that option, I'm curious how high the interest rate is..

I’m not sure if you’re implying I’m lying here or what... If you actually care to know, I’ll lay out how things spiraled. There are plenty of people who didn't end up underwater because they were chasing some high life or blowing cash on luxuries; sometimes life just hits you from a different angle. As far as the banks go, they're giving me options to pay back $1000 per month for one debt and 😲 for the other, which comes out to $500 monthly. They want $500 over two years, or $1000 within a single year—otherwise, it's all threats of lawsuits and seizing my belongings. Honestly, I have no idea how I’d even survive that year without an income. My paycheck at $1000 plus whatever odd jobs I can scrape together won't even cover the banks, let alone anything else. And don't even get me started on the interest rates. We're looking at 14-15% annually, not to mention the constant collection notices... it’s hard to imagine them legally charging any more than that.

Forget those green-leaning types! Seriously, unlike the banks threatening to garnish your wages, these guys are out there waving sticks and guns. You gotta decide if those little trinkets are actually worth your life or your health.
Just scrape together some extra cash or borrow from a buddy until this first year of the loan is out of the way.

Brenda Rogers41 said:I’m not sure if you’re implying I’m lying here or what... If you actually care to know, I’ll lay out how things spiraled. There are plenty of people who didn't end up underwater because they were chasing some high life or blowing cash on luxuries; sometimes life just hits you from a different angle. As far as the banks go, they're giving me options to pay back $1000 per month for one debt and 😲 for the other, which comes out to $500 monthly. They want $500 over two years, or $1000 within a single year—otherwise, it's all threats of lawsuits and seizing my belongings. Honestly, I have no idea how I’d even survive that year without an income. My paycheck at $1000 plus whatever odd jobs I can scrape together won't even cover the banks, let alone anything else. And don't even get me started on the interest rates. We're looking at 14-15% annually, not to mention the constant collection notices... it’s hard to imagine them legally charging any more than that.

No, I wasn't being sarcastic. I mean, I guess nobody in their right mind would put themselves through that kind of mess just for some luxury stuff, so your situation is totally fine, really.
And those people grinding away just to fund someone else's luxury? Honestly, screw 'em! 🙂

Brenda Rogers41 said:I’m not sure if you’re implying I’m lying here or what... If you actually care to know, I’ll lay out how things spiraled. There are plenty of people who didn't end up underwater because they were chasing some high life or blowing cash on luxuries; sometimes life just hits you from a different angle. As far as the banks go, they're giving me options to pay back $1000 per month for one debt and 😲 for the other, which comes out to $500 monthly. They want $500 over two years, or $1000 within a single year—otherwise, it's all threats of lawsuits and seizing my belongings. Honestly, I have no idea how I’d even survive that year without an income. My paycheck at $1000 plus whatever odd jobs I can scrape together won't even cover the banks, let alone anything else. And don't even get me started on the interest rates. We're looking at 14-15% annually, not to mention the constant collection notices... it’s hard to imagine them legally charging any more than that.

Yeah...
The best way to go about it, I guess, is finding some kind of side hustle to cover everything... but whether that's actually doable for you right now is a whole different story.

Anyway, I guess it's better to let them take a bit more than dealing with a loan shark. You'll be in real trouble if you go that route.
It feels kind of weird to me that a bank wouldn't just find some way to restructure the debt, you know? Like, maybe something along the lines of... $167 If you pay a certain amount every month for a few months, what would it take to end up paying back, say, 130% of the debt you actually have? I wonder which bank you're dealing with.
If things don't look up, maybe try hitting up the local news? If you tell them what's happening, there's a chance the bank might actually find a way to fix this. I mean, nobody wants that kind of bad press.

