German consumers are increasingly asking where and how there are serious loans without Credit Bureau information. The reasons for this can be different. While some consumers do not get credit from German banks because of negative Credit Bureau information, other consumers who are interested in serious loans without Credit Bureau information are only interested in keeping their Credit Bureau information clean.
A flawless Credit Bureau is always particularly important when it comes to mortgage lending or an official loan. Loans without Credit Bureau information have the advantage that they are not reported to Credit Bureau as an ongoing obligation. The Credit Bureau-free loan is therefore the perfect side loan that nobody needs to know about.
If you are interested in a loan without Credit Bureau for the reasons mentioned, then it usually doesn’t matter that the cost of the loan is somewhat more expensive than a comparable loan from German banks.
Consumers who are looking for serious loans without Credit Bureau information should contact a reputable credit broker. This also costs extra because the agent requires a commission for his activities, but has the advantage that an agent is able to provide a Credit Bureau-free loan even in difficult cases. If the cost of credit is not the most important criterion because it is primarily about getting a loan at all, the credit without Credit Bureau is the first choice for consumers with poor Credit Bureau. However, there are no serious loans without Credit Bureau information unless certain conditions can be met.
Which bank grants Credit Bureau-free loans
Banks that are based in Germany do not grant loans without viewing the Credit Bureau of the loan applicants. That is why foreign banks in the German-speaking countries have opened up this market niche. There are loans especially for German customers for which no Credit Bureau information is obtained as part of the credit check. Even afterwards, there was no report to Credit Bureau about the current loan. That is why the Credit Bureau-free loan is so well suited as a secret sub-loan, because other banks are unaware of the existence.
Consumers with negative Credit Bureau frequently request loans without Credit Bureau. However, many consumers do not know that the foreign bank also expects a certain credit rating. Credit Bureau-free loans are not loans that everyone gets. Anyone wishing to take out a Credit Bureau-free loan must be able to prove that they have been employed for at least one year. The income must be above the garnishment exemption limit.
Guarantees and other real collateral are not accepted. This means that people who have financial difficulties due to their personal situation cannot get a loan without Credit Bureau, and the offer is not aimed at unemployed and Hartz IV recipients, nor at trainees or students. Self-employed and freelancers also unsuccessfully ask for a Credit Bureau-free loan.
The Credit Bureau-free loan is a small loan
Furthermore, many consumers do not know that serious loans without Credit Bureau information are nothing more and nothing less than classic small loans. The loan amount is limited to 3,500 or 5,000 dollar. The loan must then be repaid in 40 monthly installments. In the case of Credit Bureau-free loans, the usual costs for interest are added to the placement costs. These are apportioned to the monthly installments. A loan of over $ 3,500 results in a rate of around $ 100 a month.
Even if it all reads quite well, not everything that glitters is gold. Particular caution is required when credit intermediaries advertise their products so aggressively. There are very few loan seekers who can actually benefit from a serious loan without Credit Bureau. Most consumers who ask for a loan without Credit Bureau end up missing out because they don’t have the requirements.
Which bank grants the loan free of charge
In the past, it was actually Swiss banks that granted Credit Bureau-free loans to German customers. With the outbreak of the financial crisis, that changed. Swiss banks do not have a BaFin license. Only Fine Bank from Liechtenstein grants serious loans without Credit Bureau information to German customers. If you want, you can also inquire directly online and save costs for the agent.