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Loan without Credit Bureau: reputable providers – do they exist?

Apply for a free, no-obligation online loan without Credit Bureau. Best bank is our recommendation for loans without Credit Bureau request and entry. The credit broker is considered the market leader for Credit Bureau-free loans in Germany. http://www.scncf-lab.com/learn-about-personal-finance/ for clarification

Alternatively, we recommend Credit lenders. The financial service provider from Halle enjoys a high level of customer satisfaction and brokers a wide range of loans in addition to Credit Bureau-free loans. Both Best bank and Credit lenders, as reputable credit brokers, always try to get their customers a normal installment loan first. Unless the customer insists on a loan without Credit Bureau.

Both credit intermediaries can often help their customers with normal installment loans, even if their credit rating is down and there are negative entries in the Credit Bureau file. Loan brokerage is even possible, even though one or more banks have previously rejected the loan request. For details, see our article on loans despite negative Credit Bureau. Normal installment loans are usually much cheaper, and the lending process is easier and faster.

What does credit mean without Credit Bureau?

What does credit mean without Credit Bureau?

With a serious Credit Bureau-free loan, neither Credit Bureau nor any other German credit reporting agency is involved. No Credit Bureau information is therefore obtained as part of the lending procedure, and the lender does not report the lending to Credit Bureau either. Without Credit Bureau it does not mean without a credit check. In addition, a Credit Bureau-free loan is never possible without income.

The creditworthiness check is carried out on the basis of information on income and on previous liabilities. It also determines whether there are entries in official directories. This includes entries about affidavits, warrants and bankruptcy proceedings. A loan without Credit Bureau is only granted if the regular income is sufficient to repay the loan.

A Credit Bureau-free loan is not granted without security. However, security is limited to a silent assignment of wages. No further collateral is required and cannot be provided. Caution! The loan is only Credit Bureau-free as long as it is properly served. If there are disruptions in performance, the borrower does not pay on time and has to be reminded twice, an entry in the Credit Bureau file is the result.

Which bank grants credit without Credit Bureau?

Which bank grants credit without Credit Bureau?

The answer is simple: Credit Bureau-free loans are granted by Infra Bank from Liechtenstein. As far as can be seen, this is the only bank for the German market. German banks are required to determine score values ​​and other credit ratings by providing information to well-known credit agencies. For legal reasons alone, it is therefore not possible for you to grant loans without Credit Bureau.

This legal requirement does not apply to the bank from Liechtenstein. It can essentially limit itself to checking the material performance of its customers. Infra Bank only grants loans without Credit Bureau request and entry. No other loans are offered. An online application directly to the bank is easily possible.

In addition, almost all credit brokers active on the Internet deal with the provision of loans without Credit Bureau. For some credit intermediaries, this is the main business. It is highly likely that only the offers from Infra Bank will be brokered. So why should customers turn to a credit broker when they can contact the actual lender directly online? Here’s the answer:

If you are on a loan without Credit Bureau from the outset, i.e. small loans with fixed amounts of USD 3,500, USD 5,000 or USD 7,500, we recommend that you contact the Infra Bank directly. However, if you would like advice about your loan options beforehand and take the chance to get a normal loan, then you are in the right place with a credit broker.

However, some credit intermediaries charge agency fees in addition to interest. At Best bank, however, the brokerage fee is included in the effective interest rates.

Standardized credit terms

Standardized credit terms

Loans without Credit Bureau are small loans with fixed, standardized conditions. The conditions cannot be changed. This applies equally to loan amounts, terms and effective annual interest rates. Here are the details as of August 2017: 

The first installment is due the month after next after the contract is signed. The entire term of these Credit Bureau-free loans can therefore be up to 42 months. The loan can be repaid at any time without prepayment penalty.

Requirements for granting Credit Bureau-free loans

Requirements for granting Credit Bureau-free loans

The application requirements do not differ significantly from those for normal installment loans.

However, the range of borrowers that can be considered as an applicant is limited. The self-employed and pensioners are excluded from the start from the granting of standardized loans without Credit Bureau.

In detail:

  • A residence in Germany is required.
  • Borrowers aged between 18 and 60 are taken into account.
  • Applicants must be employees, workers or civil servants in a dependent permanent employment relationship.
  • The employment relationship may not be temporary, nor is a trial employment relationship sufficient.
  • You must have a checking account with a German bank. A cash payment as before has not been offered for a few years.
  • No serious Credit Bureau entries such as bankruptcy, affidavit or warrant.
  • Sufficient income after deducting pre-liabilities: A minimum income of 1,150 USD is assumed (for people without maintenance obligations).

How much you have to earn at least can be seen in the tables below. You can find the required information in your income statement (as of the end of 2016)

How many loans can you have without Credit Bureau?

How many loans can you have without Credit Bureau?

The credit check does not depend on the number of loans with or without Credit Bureau, but on the amount of the previous charges. If there is still financial “space” for an additional loan, nothing stands in the way of granting it. Whether a new loan can be granted without Credit Bureau, for example the loan can be increased from $ 3,500 to $ 5,000, will depend on a completely new credit check. However, the question of over-indebtedness can arise. Publications in the press often point to the risk of over-indebtedness with loans without Credit Bureau. The fact that there is a particular risk of over-indebtedness simply because the loan is free of Credit Bureau is relatively unlikely given the strict income check.

Every time a loan is taken out, borrowers have to ask themselves whether this will overstretch their financial situation. If a loan is taken out in order to pay the installments for another loan, this is a clear sign of over-indebtedness. In these cases, going to debt counseling is the right way, not taking out a loan without Credit Bureau.

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