You often stumble across the Internet and daily newspapers about offer that promise a loan without Credit Bureau. These do exist and can also be obtained from various foreign banks that are active in the lucrative German market and are reputable – but many of those who promise them is not.
A loan without Credit Bureau is basically nothing special
Outside of Germany, it is even the norm, because Credit Bureau does not exist there. Banks from abroad have their own security systems in their home country, how they can protect themselves against default on a loan and check the creditworthiness of a borrower, and for them, Credit Bureau is just expensive fun that only creates additional costs without real added value.
Foreign banks issue loans in the same way as German banks – they determine the borrower’s creditworthiness based on a number of different factors, such as B. that he has a sufficient, fixed income and must prove his household net income. Exactly the same factors apply here that German banks use to assess creditworthiness – the slightly increased risk of not using Credit Bureau, as well as the processing costs, but these banks on the interest rate, which tends to be higher than that of German banks.
But: Austrians, Swiss, Dutch, English, and Spaniards do not pay exorbitant interest on their loans, and therefore the widespread representation that the banks that would take out these loans are factually wrong. In fact, these are even large banks in their home country, which, attracted by the high German interest rate level and the fallen borders, are now also penetrating the German credit market.
The risks and disadvantages of a loan without Credit Bureau
Are neither the banks nor the loans, but the people who want to advertise and broker them. Because here it is often suppressed that not everyone gets a loan without Credit Bureau, but only those who only get a loan from a German bank because of a negative Credit Bureau, but could get a loan without a negative Credit Bureau entry – because the sufficient credit will be killed also requested at a bank abroad.
Even those who make dubious loan promises know this, which is why not only the lure is lured here, but fees are already charged for the “successful mediation”, which they, as a broker who does not work on commission, cannot influence at all Accept, process and forward the application at all. Basically, as soon as you have to make an advance payment for a loan without Credit Bureau or pay fees before you have been granted the loan, the fish stinks from your head and it is highly dubious.
Reputable credit brokers only require their commission
From the customer after a loan has been approved – often in the form of previously agreed fees or a discount on the total loan amount. Here, as a rule, the necessary requirements are clearly indicated, which must be fulfilled in order to have a chance at all of a loan without Credit Bureau.
But: Reputable credit brokers are also a disadvantage because their commission makes the loan, which is slightly more expensive than German loans, more expensive. It is also possible to contact a bank abroad directly (which now also has branches in larger German cities) and to apply for an installment loan without Credit Bureau – this also eliminates the high fees for loan brokering.