Loans without Credit Bureau are not a myth and are also not dubious. The loan providers serve a niche market. This consists of prospective creditors with a negative Credit Bureau entry, who nevertheless have a certain credit rating. Who receives an installment loan without Credit Bureau? What do the loans cost? How is the repayment done? These and other questions are answered here.
An installment loan without Credit Bureau is actually also available for applicants with negative characteristics from Germany’s largest credit agency. No request is made there during the credit check. If payment is made, Credit Bureau will not be notified of the borrowing. “Without Credit Bureau” should not be confused with “Without creditworthiness”. If you want to take out an installment loan free of Credit Bureau, you have to meet several criteria.
The loans are only available to applicants in a fixed and permanent employment relationship. This form of credit is not suitable for the self-employed and for the unemployed without a fixed income. However, loan approval is often difficult for students, retirees and senior citizens because of their poor credit rating. An additional guarantee may help here.
A certain minimum income must also be achieved. The higher the number of children or maintenance obligations the applicant has, the higher. Loans that are already running also increase the requirements for income. The third requirement: there must be no “hard” negative characteristics. Hard negative features are e.g. B. Insolvency proceedings or the taking of an affidavit. This information is not only known to Credit Bureau, but can also be viewed in public debt registers.
The difference to an installment loan with conventional acceptance criteria is therefore the acceptance of applicants with sufficient and secure income without hard but with other negative characteristics. In conventional banking, any negative feature usually leads to the application being rejected. The chance of a loan despite existing negative features has decreased further in the course of standardization through online applications.
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An installment loan without Credit Bureau works just like any other installment loan. The net loan amount is paid out and repaid in constant monthly installments. All interest and costs are already included in the installments. Special payments are possible at any time – if necessary against prepayment penalty. Payment and repayment are usually made by bank transfer.
The interest for installment loans without Credit Bureau is usually higher than for installment loans with Credit Bureau check. The reason is obvious: If a consumer applies for an installment loan free of Credit Bureau, from a purely statistical point of view, he has a higher risk of repayment difficulties. In addition, the selection of providers, loan amounts and terms is smaller. Amounts in the four-digit range are usually the upper limit. Comparative calculators such as Astro Finance make it easy to find out which offers are currently available.
The processing time tends to be longer than with other loans. The application includes proof of income and identity. Most of the applications are made through credit intermediaries. However, this is not absolutely necessary.
Anyone who takes out an installment loan without Credit Bureau benefits from an often unbureaucratic approach. However, the majority of the loans are not granted by Cream banks. In most cases, the providers are based in other European countries, mostly in Switzerland, which is why this form of credit is also known as Swiss credit or Swiss credit. In any case, it must be checked whether the offer is serious.
A reputable offer contains all legally required information about the requested loan. These include the net loan amount or the amount paid out, the total amount of the loan installments to be paid (including the repayment, interest and other costs), the effective and nominal interest rate, the cost of the residual debt insurance, and the method of repayment. It is also important that consumers can contact their bank free of charge.
In this way, any ambiguities regarding the installment loan can be cleared quickly without Credit Bureau. Basically, the credibility of the provider is doubtful if the provider charges fees before the loan agreement is concluded or if, in addition to credit, he also offers insurance to secure credit and insolvency advice from unauthorized persons.
A credit comparison carried out in advance provides information about the conditions of the various loans and gives a first impression of the seriousness of the individual providers and credit institutions. In particular, freelancers, students and trainees also receive a regular loan from many banks.
Loans without Credit Bureau are granted by banks from other European countries as ordinary consumer loans. The loans can also be obtained from existing, negative Credit Bureau entries. Hard negative features such as B. However, bankruptcy may not exist. In addition, applicants must have a sufficiently high income from permanent employment.
The lending rates are slightly higher than for loans with a Credit Bureau check. The options with regard to terms and loan amounts are relatively small. The maximum available loan amounts rarely reach the five-digit range.