I’d never dream of turning to a loan shark, which is exactly why I wanted to get your take on these loans. Apparently, this guy claims he can restructure debt through the Federal Reserve in Austria—supposedly you have to travel there to collect the cash, but then you pay the installments back at local Federal Reserve branches here. He says that’s how he sidesteps the FEC and all their red tape. The reality is I owe money to JP Morgan Chase because I maxed out an approved overdraft, plus I’m behind on my American Express card. I missed three payments, and now they’re demanding the entire balance upfront, including the installment amounts I thought I had time to pay off. I wasn't expecting that, and honestly, it’s been devastating. It isn't even a massive amount of money; if I could just secure a seven-year loan, I could clear everything, and even with high interest, the monthly payment wouldn't exceed $533. As for the banks? They’re more aggressive than any street thug. They call my house, they call my job, they blow up my cell phone. I make one small payment, and they’re calling me immediately to ask when the next one is coming. They threaten me with lawsuits, telling me I’ll be stuck paying court fees and attorney costs, and that they'll go after my house and my wages via garnishment until every cent is recovered. Unfortunately, people I know are in even worse shape than I am, so I don't have anyone to turn to for help. Thanks again for all the input.

Brenda Rogers41 said:I’d never dream of turning to a loan shark, which is exactly why I wanted to get your take on these loans. Apparently, this guy claims he can restructure debt through the Federal Reserve in Austria—supposedly you have to travel there to collect the cash, but then you pay the installments back at local Federal Reserve branches here. He says that’s how he sidesteps the FEC and all their red tape. The reality is I owe money to JP Morgan Chase because I maxed out an approved overdraft, plus I’m behind on my American Express card. I missed three payments, and now they’re demanding the entire balance upfront, including the installment amounts I thought I had time to pay off. I wasn't expecting that, and honestly, it’s been devastating. It isn't even a massive amount of money; if I could just secure a seven-year loan, I could clear everything, and even with high interest, the monthly payment wouldn't exceed $533. As for the banks? They’re more aggressive than any street thug. They call my house, they call my job, they blow up my cell phone. I make one small payment, and they’re calling me immediately to ask when the next one is coming. They threaten me with lawsuits, telling me I’ll be stuck paying court fees and attorney costs, and that they'll go after my house and my wages via garnishment until every cent is recovered. Unfortunately, people I know are in even worse shape than I am, so I don't have anyone to turn to for help. Thanks again for all the input.

Interesting. I should probably look into this more.

Brenda Rogers41 said:I’d never dream of turning to a loan shark, which is exactly why I wanted to get your take on these loans. Apparently, this guy claims he can restructure debt through the Federal Reserve in Austria—supposedly you have to travel there to collect the cash, but then you pay the installments back at local Federal Reserve branches here. He says that’s how he sidesteps the FEC and all their red tape. The reality is I owe money to JP Morgan Chase because I maxed out an approved overdraft, plus I’m behind on my American Express card. I missed three payments, and now they’re demanding the entire balance upfront, including the installment amounts I thought I had time to pay off. I wasn't expecting that, and honestly, it’s been devastating. It isn't even a massive amount of money; if I could just secure a seven-year loan, I could clear everything, and even with high interest, the monthly payment wouldn't exceed $533. As for the banks? They’re more aggressive than any street thug. They call my house, they call my job, they blow up my cell phone. I make one small payment, and they’re calling me immediately to ask when the next one is coming. They threaten me with lawsuits, telling me I’ll be stuck paying court fees and attorney costs, and that they'll go after my house and my wages via garnishment until every cent is recovered. Unfortunately, people I know are in even worse shape than I am, so I don't have anyone to turn to for help. Thanks again for all the input.

Well, did you try any other banks besides JPMorgan Chase to see if you could get a consolidation loan? I mean, you mentioned in your first post that "all" the banks turned you down, but which ones were those? Maybe a smaller local credit union would give you a shot?

