Stepchildren in loan offers are consumers with a burdened Credit Bureau. Banks have three approval criteria that the customer must fulfill. That is the sufficiently high income, the clean Credit Bureau and the permanent employment. If the loan seeker can meet these conditions, he also receives a loan. The customer with a debited Credit Bureau does not meet these conditions, he has to look for other ways of obtaining credit. Credit brokerage can be a valuable help.
These specialize in lending in difficult cases. The credit broker does not grant loans, but, as the name suggests, arranges loan seekers for lenders. However, if the customer has already asked a few banks and has been rejected everywhere, he should ask himself whether the bank’s concerns about impending payment problems are justified. Then debt advice would be more important than a credit broker.
The loan with no upfront costs and no Credit Bureau- the prospects
Banks will only approve loans after a comprehensive review of the applicant’s creditworthiness. This also includes obtaining Credit Bureau information. If this is negative, the bank will reject the loan. For the loan seeker, there is then the opportunity to look for a Credit Bureau-free loan. They can almost only be obtained through special loan agencies. In most cases, the money comes from abroad.
The name Swiss credit may say something to some customers. Loans that have been around for decades and can be serious. Up until 2009, the loans came almost exclusively from Switzerland, hence the name, Swiss credit. Agree bank from Liechtenstein has adopted this form of credit since 2010. This was preceded by a bank dispute, which was ended by a court ruling prohibiting Swiss credit agencies from granting German loans. The reason was a lack of a banking license.
According to research, only the Liechtenstein bank has this license. The customer can apply for his loan directly from the bank. The bank has a website and a very simple homepage, where even the less experienced customer can search for a loan without any upfront costs and without Credit Bureau. But experience has shown that preparatory work on the credit check was a bit exhausting. Be it from the bank or from the customer, since he had not sent all of the documents in full.
A credit broker can do this work, so that the speed of approval is definitely given. However, in the case of a loan with no upfront costs and no Credit Bureau, the customer should make sure that the commissioned credit broker works seriously. There is an unmistakable sign, if he asks himself before the loan application is made, preliminary costs or prepayment, he is probably not working seriously.
Even home visits that the customer does not want in order to urge those interested in credit to sign insurance contracts are not permitted. Even the almost compelling of residual debt insurance is not part of serious business conduct. In general, a reputable credit broker works without any upfront costs. He receives his commission only after the loan approval has been granted.
A credit broker can also be an advantage, especially if the customer has already made several credit inquiries and all have been rejected. An entry is also made in the Credit Bureau: A Cream bank could also arrange a loan for an easier Credit Bureau entry, for example because an invoice has not been paid and has already been reminded. But these banks usually don’t have any informative advertising, so a normal loan seeker of course doesn’t know these banks. However, when it comes to a loan with no upfront costs and no Credit Bureau, it must be ensured that it is on the lookout for a credit broker who has been active in the financial market for many years and has acquired a corresponding reputation.
The credit check
Anyone who now believes that a loan can do without any upfront costs and without Credit Bureau without checking the creditworthiness is wrong. In the case of international loans, only the Credit Bureau is not queried, since there is no Credit Bureau in these countries under German law, but it does check the income and the permanent position. Not only that, she also draws up a budget to see if the customer is able to pay monthly installments.
The loan amounts coming from the foreign banks will, however, take a look at the ZEK. It is an institution in Switzerland and Liechtenstein, similar to the German Credit Bureau, which lists loans that have been approved in these countries. The public debt register is also viewed. If there is an oath of disclosure, bankruptcies, loan cancellations, attachments or enforcement notices, the bank will not issue a loan approval.
The loan without preliminary costs and without Credit Bureau comes from Switzerland and Liechtenstein, but the loan amount is not paid in their currency but in USD. A customer must prove the conditions these banks require, otherwise the customer will not receive any credit there.
This is a sufficiently high income, which must have a garnishable share and must therefore be above the garnishment-free limit. For the collateralization of the loan without upfront costs and without Credit Bureau, the assignment of the attachable portion from the income of the customer is required, the customer must sign a corresponding certificate. The bank checks the permanent position on the income, which must have existed for at least half a year, sometimes even a year. The employment contract may not be limited and may not be given a trial period.
The loan amounts are limited. Different loan amounts are provided from provider to provider. The most approved loan is 3,500 USD and has a rate of 105.00 USD. Then comes the 5,000 USD loan that needs a good income and has a rate of 150.00 USD. With very good income, 7,500 USD are also approved, which are repaid monthly at around 225.00 USD.
If the customer sees a Credit Bureau-free loan offer of USD 15,000 and more, he should be skeptical. Mostly behind it are dubious intermediaries. This loan is also referred to as a quick loan or an emergency loan without any upfront costs and without Credit Bureau, which is also not the case. Experience has shown that it usually takes 7-8 working days from the loan application to the loan payment until the customer finds his money in the account. The statement of very favorable interest rates should also be carefully observed, since the interest level is almost always in the double-digit range, similar to the interest burden of a overdraft facility.
A loan without upfront costs and without Credit Bureau should therefore only be taken out if a smaller financial bottleneck has to be bridged and the overdraft facility at the bank has already been exhausted.