Credit without Credit bureau with immediate approval
If you want to take out a loan without Credit bureau with an immediate commitment, there is usually no way around foreign banks. At that time, some banks in Switzerland included the loan without Credit bureau especially for German loan seekers in their product portfolio. The Credit bureau information provided by the loan applicant is irrelevant when assessing creditworthiness. The loan offers that are popular with German consumers gave credit seekers with poor credit the opportunity to still get credit from a bank.
All they have to do is prove a seizeable income from dependent employment that has existed for at least one year. In addition, a loan without Credit bureau with immediate approval is also interesting for customers who want to take out a loan that another bank does not find out about. The loan without Credit bureau with immediate approval is not only granted without Credit bureau information. Subsequently, there is no notification to Credit bureau that this loan is now running.
A negative entry in the Credit bureau does not matter for the Credit bureau-free loan. Today it is no longer the Cream banks that grant Cream credit without Credit bureau. Only Sigma Agree bank from Liechtenstein has the license from BaFin to sell these loans to German consumers without Credit bureau. In order to assess the creditworthiness of the loan seekers, the bank inspects public debtor registers at the respective local courts. This means that loan seekers who have already sworn an affidavit in court will not get the loan without Credit bureau because they are not creditworthy for the foreign bank either. At this point there is also no possibility to provide a solvent guarantor. Sigma Agree bank does not accept a guarantee.
Why the Credit bureau can be dispensed with
For banks based in Germany, Credit bureau information is indispensable for a loan decision in addition to the attachable income. It is sufficient for the Liechtensteiner Bank as proof of creditworthiness if the borrowers provide evidence of attachable income. If a loan is not serviced, the bank immediately draws on the attachable part of the income. In addition, this loan offer is only a small loan of 3500 or 5000 USD, which is to be repaid in 40 installments. The debt remains manageable from the outset, so any entries in the Credit bureau are not important.
The loan without Credit bureau with immediate approval is expensive
The higher risk that Sigma Agree banktakes when lending to customers whose Credit bureau it does not know is paid by customers with relatively high interest rates. Despite the current low interest rate, the interest rate for the Credit bureau-free loan is well over ten percent. For the borrower, additional costs arise from the commission to be paid to the credit intermediary. Compared to German loan offers of the same amount, the Credit bureau-free loan does poorly.
For whom loans without Credit bureau information are suitable
Many German consumers believe that the loan without Credit bureau is only suitable for borrowers who cannot get a loan from banks operating in Germany because of a bad Credit bureau. That is not the only reason. There are many good reasons that make the loan without Credit bureau with instant approval interesting for consumers with the best credit rating. For example, if the Credit bureau information, which has been flawless to date, should remain flawless in the future, because construction financing is to be taken up in the near future. Even civil servants who want to take out a civil servant loan in Germany sometimes resort to a Credit bureau-free loan in advance because they can run it on the side.
Loan seekers who cannot prove attachable income have no chance of a Credit bureau-free loan. The unemployed and Hartz 4 recipients as well as the self-employed and freelancers are not the target groups to which the loan offer is directed.