That’s exactly why I phrased the title the way I did. It’s the core of the issue. Honestly, this is news to me too. The real headache with most banks around here is my current employer—my boss mentioned we have some pretty mediocre credit ratings, though I can't remember if it was a Tier 1 or Tier 2 issue. On top of that, there are only three of us officially on the payroll for this company. Then there’s the fact that a few years back, I co-signed an auto loan for a buddy—monthly payments were around $300, which eats directly into my debt-to-income ratio. They see all of that, along with everything else on my FICO score. These days, you can't get anything done without a rock-solid guarantor. At this point, you'd probably have better luck hitting the jackpot in Vegas than finding someone willing to co-sign for you. It's a grim reality. I've hit up just about every major player—Chase, Bank of America, Wells Fargo—I even tried Wells Fargo because a friend of mine has a car loan through them, but they shut me down immediately. Every single one of them gave me the same runaround. If you happen to have a bright idea, please, let me know. I'm completely tapped out...

Brenda Rogers41 said:That’s exactly why I phrased the title the way I did. It’s the core of the issue. Honestly, this is news to me too. The real headache with most banks around here is my current employer—my boss mentioned we have some pretty mediocre credit ratings, though I can't remember if it was a Tier 1 or Tier 2 issue. On top of that, there are only three of us officially on the payroll for this company. Then there’s the fact that a few years back, I co-signed an auto loan for a buddy—monthly payments were around $300, which eats directly into my debt-to-income ratio. They see all of that, along with everything else on my FICO score. These days, you can't get anything done without a rock-solid guarantor. At this point, you'd probably have better luck hitting the jackpot in Vegas than finding someone willing to co-sign for you. It's a grim reality. I've hit up just about every major player—Chase, Bank of America, Wells Fargo—I even tried Wells Fargo because a friend of mine has a car loan through them, but they shut me down immediately. Every single one of them gave me the same runaround. If you happen to have a bright idea, please, let me know. I'm completely tapped out...

It’s possible some people are offering loans from the USA, and if they are, they probably won't care about your local credit report as long as you have collateral. If you have an unencumbered property, that might be your way in. There are plenty of scammers and predatory lenders out there, but there are also legitimate people working through actual lawyers and notaries. Just be careful; if you don't have equity in a house, you probably aren't getting a loan anywhere.
Just make sure you don't fall for any predatory schemes or pay anyone upfront for things like life insurance or "processing fees." You should only ever pay costs once the loan actually clears.
Good luck!

Sounded like a total lifesaver

The agency in Osage—Apple—offered them what seemed like a miracle fix: they’d basically lend them enough cash to wipe out all those nagging little debts, and then, on their behalf, take out one massive loan at the bank to.....

Flower, just please be careful so these types don't reel you in—that whole deal with Goldman Sachs sounds pretty sketchy to me too, honestly.
My advice? Just pay back whatever you can, and if they start calling you from the local branches, just assume it's some random clerk over the phone. Maybe try actually going down to "your" bank in person to find a manager and see if you can work out a repayment plan.
I mean, it's usually more in the bank's interest to get you paying *something* rather than dealing with the headache of legal action or seizing assets—they're mostly just trying to scare you.
Like people have already told you, I guess a "gentle" phone call from the bank is a lot better than getting a visit from a debt collector.

Amazon. It was 14%.

Daniel Perez13 said:It’s possible some people are offering loans from the USA, and if they are, they probably won't care about your local credit report as long as you have collateral. If you have an unencumbered property, that might be your way in. There are plenty of scammers and predatory lenders out there, but there are also legitimate people working through actual lawyers and notaries. Just be careful; if you don't have equity in a house, you probably aren't getting a loan anywhere.
Just make sure you don't fall for any predatory schemes or pay anyone upfront for things like life insurance or "processing fees." You should only ever pay costs once the loan actually clears.
Good luck!

Yeah, there’s definitely some "shady business" going on since this wouldn't happen through normal channels... like, you can't just pull funds from the Federal Reserve and then move them into our local banks like that...
Bless your heart, did that guy who offered you the deal actually tell you what the interest rate would be?
I’d definitely try my luck at some smaller local banks too; it’s usually way tougher to get approved at the big national ones.
And yeah, definitely read that article from the link signum posted.

You might want to try reaching out to some of our smaller regional banks and just lay out the whole situation for them. Maybe there's a more substantial contract tucked away in the works, or perhaps you could pull together several smaller loans from a group of associates to bridge the gap. Honestly, I think those might be your only real shots at this.

