f the instant loan is to be free of Credit Bureau, loan seekers cannot avoid a credit agency and foreign banks. Banks in Switzerland “invented” the Credit Bureau-free loan especially for German loan seekers. The Credit Bureau and the information stored in the information were irrelevant for the Swiss banks when lending. According to our information, today it is the case that Swiss banks do not have a license to grant Credit Bureau-free loans to German consumers. BaFin intervened in connection with the financial crisis and prohibited Swiss providers from granting loans to German consumers. Anyone who wants the instant credit free of complications can get their credit today from Fine Bank in Liechtenstein. It is the only bank with a license.
The Credit Bureau-free credit popular with German consumers opens up the possibility for loan seekers with poor Credit Bureau to take out a small loan despite the bad Credit Bureau. However, always on the condition that they are able to prove a correspondingly high income from a permanent position. In addition, an instant loan without Credit Bureau is also interesting for consumers whose overall creditworthiness is beyond any doubt, but who want to take out a small loan that no other bank should learn about.
A negative Credit Bureau entry, no matter how negative it is, does not play a role in the instant Credit Bureau-free loan. Nevertheless, consumers who are interested in an instant loan without Credit Bureau must prove their creditworthiness to Fine Bank. Since the Credit Bureau-free loans are small loans, it is usually sufficient for loan seekers to provide permanent employment with attachable income that has been in place for at least a year. Without attachable income and without permanent employment there is no chance of getting an instant loan free of Credit Bureau. The bank is tough in its decisions.
The Credit Bureau information is not important
While with banks in Germany both Credit Bureau customer information and their net income are important for lending, Swiss banks have sufficient attachable income as proof of creditworthiness. In addition, the chances of getting a loan increase if applicants prove permanent employment or if they enjoy civil service status in Germany.
Higher risk – higher interest rates
If a Credit Bureau-free loan is to be taken out, the classic route leads the consumer first to a credit broker. Loans of this type are therefore also more expensive. On the one hand, an instant loan without Credit Bureau has a higher effective interest rate than a comparable loan from German banks. The Swiss banks are compensated for the higher credit default risk through higher interest rates. Interest rates beyond the ten percent mark are the norm. On the other hand, the customer has to pay a commission in the end if the loan is successfully brokered. The credit intermediary transfers the commission completely to the monthly installments, so that the borrower does not incur any additional costs in advance.
Who is a Credit Bureau-free loan suitable for?
Many German consumers are of the opinion that Credit Bureau-free loans are only of interest to people with poor Credit Bureau who therefore do not get any credit from German banks. But it is far from that. There are several important reasons why a credit without Credit Bureau can be the first choice for customers with the best credit rating. If, for example, your Credit Bureau information is to remain immaculately clean in the future, because real estate financing or an official loan is planned, the Credit Bureau-free loan can be the perfect solution. The Credit Bureau is not only queried in advance for the loan without Credit Bureau. The current loan will not be reported to Credit Bureau later. In this way, the Credit Bureau remains clean despite ongoing small loans, so that larger loan projects can be realized in the future without any problems.