If a private person applies for a loan, the lender usually completes a so-called credit bureau request before concluding the contract. What does that mean? credit bureau stands for protection community for general credit protection. It is an economic information agency whose aim is to provide lenders with information about the creditworthiness and creditworthiness of their clients. To do this, it collects all data on borrowers that are available to it and calculates an average value via its financial management, the score value.
How to get credit bureaufreien credit?
Ninety-nine percent of all German banks only grant personal loans if the customer agrees to a credit bureau query. So they try to protect themselves from insolvent or insolvent debtors and to minimize their risk.
But there are also loans without credit bureau information. They are offered especially by foreign banks, and because many of them are Swiss banks, these loans are sometimes called Swiss loans. For such a loan, the lender explicitly waives the credit bureau request. But that does not mean that he renounces any kind of security.
Rather, he can prove the income of the creditor by proof of income, sometimes a guarantor is required. Loans without credit bureau are usually also more expensive than normal personal loans, because the bank’s risk of losing their money is higher.
Credit bureau errors and other reasons
Nevertheless, it can also make sense to conclude a loan without credit bureau and not every person who chooses such a loan, has a poor payment behavior. Because there are many reasons that can lead to a negative credit bureau information. For example, the credit bureau also makes mistakes. Wrong, incomplete or outdated data are not even rare and then lead to distorted results. Moreover, it is obscure on what data the credit bureau sets the score.
But beyond that, of course, it must also be taken into account that the financial burden of a person can change in the course of his life due to many factors. Maybe he was once an unreliable borrower, because his financial situation was very bad and now pays reliably because his personal circumstances have completely changed. In addition, people sometimes make mistakes that they do not repeat.
It also happens that people sometimes need several installment loans at the same time because several events occur simultaneously and unplanned. For example, in a short time the car, the washing machine and the heater are broken. The account is overdrawn, maybe not paid any rate and then what the credit bureau information looks like, is clear. Here, a debt-free loan is sometimes the best or even the only way to effectively bridge financial bottlenecks.
What to do if the house bank refuses?
Nevertheless, every person who needs a loan should first of all confidently talk to their own bank and, if possible, take out a normal installment loan with credit bureau. If the house bank refuses, you should think carefully about whether the borrowing is really necessary at this time and whether it is financially really too. If one affirms both, credit without credit bureau can be a solution.
However, one should make sure that the lender is really serious and you are not ripped off. A non-binding comparison of several providers is very useful. Important: Serious offers are always free and without obligation
5 tips to create a free loan
1. What suitable for?
The credit bureaufreie credit is particularly suitable for smaller sums. For example, if you want to make purchases without installment credit, or if the money is needed urgently and as soon as possible. Even with rescheduling and special repayments of other loans, the credit bureaufreie credit can be an alternative or even just to improve your finances in the short term.
Furthermore, this is also no new negative credit bureau entry for you, your credit rating information does not change so if you want to take in future other loans. But especially for borrowers with negative credit bureau entries and a regular good income, this loan. The money is yours for free use and can be used at will.
2. Make a credit comparison online
The easiest and fastest way to get online is a credit bureau-free loan. There are various providers and comparison portals to find the cheapest and best credit for yourself. There usually only a simple form must be filled out, this is sent directly online. The processing of the application is then often within 24 hours.
The whole thing should not cause any costs at reputable providers and non-binding. You can then simply print out the loan agreement or have it sent to you and filled out with all the required documents.
3. Pay attention to fees
Especially for credit bureaufreien loans, you should compare the providers from several points of view. One of the most important things to look out for is additional fees. Please check absolutely if they come in any form such as processing or agency fees. In addition, you should also compare in detail effective annual interest rates and the amount of installments.
Keep in mind that a longer repayment term also creates a higher interest rate. It is also worthwhile to find out about the minimum or maximum loan amount and term, which also applies here the longer the term is or the higher the loan, the higher the interest can be at the end. The payout speed and possible early redemption options should also be clarified ahead of time.
4. Are the documents complete?
Even with a credit bureau-free loan, it is important that you pay attention to submit all necessary documents. For here, too, a bank needs evidence to make the final loan decision. However, these can still vary from bank to bank, so please make sure that you submit all required documents. Lack of documentation can often lead to the contract not being concluded.
Often salary or salary certificates of the last weeks or months are required to assess their creditworthiness. In addition, of course, a copy of the identity card is needed. It is possible that other assets, marital status and monthly expenditure must also be taken into account and thus demonstrated.
5. Think about the collateral
In order for your credit to be granted at the end, they must fulfill a few requirements. Every bank needs collateral, especially with a loan without credit bureau these are important. Without a regular and sufficient income as well as a permanent unfinished employment relationship, their chances of getting a loan are not good. But their age can also be an exclusion criterion, as older people represent a risk of default.
For some Swiss loans, even a minimum age of 23 years is required, please inform yourself about this in detail in the credit terms. In addition, it is absolutely necessary that her permanent residence is in Germany.