Traditional banks are not good contacts for negative Credit bureau
We help you on your way to a new loan, even if you have noticed negatively at the Credit bureau. The traditional banks are not good contacts for negative Credit bureau. In the following, we will show you options from which you can choose the best alternative for you.
As already mentioned, there are many dubious offers. Here is an attempt to make money with the plight of the people. Very popular are fees incurred in advance, but ultimately no credit is granted. At the following points, the alarm bells should be flashing, even if the pressure is really great.
- Costs by sending the documents: If your credit provider wants to send you necessary documents by cash on delivery, costs will be incurred.
- Home visits: These are often used by representatives to “talk” to the borrower, for a home visit, there is no real reason. For home visits, the agents also often charge the directions and other fees.
- Insurance: It is very popular to link lending to the conclusion of other financial products. Especially insurance companies are often used. The borrower must take out insurance before the loan application can be processed. Often then no loan is paid out but the insurance exists and causes costs.
- All other types of fees
Normal banks work hand-in-hand with the Credit bureau before a loan application is approved, verifying the applicant’s financial situation and previous payment history. Anyone who has a negative scoring at the Credit bureau is categorically excluded. Regardless of income, here a loan is impossible to obtain despite Credit bureau.
However, as Credit bureau has almost 8 million problematic scoring scores in Germany, its own industry has formed around this target group. Many providers specialize in loans without Credit bureau, and among the many black sheep in the industry, we have chosen the reputable ones and introduce them to you.
What options are there for a loan despite negative Credit bureau
Even those who score badly with the Credit bureau may find themselves in the situation of having to take out a loan. It may be necessary to reschedule an old loan, or inevitable renovations are pending. In many cases there is no option but a loan.
What are the requirements for obtaining a loan without Credit bureau?
- The applicant must have a regular income
- The applicant must be resident in Germany
- The applicant must be at least 18 years old
On the Internet, there are many windy offers that aim to further exempt people in need. But there are quite serious offers, these are highlighted here.
- Foreign banks: Banks working outside of Germany, of course, do not access the data of Credit bureau. As a result, the Credit bureau score plays no role in the loan application. The number of providers for the German market are relatively manageable.
- Private individuals as lenders: This is where an interesting market has developed, especially in recent years. Platforms that bring private lenders and borrowers together are becoming a real alternative to banks.
Interest, loan amounts and terms of credit despite Credit bureau
These factors ultimately depend on individual providers. Overall, however, it can be said that the interest rates are higher, but only in a manageable framework. So it is quite possible to get cheap loans despite Credit bureau.
The loan amount is specially capped by private lenders. However, the borrower has to deal with reality here. Sums to finance a property are of course not possible. However, loans up to a sum of 5,000 USD are also possible with all providers with negative Credit bureau.
Why do private individuals and foreign banks even offer loans despite negative Credit bureau?
A healthy dose of suspicion is especially appropriate for loans without Credit bureau. Many borrowers are wondering where the lenders are taking their motivation from. If ordinary banks do not lend, why should other institutions be active here?
On portals like smava and auxmoney, private individuals see spending as investments. The yields offered are usually much better than interest rates at the bank. In these possible additional revenues, investors see your chances.
Foreign banks specialize in finding the lucrative borrowers among German customers with bad Credit bureau. The banks use other factors and thus have many customers, with good payment behavior due to unfortunate circumstances have a bad Credit bureau score. The German banks are simply inflexible here.