When asked for a loan, each bank carries out a credit check. This includes an examination of income, job security and a query to the Credit Bureau If the Credit Bureau shows conspicuous, then a loan will be rejected despite Credit Bureau. The risk of default is simply too high for the banks. Nevertheless, there are opportunities for borrowing even under difficult conditions that represents the credit despite Credit Bureau.
The customer thinks about a loan rejection via a Credit Bureau-free loan
German banks have their rules and regulations and usually do not deviate from it. If, for example, the Credit Bureau shows bad and the income is not sufficiently high, then there is no favorable starting position for a loan despite Credit Bureau.The customer will then look around the Internet for Credit Bureau-free loans. At first glance, such a loan seems like a good alternative. After all, neither a bank nor a credit intermediary need basically any information on the credit rating, if the customer is looking specifically for Credit Bureaufreien loans.
Credit despite Credit Bureau – what meaning in the Internet search?
One should consider who is looking for a loan despite Credit Bureau. Mostly the consumer with a weak credit rating. Often there are hard negative features such as a bankruptcy or bankruptcy as an entry into the Credit Bureau, which means for a lender that he has a risky group of people who are even more risky than a self-employed person. The credit seekers notice that he receives much worse conditions than “normal” borrowers agree that the Credit Bureau is queried. In addition, these customers are often even “unpleasant” cost traps “offered”. He can assume that he will be penalized even with a manageable loan amount.
A bank is obliged by law to check the repayment ability and willingness to pay of the customer before agreeing to a loan despite Credit Bureau. But not only for the bank is crucial, the customer also has its advantages, because after all, the customer should be able to afford a loan. If the monthly loan installments can not be paid, the risk of over-indebtedness arises. Therefore, the bank also checks the other liabilities of the customer. The loan seeker should know who is already over-indebted and would like to replace other liabilities with this loan despite Credit Bureau, so this is not a recommendable way. Because one hole is torn open and another stuffed. Here, no new loan would be necessary, but the customer should go to a debt counseling. There are experts who can set up a debt repayment plan for the customer. This will gradually reduce the debt mountain.
German banks have three approval features, all of which must be met. These are the sufficient income, the clean Credit Bureau and the permanent employment. If the customer can meet these conditions, he will receive a loan from each bank despite Credit Bureau. However, if only one characteristic is missing, it will be rejected in over 90% of the cases. If there is an urgent need for money, the customer can look around the Internet for the Credit Bureau-free loans. The money comes in most cases from abroad and are often more expensive than a normal loan due to the missing Credit Bureau query. Foreign banks generally do not use the Credit Bureau data as a basis for assessing creditworthiness.
But what is the Credit Bureau that can be so crucial to a loan request?
To the Credit Bureau information, the lender can also learn the score of the customer. Even if customers should show no abnormalities, so the creditworthiness of the customer can be doubted. The reason is the forecasting method which is determined on the basis of a percentage value of 1 to 100. This forecast shows a percentage probability of loan default or default. For example, a high value of 90 or even 100 indicates that repayment of the loan is very secure. Anyone wishing to take out a loan to buy a new car or purchase a new mobile phone from Credit Bureau will be presented with a form that includes the Credit Bureau clause and that the customer agrees that his data may be shared.
The customer does not have to agree to this clause and can cancel it. However, this can lead to no credit agreement. Who wants to delete the Credit Bureau clause in the account opening application, can be achieved by excluding services of the account such as an overdraft, debit card. The data that Credit Bureau stores about a consumer are personal details (name, first name, date of birth, address, as well as initials). Other data such as bank accounts, credit cards, reading agreements, mobile phone accounts, installments and guarantees are also noted. Data about the repayment term, payment history or termination. It also saves when a credit card has been withdrawn or when an account has been canceled by the bank.
Data on the hard negative features such as enforcement measures, an affidavit (disclosure), an arrest warrant for enforcing the EV, consumer insolvency proceedings.
Many customers wonder what it’s like to have a loan despite Credit Bureau. Care should be taken here that the customer does not fall for loan sharks. Even when looking for a place to landlord can demand a self-assessment. The customer should not beautify the information that the landlord does not need to know, such as account or credit card number. The Credit Bureau stores no data on the marital status, by the employer, for income or generally to the assets.
