If the Credit Bureau information shows negative entries, loan seekers in Germany usually do not receive a loan from a bank. Even the house banks generally reject customers with bad credit conditions because the risk of default is too high for them. The procedure is usually different for credit brokers. With these financial service providers it is often even possible to have an express credit without Credit Bureau.
An express loan without Credit Bureau is not provided by the house bank
For house banks, Credit Bureau’s scoring is an important indicator to see what the creditworthiness of their bank customers is. The scoring is calculated using a special algorithm that contains a lot of important credit data. Even age and place of residence can make scoring better. Credit Bureau has saved almost all credit-relevant data from more than 66 million people for companies, banks and financial service providers.
As a bank as a financial service provider always requires collateral, Credit Bureau information is always obtained from a loan. The creditworthiness of a borrower is calculated for Credit Bureau information. The house bank will refuse a loan even with slight negative characteristics and a not too good credit rating.
Loan brokerage can help in difficult financial situations
If the house bank has refused an emergency loan without Credit Bureau, loan seekers can contact a loan broker on the Internet. Credit agencies work similarly to brokers and must be approved in Germany according to § 34 c GewO. This approval authorizes the provision of credit to end users. These credit agencies have been active on the financial market for many years and have good contacts with many different banking houses in Germany and abroad.
An urgent loan without Credit Bureau is requested online today from these credit agencies. Home visits, as used by many credit intermediaries, are rather rare. If a credit intermediary makes a home visit after all, he must also be able to show the approval according to § 34 c GewO.
Even if no Credit Bureau information is obtained, a credit agency needs collateral. Anyone who requests a loan from a credit agency must therefore be at least 18 years old and provide evidence of a permanent job. As proof, copies of the employment contract, current account statements and the latest proof of salary must therefore be submitted to these financial service providers. Originals are sent back to the loan seeker after they have been inspected.
Credit Bureau-free loans are limited to a maximum in most banking houses
Credit Bureau-free loans come exclusively from banks abroad. Since the risk of default is very high, especially for Credit Bureau-free loans, the amount paid out is restricted by the banks. In addition, the interest on the loans is above the market interest rate on loans. The amount of the payment for Credit Bureau-free loans is USD 3,500. The Lite Bank from Liechtenstein alone offers a 5,000 USD loan without Credit Bureau. However, these loans are not urgent loans.
An express loan without Credit Bureau is even more expensive than a normal loan. The money you need is available in a very short time. The early processing and payment takes only two to three days for many credit agencies that offer these emergency loans.
The money is often available the next day. However, this only works if all the necessary documents are immediately available. If an urgent loan has been applied for, the payment amount will be transferred to the borrower’s checking account as soon as possible. A cash payment via the postman is also possible with some credit agencies.
The loan offers for urgent loans should be examined carefully before a loan approval
Home, branch and direct banks do not offer urgent loans. An express loan without Credit Bureau is also not available on credit marketplaces. If a Credit Bureau-free express loan is applied for at a credit agency, high costs are always to be expected. Loan seekers should therefore compare several offers with each other. Since no Credit Bureau information is obtained, these inquiries do not have a negative impact.