The term “credit without credit rating” is often used as a synonym for lending without Credit Bureau request. He is only partially correct in this context. In addition, it is often overlooked that there is in fact a traditional credit-free credit check where the lender actually does not control any aspect of his client’s creditworthiness.
The (mostly) Swiss Loan without credit check by Credit Bureau request
The Credit Bureaufreie credit, in addition to Banks awarded, is often advertised as a loan without credit check. In fact, this designation is only half true. A credit check on creditworthiness consists of two elements: By means of the Credit Bureau request, the bank checks whether the claimant has duly fulfilled its financial obligations in the past.
The household bill, on the other hand, serves to establish that the customer can repay the installments for his bank loan on time.
Such a loan only eliminates the first part of credit checks , while the Swiss and banks place increased demands on their second component. They demand a significantly higher minimum income for lending than most domestic banks and, at the same time, do not include any additional income in their accounts.
They even do not recognize taxable income components such as supplements for night work or Sunday work as relevant for the credit decision , but instead calculate the corresponding amounts from the total earnings. Self-employed and freelancers generally only have the opportunity to get such a loan by means of a Credit Bureau request from a few banks.
In addition, the amounts of Credit Bureau-free loans are limited to a few loan amounts. This is 3500 Euro, 5000 Euro and at some banks and a high monthly income 7500 Euro. The figures in euros are not based on a conversion, but on the usual credit for loans without credit checks by Swiss and er in the currency of the country of residence of their customers. Significantly more flexible in terms of the loan amount are banks. That these also offer a non-audit credit by means of a Credit Bureau request is known to a few consumers .
While Swiss loans are mostly sought through a credit intermediary, the way through a service provider when taking a loan without Credit Bureau credit check at a bank is imperative . Contrary to popular belief, not every loan seeker with a soft negative entry is dependent on such a loan, as few domestic banks do not necessarily rate it as an exclusion reason for lending. This is especially true for credit seekers whose Credit Bureau entry is already marked as done.
The loan from the pawnbroker
The pawnbroker assigns the classic credit without a credit check. Since the pledge serves as collateral, he does not have to seek a Credit Bureau request or worry about the income of his clients. The pawnshop loan is available to anyone who has a sufficiently valuable pledge and this can temporarily spare.
The disadvante of borrowing without any credit check on the pawnshop, however, is the high interest rate associated with this classic type of loan. In addition, the loan term for a pawnshop loan is small at just a few months, but it can be extended if necessary.
Credit offers without credit rating for specific target groups
In addition to the generally available loans, there are offers for lending without an audit, which are aimed exclusively at maneable user groups . The best known is the student loan from the nationwide development bank. Although it carries out a Credit Bureau request, it rejects the payment of the requested study financing only in the case of a declared personal insolvency of the applicant.
A credit check on the income of the applicant does not take place for student loans. Similar rules apply to the granting of loans during the examination phase of certain vocational training courses and to the financing of the master craftsman certificate.
5 tips on credit without credit rating
1. Are there alternative sources of money?
First of all, it has to be checked if relatives or friends can not help out here for a short time . The advante is that in most cases no interest has to be paid. Nevertheless, a credit reement should be created here for your own protection and the protection of friends and relatives. In this, the lender and borrower are mentioned. Furthermore, here is the amount of the loan granted.
Also, the duration and the amount of the repayment is important, otherwise it is slushed quickly. Should it then come to a dispute, everything is precisely regulated and there are no discrepancies.
2. Use personal loans without credit rating?
Another way to get a loan without credit rating are private loan platforms . Here the borrower can introduce his project. The private lenders can then decide for themselves whether they want to invest in this project or not. It is important to disclose everything exactly. If there are any discrepancies here, no private lender will invest his money here either. In the presentation of the project, so should be possible to work very carefully. It is also important that the borrower can have collateral.
This can also be a car or other valuables. An existing employment contract is also important. Because if it should come to the fact that the money can not be repaid, the lender can rely on the collateral.
3. Look abroad
Foreign banks can also issue a loan without an audit. They have no access to Credit Bureau . Credit Bureau is a company that stores the payment behavior of every citizen in Germany. Unpaid bills also crop up here, such as unpaid loans or bankruptcy proceedings. The shareholders are mainly banks. The foreign banks rely mainly on collateral. It can help a car or other valuables to get a loan.
However, interest rates will be higher than a normal loan. The mediation often takes place via so-called financial intermediaries.
4. Use comparison portals
How to get a cheap credit-independent loan? This can possibly help friends or relatives. Maybe they already have experience with this and can give helpful hints here. Helpful here can be comparison portals that can find out the cheap loan. However, several comparison portals should always be examined more closely, as not all banks are represented everywhere.
This can have several reasons. On the one hand, money must be paid for the comparison portal for each individual customer. Furthermore, some banks do not want to be compared directly with others. These banks are more likely to live on their own advertising.
5. Provide collateral
Before a loan application without a credit check is made, the borrower should first worry about possible collateral. As mentioned above, this can be a car or other valuables. But regular income is important too. If this is not available, it must be searched for possible other collateral. This can be, for example, a guarantor who vouches for somebody and thus ensures the possible security for the banks.
However, this is then responsible for the repayment of the loan, if the borrower can no longer service the loan. This often leads to tensions between the people . A guarantee must therefore be well considered.