A negative Credit Bureau entry has a very hindering effect when taking out a new loan. By signing a loan application, the borrower gives permission for the bank to be able to see information from Credit Bureau about the prospective loan. If there is a negative entry here, the loan will be rejected. In these cases, only a credit without Credit Bureau information helps.
A credit without Credit Bureau information is available from abroad
A German bank will always ask for Credit Bureau information, there is no way around it. So if you really want a loan without Credit Bureau, you have to take out such a loan from a bank in Switzerland or Liechtenstein. Although this does not inquire with Credit Bureau, a few conditions must still be met in order to obtain such a loan. Since the Credit Bureau no longer applies as security, the institute requires other security. In order to obtain credit without Credit Bureau information, it is important that the borrower has a permanent job.
If you have just lost your job, are self-employed or a student, you do not get a loan and have to look for alternatives. The job must have existed for a year and the borrower must not earn less than 1130 dollars (if he is single). Another point is that the amount of the loan is limited. Usually there is a credit without Credit Bureau information up to the amount of 3500 dollars. This does not necessarily mean that large purchases can be made, but this is often enough for a first bridging. If the requirements are met, a loan without Credit Bureau information is usually approved within a short time and the money is transferred to the borrower’s account immediately. It is also important that a loan without Credit Bureau information incurs higher costs.
Other ways to get a loan
Before applying for a loan, other options should be tried first. As already mentioned above, a German bank will always ask Credit Bureau, but this does not automatically mean that the loan will then also be rejected. Every employee at the bank has a certain amount of leeway and if the clerk believes that the customer is solvent and reliable, they will also approve the loan.
If all else fails, there is still the way to turn on a surety. However, this must be approved by the bank. For example, if the borrower and the guarantor are too closely related, the bank will reject the guarantor, as such a contract could possibly be classified as immoral.
Another way to get a loan is to take out a personal loan. If you don’t know a person who lends you money, you can also turn to a portal that mediates lenders and those interested in credit.