Many customers wonder why Credit Bureau is so important in the credit check. To this end, the customer should know that Credit Bureau collects data from consumers that has been transmitted to it by its contractual partners. Think of banks, telephone companies or mail order companies. As long as the customer pays his liabilities on time, a positive entry does not become a negative entry that reduces the customer’s creditworthiness. But there are many consumers who have such a negative entry in their Credit Bureau and do not get a loan in the normal way. For this group of people, a credit without a credit check at Credit Bureau is an option.
The loan without a credit check at Credit Bureau
loan without a credit check at Credit Bureau” />
A distinction is made between the entries with characteristics. There are soft and hard features. A forgotten and already reminded invoice is one of the soft ones. With such an entry, the loan seeker should still be creditworthy. If he explains to his bank how this entry came about and if the other conditions can be met, there is a loan without a credit check from Credit Bureau.
The customer who has hard characteristics such as loan cancellations, attachments, bankruptcies, enforcement notices in the Credit Bureau will not receive a loan. The risk of default is too high for the banks, the customer’s payment behavior has shown serious shortcomings in the past. There is either no credit at all for this group of people or they have to secure the loan with some security.
If the loan application is made to one of the online banks, the customer must generally expect a rejection. In most cases, these banks have an automated test procedure, whereby a specific customer situation is not taken into account.
The loan without a credit check at Credit Bureau – the prospects
loan without a credit check at Credit Bureau – the prospects” />
In this country there is only the loan through the pawnshop rental. The pawnbroker will estimate the deposit and pay the value to the customer in cash. If the customer cannot pay the deposit, the auction will take place and the customer will be given a payment period.
If a long-standing bank customer requests an increase in his overdraft facility, the bank will rarely make a loan without a credit check from Credit Bureau. Based on the account movements, the bank sees how the customer’s finances are and will provide the overdraft facility if necessary. For this purpose, the income regularly received is used as a credit basis. For example, if a customer earns $ 2,500 net, he could receive a overdraft facility of $ 6,500.
However, it is advisable to use the overdraft facility only for a short time, since it is very expensive. One can assume a double-digit interest rate, often even 15-17%. There have also been customers who have accumulated a small mountain of debt due to the constant use of overdraft, with the result that an installment loan had to be taken out. However, this is the better option anyway. Whoever uses the overdraft facility at the end of the month when the account is empty and an urgent invoice has to be paid is doing the right thing. However, the salary on the first day of the month should compensate for the overdraft facility.
The customer who uses the partial payment function of his credit card also receives a credit without a credit check, since the customer’s finances are also known here. The bank has access to the customer’s account. Before the credit card was handed over to the customer, a Credit Bureau query was carried out. If there are no payment problems, the credit line is also provided without Credit Bureau.
Loans that do not require a Credit Bureau are also often offered to mail order companies, retailers or electronics stores. The dealer will orientate himself on the data that the customer sends him. These are often more meaningful than the Credit Bureau information. If the customer remains within the framework of 1,000 USD and the installments have always been paid regularly, then no Credit Bureau will be queried. Existing customers treat mail order companies very confidently.
The loan from abroad
Most of the loans that do not require a credit check from Credit Bureau are provided by foreign banks. Interesting for the customer who has a bad Credit Bureau and no longer receives a loan in this country. The funds come mainly from Liechtenstein and Switzerland, hence the name “Swiss credit”. These banks do not query Credit Bureau because the Credit Bureau Institute does not exist in these countries.
The credit without a credit check at Credit Bureau is also not entered in it. However, these banks query the official list of debtors. If the above-mentioned hard features are there, a foreign loan is also rejected. In most cases, the need for Credit Bureau-free loans in Germany is due to an uncontrolled desire to shop or poor payment behavior. But you cannot blame these people on their own if liabilities are no longer met.
Especially with the Social Welfare regulations, a lot of people come to the edge of poverty. Even those who have work can hardly make ends meet with their full-time jobs. In Germany there are more people who have a second job than ever. Added to this is the change in consumer behavior. Advertising calls from all corners with cheap offers, not everyone is so strong and can say no. The result is often the negative entries with their unpleasant consequences.
Credit brokers are behind such advertisements. However, some customers have already benefited from a credit broker, but many have already fallen for it. Therefore, before a loan without a credit check with Credit Bureau, it is essential to ensure that the agent is serious. The pitfalls are often noted in the conditions that the customer can read on the corresponding pages.
The loan without a credit check at Credit Bureau has strict requirements. For example, the income must be sufficiently high, ie above the garnishment-free limit, and it must also have a garnishable share of at least 100 USD. The customer must have a permanent job, there must be no trial period. The residence and the current account must be in Germany. The customer should be of legal age and not older than 58 years.
The loan amounts are limited. Most of the loan of 3,500 USD is approved, followed by 5,000 USD depending on the credit rating. The interest rate is in the double-digit range of 11-12%, often higher. In order to receive the 3,500 USD loan, a single must earn a net 1,160 USD.
Both loans have a term of 40 months. The rate for the smaller loan without a credit check at Credit Bureau is USD 105.95, the USD 5,000 loan has a rate of USD 151.35.