The Credit Bureau entries remain visible in the Credit Bureau for a certain period of time. Data of transactions of transactions are deleted after three years. The data from the debtor register of the district court will also be deleted after three years. If the customer can prove that the entries have been deleted from the directory, this data can be deleted prematurely at Credit Bureau. The Credit Bureau must delete the data after the deadline, but the customer should check this. Often obsolete entries remain in the inventory. Before applying for a loan despite Credit Bureau, the customer should therefore request a self-assessment from Credit Bureau. From this, the customer will then see if the entries are rightly still registered. Once a year, the customer can do this for free. If the data is no longer correct, the customer can have it deleted after submitting the evidence.
Generally, information about people will be deleted after a certain period of time.
- Credit Bureau requests – after 12 months
- Loans – three years after repayment
- Accounts on current contracts such as the current account or telecommunications costs – immediately after account resolution
- Credit card accounts – at the latest 3 years after contract termination
- Information about non-contractual behavior – for example, in the event of improper repayment of a loan – usually after 3 full years from settlement, with exceptions being possible
The customer should know in a loan, despite Credit Bureau that due to payment difficulties in the Credit Bureau the credit despite Credit Bureau is more expensive than a conventional loan, then possibly the interest rates are higher. A loan in spite of Credit Bureau can therefore not be granted in Germany, since banks can not assess the risk of lending.
The reputable credit broker
The reasons for a loan despite Credit Bureau are varied and manageable. Often, a rescheduling is envisaged, an urgent renovation, a hasty bill that does not tolerate any delay, the utility bill is higher than expected and … and … and .. To his house bank, the customer does not need to go, these banks are strictly to their specifications and will refuse the credit despite Credit Bureau. In search of a loan despite Credit Bureau the customer comes across many offers. However, the customer has to pay attention to a few things. Clients looking for a Credit Bureau-free loan will inevitably end up on the pages of credit agencies. These financial service providers, as they are also called, have a special feature, because not all work seriously.
Thus, home visits are often made that the customer did not want. Not only are these visits often subject to a charge, customers are then also forced to sign insurance contracts. Often, documents are also sent by cash on delivery, supposedly it should be important to loan documents, which is also associated with costs and cash on delivery should not be accepted. Additional insurance such as a life insurance or a home savings contract allegedly increase the credit opportunities, which is not true. Additional fees the broker does not disclose. The completeness of the loan agreement is also important. Thus, all legal information should be in it, such as duration, loan amount, borrowing rate, type of loan. If the broker demands advance or advance payment, the customer should not engage that broker.
A serious credit broker can be helpful. Above all, the credit check is to be considered, because there are no unnecessary additional demands of documents. The loan seeker only has to teach the necessary credit documentation, everything else will be done by the mediation. A reputable credit intermediary can advise its clients well and also assist with the compilation of application documents. The contacts to small lesser known banks are the area next to a loan despite Credit Bureau from abroad. This results in the constellation that the agent can negotiate favorable terms. Even in difficult cases if the mediator can explain a negative Credit Bureau entry in the credit due to his contacts despite Credit Bureau entry.
There are two well-known and reputable credit agencies such as Cream Bank and Best Bank. These negotiations have long been active in the financial market and are considered serious.
Advantages and disadvantages of a mediation
- Advice before the application
- Support compilation of the loan documents
- Contacts with lesser-known banks
- Argumentation assistance in difficult circumstances or a high loan amount
- Opportunities for good conditions
- Loan brokerage even with difficult creditworthiness
Disadvantages of a mediation
- Dubious offers can often not be recognized immediately
- Risk of transferring overpriced loans
- Cost of the credit agencies
Facts of a serious mediation
- There are no fees charged for arranging a loan
- The company has a website with imprint, address and contact information
- In a so-called test call should actually be reached an employee who also reflects a serious impression
- Contacts Details of the loan amount, debit interest, effective interest rates and terms
Facts of a dubious mediation
- Costs already in the consultation, regardless of the conclusion of a loan despite Credit Bureau
- Calculation of additional costs
- Offers of financial restructuring
- Documents are sent by cash on delivery
- No desired home visit
- The loan commitment is made dependent on the conclusion of a residual debt insurance
- Encouraging customers to sign a brokerage order
- Promise of “100%” loan commitment.
