Consumers who have overdrawn their accounts or need money quickly for other reasons are happy to make a loan request with their bank. However, the request is automatically rejected if there is a negative Credit bureau entry. Credit bureau is a privately organized credit bureau that provides banks and companies with information on the creditworthiness of consumers. If there are negative entries here, you can hardly get a loan from a bank. The reason: The risk of a credit default is rated as too high.
Even consumers with a poor credit rating have the opportunity to get an instant loan. It is a Credit bureau-free loan, which can solve a financial bottleneck quickly and easily. In order to be able to avail these loans, however, consumers have to meet certain requirements. If this is the case, the application for Credit bureau-free credit is not a problem.
What is a Credit bureau-free loan?
Credit bureau-free credit is an alternative to the classic loan from a bank. Consumers who need money but do not get a classic loan because their Credit bureau information is negative can overcome their bottleneck with a Credit bureau-free loan. The big difference to the classic loan is that the lender grants loans without first checking the data records at Credit bureau. Otherwise there is no difference to the classic loan from the house bank.
For the credit check, however, the lenders require personal information and proof of the amount of the income. The credit without Credit bureau is therefore particularly suitable for consumers who have had payment difficulties in the past and who may still be chewing on them.
How can I get a Credit bureau-free loan?
Because there is no comparable procedure for querying Credit bureau in Switzerland, Credit bureau-free credit is often called “Swiss credit”. Lite lender legislation has made it possible for these loans to now also be available in Germany and other neighboring countries. In many cases, Credit bureau-free credit is the only way for consumers to get a loan because they have a negative Credit bureau entry.
An important feature of the Credit bureau-free loan is that it is not tied to a specific purpose. The borrowers can thus freely dispose of the entire loan amount. Because Credit bureau-free loans can also be processed anonymously, the house bank does not receive any information about it. Because Credit bureau-free loans are usually applied for and processed online, they are processed faster and the loan amount is paid out more quickly.
A Credit bureau-free loan combines these advantages:
- The applicants can get a loan despite a Credit bureau entry
- The loan is not earmarked
- processing can be done anonymously
- Application, processing and payment are extremely quick
Which donors are behind Credit bureau-free loans?
Credit bureau-free loans are granted either by specialized lenders or by private individuals. Such a loan is possible, among other things, from various microfinance service providers. Basically, a Credit bureau-free loan is subject to different approval criteria than a classic loan. Relevant for the financiers are probability calculations in which, in addition to the place of residence, the level of debt, the size of the household, the risks in the personal work situation and the possible security play an important role.
An above-average household income has a positive effect on the loan decision, as does a short term, a purpose limitation and the question of whether a second borrower is available. Specialists rely primarily on sureties and additional borrowers, which in the best case come from the family, for Credit bureau-free credit. But private individuals who are looking for attractive capital investments also grant Credit bureau-free loans.
What are the requirements?
A Credit bureau-free loan is subject to certain conditions. For example, the applicant must have a regular income and be at least 18 years old. In the case of a loan without Credit bureau, lenders usually require the pay slips from the past three months and, in the best case, an open-ended employment contract. In addition, the applicant’s place of residence must be in Germany.
Another condition may be that a guarantor can be provided. The latter must make a binding commitment in writing to take over the loan if the actual borrower cannot pay the installments. Instead of a guarantor, a second borrower can also be called in, who also undertakes to take on the loan amount in an emergency. Both the guarantor and the second borrower should have either a regular income or collateral.
A reputable provider should meet the following criteria:
- no upfront costs for the application and processing
- personal telephone contacts
- Prepayment interest no longer applies
- variable terms, installments and repayment options
- the acceptance or rejection is quick
The Credit bureau-free credit from Across lender
Across lender has been granting loans without Credit bureau for more than four decades, which are guaranteed to not incur any upfront costs. The borrowers can receive instant loans up to an amount of USD 100,000 as well as secondary loans up to a maximum of USD 50,000. Flexible installment loans with a term of between 12 and 120 months are offered. Credit bureau-free instant loans are also possible from an interest rate of 4.9 percent if the applicant is a rather difficult case.
Even consumers whose request has already been rejected by their bank can get a loan from Across lender. In the case of a loan without Credit bureau, Across lender neither forwards the request nor the award to Credit bureau and grants loans that are not earmarked. Neither employers nor house banks find out about the respective loan here. The reason: The loan amount will be sent Lite lender by post. Borrowers can repay the installments either by bank transfer or by payment card.
Borrowers should take this into account
Under no circumstances should the loan request for a Credit bureau-free loan involve any upfront costs. Because reputable providers do not charge for the request, the provision of the documents or the processing. If the offer or documents are linked to preliminary costs, it can be assumed that it is a dubious provider. In the worst case, applicants pay high fees and the loan application is rejected. In the case of reputable providers, on the other hand, all formalities are disclosed and there is an option for telephone queries. There should also be no high fees for using the hotlines. The most important criteria for a Credit bureau-free loan are the interest rate, the amount of the installments and the term of the loan.
A Credit bureau-free loan is an optimal solution for consumers who have a negative credit rating but still need money in the short term. Provided that the requirements are met, short-term liquidity problems can be optimally solved with a loan without Credit bureau.