Credit Bureau records almost every regular payment obligation: whether it is the TV bought in installments or the cell phone contract – if there is a default, the so-called score value at Credit Bureau drops and thus the rating. The prospects for an installment loan deteriorate dramatically, and a bank generally rejects a loan request. see jeffreylucklucas.com for more notes
Cream banks are not interested in Credit Bureau
However, not all credit institutions are so rigorous in granting an installment loan despite Credit Bureau, because not all lenders even check whether there is a negative entry. Foreign banks are just as little interested in the German Credit Bureau as private lenders. And because more and more people are denied a loan precisely because of Credit Bureau, the supply of such loans is growing in line with demand.
Cream banks in particular have launched a uniform loan that hardly differs between most Cream banks. The loan amount is 3500 USD, the term is set at 42 months. Such loans can only be applied for online, which is not necessarily a disadvantage for the borrower. On the one hand, he can compare different banks quickly and easily, on the other hand, an offer can be obtained particularly quickly.
Fast payment is typical for the installment loan despite Credit Bureau. Often, it only takes a few days from the application to the payment if you don’t take too much time to send the necessary documents to the banks. Because even if a Cream bank does not rely on Credit Bureau, proof of a attachable income is mandatory. This is the only way to successfully approve the loan, especially since the banks are of course aware that a German borrower has not been particularly reliable with previous payment obligations.
Because despite the seriousness of the Cream banks, it should not be forgotten that the cost of credit is comparatively high. The effective interest rate will hardly be below 10 or 11%. If you earn more, you could also get cheaper interest, but a loan over such a small amount would then hardly be interesting. In order for the rather high interest rates to remain reasonably within limits, the loan offers must be compared beforehand.
Private lenders assess the overall situation
Private loans are not less favorable, but significantly more flexible. Both for particularly small sums starting at 500 USD and for a larger installment loan despite Credit Bureau in the range of around 10,000 USD, they can be the better alternative to Swiss loans. A registration is made with a subsequent proof of income to a credit broker. He tries to find a private lender for the installment loan anonymously despite Credit Bureau via a credit exchange.
Because a private creditor is more likely to make such a decision out of the gut than a bank advisor, the debtor should explain his situation and the reasons for the loan in as much detail and comprehensibility as possible. The debtor can determine an interest rate and the amount of the installments. Of course, despite Credit Bureau, the chances of an installment loan increase particularly if the creditor is also offered attractive terms.
Because the lender only pursues the goal of getting as much out of his capital as possible. Around 10% are realistic here too, but if you add a low income to the negative Credit Bureau, this can quickly turn into 15%. Although this is not cheap, the prospects for such a loan are very good.