I’m dealing with a very similar situation, and the fact that I don't even have a mortgage makes things even more complicated... I actually went down to the Detroit branch to check my options, but I missed the window by just a few days. Apparently, they’ve frozen all lending for LLCs at the moment...

I did some digging over at Slatina, and they offer unsecured loans with terms up to 15 years where you can use insurance policies as collateral, so it might be worth looking into them...

As for JPMorgan Chase, I found their approach toward Americans a bit unusual. To be honest, I fell behind on my payments for five months, yet they didn't demand a lump sum settlement right away. Instead, we just handled it over the phone and worked out a plan to get everything squared away over a few months...

Don't sweat it, everyone. I’ve dealt with my fair share of messes, and I have no intention of digging myself into an even deeper hole. That’s exactly why I’m posting here—hoping someone might actually know the deal with these types of loans. I was holding out hope that someone who’s already navigated this specific credit setup would jump in and explain how the mechanics work, or if they even do. It's interesting... even this guy had the nerve to ask me about real estate. I told him flat out, I don't own any property. I think I'll head over to some smaller local banks tomorrow to see what they say, and I'll report back once I have something. As for my situation with Chase, I'm five months behind myself. I honestly thought they might let me restructure the debt I racked up during those five months, but no luck. Instead, they just tacked on everything I bought on credit, too, and offered me a repayment plan of twelve installments at three-something hundred bucks a month. That total is higher than my actual paycheck, but apparently, that doesn't matter to them. They told me that quite bluntly, actually. BTW, I'm only just getting online now because I spent the day helping a buddy move—for a fee, naturally.👍

Daniel Perez13 said:It’s possible some people are offering loans from the USA, and if they are, they probably won't care about your local credit report as long as you have collateral. If you have an unencumbered property, that might be your way in. There are plenty of scammers and predatory lenders out there, but there are also legitimate people working through actual lawyers and notaries. Just be careful; if you don't have equity in a house, you probably aren't getting a loan anywhere.
Just make sure you don't fall for any predatory schemes or pay anyone upfront for things like life insurance or "processing fees." You should only ever pay costs once the loan actually clears.
Good luck!

That’s exactly how it works. My husband and I both run small businesses, and since we couldn't get traditional domestic financing, we went with RBA in Leibnitz—specifically a mortgage-backed loan. That's all they care about: whether the title is clear and the equity is unencumbered. We send our payments to Leibnitz, not locally.
We didn't overextend ourselves, so even with a five-year term, the monthly payments are manageable. For the most part, we're comfortably ahead of the curve.

Look, I get where you're coming from. I used to moonlight for these types of people—first working with our local banks, then moving up to some big outfit out of the USA. Here’s how the racket actually works: the middlemen have to bring their own appraisers to the table. Since you need collateral to secure a mortgage, they use these guys to artificially inflate what your property is worth. Then comes the "goodwill" part. You essentially grease the appraiser's palm, usually around 5% of whatever loan amount you're angling for. Once you've gathered all the paperwork—including your pay stubs, which, if you have any garnishments or bad credit history, obviously need to be "adjusted" illegally—you thank them for their "flexibility." After that, everything gets shipped off to the USA. A few days later, you grab your passport and head over there to collect the cash. They’ll try to convince you to just wire the money directly to your American bank account, but that’s a sucker's move because the transaction fees eat your profit alive. Honestly, once I saw the sheer scale of the deception involved, I walked away. It just wasn't right.

Of course you can. You might expect to shell out 5% of the loan amount just for an appraisal. In our case, the bank only charged us a 2% processing fee, and that was the end of it. I'm not sure how your experience went, but everything was pretty straightforward on our end. After the appraiser finished, a representative from JP Morgan Chase actually came by to personally verify that the valuation matched the actual condition of the property. As for those freezes or pay stubs, I can't say. We just pulled some documents from the IRS and attached them. And no, it’s not like every loan gets approved automatically. That’s just my experience.