Which credit banks grant a loan without credit bureau query? Who offers the cheapest interest rates without credit bureau and what personal requirements must a borrower bring. We have summarized the answers to these questions and further information for you.
Which credit banks are eligible?
With a bad credit bureau, possibly an unfinished entry, the credit opportunities are poor on the German credit market. No serious German credit institution seems to accept the credit risk under these conditions. Prospective borrowers are now looking at a foreign loan. Foreign loans are mostly advertised by intermediaries. A loan without a credit bureau query is referred to as a Swiss loan or as credit bureau-free financing. Many people are guided by the term Swiss credit in particular when looking for a provider.
The logic suggests that Swiss credit banks are behind the advertising of credit intermediaries. Even an intensive search for a Swiss bank will no longer lead to success today. In 2009, a judge’s decision made sure that all providers withdrew from Switzerland. At that time, the most important loan provider of these special loans without credit bureau was prohibited from lending to borrowers from Germany. (Az. 8 C 2.09).
With Nice finance company, even smaller credit providers disappeared from the market. Their lending was also presumably not in compliance with the law. As far as is known, only since 2010, a new credit provider, legally credit bureaufree financing to Germans. All comprehensible loan offers in the credit brokerage sector relate exclusively to best credit company from Liechtenstein. The mediators’ battle for the cheapest credit bureau-free loan turns out to be shadow boxes.
Foreign credit without credit bureau query
In the advertising battle for the credit bureau-free loan, offers for almost every credit request can be tracked down. An instant loan without credit bureau or an express loan with payment in 24 hours is advertised. Apparently, personal creditworthiness doesn’t matter for a foreign loan without credit bureau. Extreme advertisements indicate credit opportunities even for ALG 2 recipients. Of course, nothing is promised in a legally binding manner. Such a promise would also be unsustainable.
The loan from Liechtenstein is neither offered as an instant loan nor as an emergency loan. Only the cash payment option is possible. (Additional costs at least 53 USD). In addition, there are even very clear requirements regarding the creditworthiness of the prospective customer. The first key point is the applicant’s employment subject to social security contributions. The employment relationship must exist for at least 12 months and must not be limited. (Exemption for time soldiers). In addition, an attachment of income or the transfer of the attachable income to a creditor would lead to the loan refusal.
The credit check, for a loan without credit bureau, also includes access to the public debt register. Financing, as is at least indirectly indicated in advertising, with EV or private bankruptcy is therefore excluded. For a loan without a credit bureau query, only those who are able to repay it securely and who can prove it without doubt are qualified.
Credit conditions – Liechtenstein loan direct application
The cheapest option to apply for a credit bureau-free loan is to apply directly to the lender. According to Sigma credit bank, there are no special conditions for credit intermediaries. Disadvantages of slower processing or poorer interest rates are therefore excluded. Only two fixed loan amounts are offered. A loan of USD 3,500 or a loan of USD 5,000 is possible. Both loan options are repaid in 40 equal monthly installments. Due to a payment break, right at the beginning, the term is 42 months.
For 3,500 USD credit without credit bureau query, the Liechtensteiner credit bank calculates 11.62 percent APR. The monthly installment amounts to an amount of $ 105.95, which adds up to a total repayment of $ 4,238. A prospective loan applicant can only qualify for this loan with a net income of 80 USD above the garnishment limit.
The income requirement is even higher for a credit bureau-free 5,000 USD loan. A single person without any maintenance obligations has to earn 1,600 USD per month. For comparison, for 3,500 USD, 1,130 USD must be proven under these conditions.
The effective annual interest rate for a 5,000 USD loan without credit bureau query is slightly cheaper. The credit bank calculates “only” 11.61 percent. 151.35 USD must be scheduled for this loan as monthly installments. A total of 6,054 USD has to be paid off for 5,000 USD.
All information about the loan without credit bureau query, as of November 16, 2013 more current interest information can be read from the provider side.