A Credit bureau-free loan or would you prefer a loan despite Credit bureau? What are the differences? What are the advantages and disadvantages? The contribution to the correct credit decision accompanies you with information.
Credit bureau-free loan or would you prefer a loan despite Credit bureau?
A negative Credit bureau entry can affect anyone. Even the one-time negligent handling of a small invoice can ruin the Credit bureau statement for at least three years. You can no longer hope for a normal loan from the bank. For urgent financing requests, all that remains is a loan despite Credit bureau or a Credit bureau-free loan. At first glance, the types of credit seem to differ little. This impression is deceptive. There are two completely different loan offers.
Credit bureau-free means that Credit bureau is completely excluded. Credit bureau is therefore neither asked for a credit check nor is an approved loan entered into Credit bureau. A credit institution based in Germany does not offer such a loan. Loan offers from “dubious” sources or the serious loan of a foreign bank approved for Germany remain possible.
Despite Credit bureau, the internal regulations of the loan provider decide on a loan. In this case, the Credit bureau is inspected for a credit check. An approved loan and a loan rejection are entered. Despite Credit bureau, it makes sense to try the loan with a personal scoring value of at least H. Special banks from Germany, such as those from Best banks or credit portals, come into question as credit providers.
Advantages and disadvantages of credit options with poor Credit bureau
The greater variety of offers clearly speaks for a loan in spite of Credit bureau: As far as is known, a Credit bureau-free loan via a foreign bank can only be applied for with a single bank. Despite Credit bureau, the number of different credit providers is likely to be in the double-digit range.
Despite Credit bureau, there is also greater scope for credit. If necessary, a surety or property can have a positive impact on the loan amount. It is even possible to reschedule old debts entirely. However, everyone has to decide for themselves whether this is advisable in view of the high interest rates. The extra loan that Best banks costs, for example 11.95 percent APR.
This is not possible without Credit bureau. The loan offer only moves within very clearly defined limits. You can apply for 3,500 USD of credit or 5,000 USD. The Credit bureau-free loan is to be repaid in 40 constant monthly installments. In addition, a minimum income from dependent employment is generally required. (Stand-alone 3,500 USD credit at least 1,130 USD net)
Credit intermediary or personal initiative – what is worth it?
If you want to apply for a Credit bureau-free loan, then it is more worth taking the initiative. A few years ago, there were still several reliable credit banks for loans without Credit bureau, and the supply has shrunk considerably due to the financial crisis and the intervention of BaFin (banking supervision). As far as is known, there was not a single legal foreign loan provider left in mid-2009. It was only since the end of 2010 that there was a foreign bank again, which granted legally Credit bureau-free loans to people residing in Germany.
It is SIGMA Kreditbank AG from Liechtenstein. The loan application can be conveniently downloaded from the credit bank’s website. It looks different with the loan despite Credit bureau. The research effort to really find all possible loan providers would be huge. Credit institutions hardly ever go public with their loan offers. Even on the Best banks website, there is not a word of credit available despite Credit bureau. It was only personal demand that provided the necessary information.
If you want to keep both options open, you are well advised to use the help of a credit intermediary. If it is all about a Credit bureau-free loan, then the credit broker is dispensable.
Credit check for Credit bureau-free financing
Advertisements that promise Credit bureau-free financing without a credit check belong to the “advertising duck” category. Credit bureau-free financing only excludes the credit check via the Credit bureau statement and the entry of an approved loan. The credit check for the loan without Credit bureau takes place in two stages. First, an insight is made into the public debt register. It is noted here whether the prospective customer has submitted the EV, for example.
There must be no entries for a Credit bureau-free loan to be approved. In the subsequent test, the minimum income is checked. This requires the last two pay slips and the bank statements. In addition, the employment relationship must have existed for at least 12 months. This proof must be provided via the income tax card or the December statement from the previous year.