The credit despite Credit Bureau – the prospects
Credit even with bad information, credit even with current loans, loan for unemployed, self-employed and so on and so forth. All these promises have nothing in common with the serious credit despite Credit Bureau. Advertised often in the print media of yesteryear. At that time, the credit in spite of Credit Bureau by dubious credit agencies was brought into disrepute. However, the present time shows that there can be quite a serious credit despite Credit Bureau. There are many providers of this type of credit. To name two reputable exchanges, like Cream Bank and Best Bank. Both agencies have been working in this business for many years and require no pre-payment or advance payment for a request. It is also important to make a loan comparison with the credit despite Credit Bureau. Because even this type of loan shows significant differences in terms.
As described above, Credit Bureau is well represented, whether it is a payment by installment in the electronics market or the mail-order business, or a loan in spite of Credit Bureau.The Credit Bureau information is an important part of the credit check. A weak Credit Bureau is awarded with a loan despite Credit Bureau with higher interest rates a negative Credit Bureau with hard features learns whether a rejection. Swiss credit, as this type of loan is called, originated in Switzerland. At that time, all loans came from this region. But after an in-house audit, a major broker at that time was forbidden to broker German loans, the reason being a missing banking license. With this mediator, all other agencies then withdrew, creating a veritable gap. In 2010, the time had finally come and a bank from Liechtenstein accepted these credit models and adopted the successful credit model identically.
The name of the bank is Lite Lender and has its registered office in Liechtenstein. The bank is serious and works transparently. Thus, the bank has not only taken over the conditions and condition, but it also adheres to the standardized rules. This means for the loan seeker who can not meet these conditions that a loan will not be approved despite Credit Bureau.
These requirements must be fulfilled:
- The applicant must be of legal age and of legal capacity
- The domicile and his account must be in Germany
- The income must be sufficiently high and may only come from a job requiring social security contributions
- The customer must prove this on the basis of evidence
- Self-employed workers must be able to prove collateral
The credit despite Credit Bureau which comes mostly from Liechtenstein is modeled after a standardized loan after the predecessor Swiss credit. The bank will not allow deviations in the loan despite Credit Bureau. The loan can thus be made directly via Lite Lender from Liechtenstein or via a credit intermediary (further information on a mediation can be found above). Atter is a no-hagatterity, and no credits. However, the customer has a lot to consider. So there are only three loan amounts provided by the bank. Contrary to other promises, 3,500 USD, 5,000 USD and 7,500 USD are offered. Although the bank will not query the Credit Bureau, it will look into the public debtor directory. If there are serious features such as a bankruptcy, enforcement measures, seizure or bankruptcy, these features mean credit for the loan despite Credit Bureau.
Just as important is the permanent employment. The employment contract may not have a time limit and may not include a probationary period. Depending on which loan amount is requested, then the duration of employment will depend. For example, the 3,500-USD loan requires a one-year employment period. The $ 5,000 loan requires a 36-month employment period and the $ 7,500 loan has a four-year employment period. The great value is placed on the permanent position, yes that this is an important part of the credit check, remain self-employed or unemployed in the credit despite Credit Bureau. In addition, there will be no quick or instant loan on credit despite Credit Bureau. The rules are the same for all credit checks, no matter where the loan application is made. The appointment of a loan broker removes some work from the loan seeker, but this also incurs additional commissions.
