Many consumers have the problem that due to payment difficulties or omissions in paying bills, a negative entry in Credit Bureau makes life extremely difficult. It is often thought that this entry is no longer a problem but only becomes problematic if a loan is to be taken out. But it also proves to be a hindrance if a new telephone contract is agreed, the credit card is applied for or a purchase is made on account. This and much more is not possible with a negative Credit Bureau.
However, while there are alternatives for purchase on account or for the new telephone contract, it looks less favorable when taking out a loan. Because every bank in Germany, no matter how aggressively it vies for customers, will ask Credit Bureau before granting a loan. And if this query shows negative entries, the loan can be deleted directly from the wish list. Because it is simply not possible.
Nevertheless, there are many consumers who believe in a credit without Credit Bureau information. Those who have already seen advertising or heard from friends that there are such loans. And it is true that there is a credit without Credit Bureau information. However, the way there is a bit difficult and the conditions around the loan can not always be described as optimal.
Here is the credit without Credit Bureau information
To be able to take out a loan without Credit Bureau information, you have to venture abroad. Even if it is quite simple over the Internet. Only foreign banks grant a loan without asking Credit Bureau, because they have no access to Credit Bureau data, which is only available to German companies. For the borrower, this means that he does not have to prove his creditworthiness with Credit Bureau, but must provide other security for the borrowing. Among other things, a very good income, which justifies borrowing.
Foreign banks that grant credit to German citizens without a Credit Bureau can mainly be found in the Principality of Liechtenstein. An advantage is the fact that German is spoken in Liechtenstein and the communication should therefore not prove to be problematic. On the other hand, it is disadvantageous that the banks can generally only be contacted via the Internet and the borrowing process can therefore be somewhat slow. An instant loan with an immediate payment is therefore not possible.
To this end, prospective creditors can count on sufficient information about the loan on the providers’ websites. There you will not only learn that loans are offered for $ 3,500 and $ 5,000. All costs including interest on the loan are also named. And this before you apply. This has the advantage that as an interested party you can immediately see which offer is being made and whether this offer can run in accordance with your own plans.
One quickly realizes that there is a loan without asking Credit Bureau, but that this “service” also has to be paid with high interest rates. Because a foreign loan, as such loans are often called, comes with an interest rate of at least 11 percent. The installments are paid over 40 months. Repayment often begins in the month after next after borrowing.
The borrowing process is carried out by post and is therefore discreet. The money will only be transferred to a reference account. There is no Credit Bureau entry. In order to be eligible for a loan, a fixed income must be proven. The self-employed and self-employed as well as pensioners cannot benefit from such loans. A declaration must also be signed. With this declaration, the bank is allowed to seize the income if it is not properly repaid.