Since the loan, despite Credit Bureau on the income is hedged, it is necessary that it is sufficiently high. That means it must be above the garnishment release. The attachable net income must meet the following requirements:
Minimum income for the loan despite Credit Bureau
|Loan amount over 3,500 USD | As of: 07/2016|
|a single person||1.150,00 USD net|
|a dependent person||1,600.00 USD net|
|two dependent persons||1,850.00 USD net|
|three dependent persons||2.130,00 USD net|
|four dependent persons||2,500.00 USD net|
|five dependent persons||3.200,00 USD net|
|Loan amount over 5,000 USD | As of: 07/2016|
|a single person||1,600.00 USD net|
|a dependent person||1,900.00 USD net|
|two dependent persons||2,250.00 USD net|
|three dependent persons||2,550.00 USD net|
|four dependent persons||3.200,00 USD net|
|five dependent persons||– not possible –|
|Loan amount over 7,500 USD | As of: 07/2016|
|a single person||1,800.00 USD net|
|a dependent person||2,100.00 USD net|
|two dependent persons||2,500.00 USD net|
|three dependent persons||2,900.00 USD net|
|four dependent persons||3,400.00 USD net|
|five dependent persons||– not possible –|
The terms of the loan despite Credit Bureau
Loan amount 3,500 USD
As of 01.07.2016
Net loan 3,500 USD
Refundable in 40 installments á 105.15 USD (total loan amount 4.206,00 USD)
annual percentage rate 11.12%
Bonded borrowing rate pa 8.84% fixed over the term
Loan amount 5,000 USD
As of 01.07.2016
Net loan 5,000 USD
Refundable in 40 installments à 150,20 USD (total credit amount 6,008,00 USD)
annual percentage rate 11.11%
Bonded borrowing rate pa 8.83% fixed over the term
Loan amount 7,500 USD
As of 01.07.2016
Net loan 7,500 USD
Refundable in 40 installments á 225,30 USD (total credit amount 9,012.00 USD)
annual percentage rate 11.11%
Bonded borrowing rate pa 8.83% fixed over the term
In addition to these requirements is demanded by the loan seeker for a loan despite Credit Bureau of age. In addition, he must have German citizenship and his place of residence must be in Germany. In addition to 18 years of age, the loan seeker may not be older than 61 years to obtain a loan despite Credit Bureau. It is also important that the salary or salary goes into a checking account.
Anyone looking for a loan despite Credit Bureau, since some credit inquiries have been rejected, should know that it depends on the severity of the negative contribution.
Here is an overview of the entries that are saved:
- Collection of the credit card for misuse
- Affidavit (Revelation)
- Fruitless garnishment – for the creditor was nothing to get
- Termination of a current account
- Arrest warrant for enforcing a disclosure oath
- Termination of loan after default – Credit was not paid on time
- Garnishment due to seizure and transfer orders
- Labor segregation due to assignment of pay
- Claimed reminder
- Backlog after coercive measures
- Foreclosure on the basis of a judicial title
Features contained in the database:
- Granting a loan
- Request for the assumption of a guarantee
- Opening a checking account
- Conclusion of a movables leasing contract
- Installment loans with amount, installment, installment
- credit Lines
- Disposable loans
- Guarantee with amount, duration and installment
- Completion of a total claim
- Recovery claims
- Issue of a credit card
Characteristics of judicial measures:
- Termination of a loan
- Termination of a current account
- Check returned due to lack of cover
- Credit card abuse
- Enacted writ of execution
- Recovery of a credit card for abuse
Characteristics of judicial enforcement measures:
- wage garnishment
- Arrears after compulsory measures
- Fruitless attachment
Based on the Credit Bureau communication, 90% of all consumers registered with Credit Bureau have explicitly positive entries, so that only 10% of consumers have negative characteristics. If one calculates that about 6.6 million data are stored, then there are still 6.6 million citizens who have a bad Credit Bureau. A small example: who constantly constantly covers his current account and the bank terminates the current account, so pulls a negative entry.
An open balance in the Credit Bureau is always updated, so that you can always see how far the consumer with his payments backward. It is interesting for minors, that at the earliest an account is led, if a current account, a credit card or a Handyvertrag is requested.
It is important for the customer to know that banks are obliged to withdraw reports to the Credit Bureau and negative entries if they are wrong in their content. For example, if the bank informed Credit Bureau that a loan had been terminated, but in reality it was paid prematurely in the context of special repayments, it must immediately correct that. Therefore the Credit Bureau data should be checked by the customer. Because he may expect that the contract company in the update service negative features to all contractors. This can lead to the termination of possible business relations with the customer due to a possible threat of financial collapse. Once a year, the customer has the right to see his Credit Bureau free of charge and to have his own information sent to him.
Before a loan is taken despite Credit Bureau, a loan seeker should check his financial position. In addition, all revenues and expenses are compared, in the best case results in a balance of which a part as a credit rate for credit despite Credit Bureau apply. Also in terms of installment, income should always serve as a basis, also in view of a changing financial situation leading to a reduction in income.