Loan inquiries despite negative Credit bureau, credit without Credit bureau, – that promise some credit providers on Internet sites. Those who urgently need money because they already have debt problems see such offers as a lifeline. But are such loan requests, despite negative Credit bureau, really effective?
Normally, it is hardly possible to obtain credit from a German bank or savings bank if the Credit bureau file is not in order. The collection of the Credit bureau information is standard in credit decisions. It is noted there in the past payment obligations were not properly served and collection measures were initiated. If it has already come to late payment and other questionable behavior as a debtor, that does not necessarily speak for creditworthiness. The rejection of a credit request is the logical consequence.
What is behind credit inquiries despite Credit bureau?
Why, then, can credit inquiries with Negative Credit bureau be presented with a positive result? Here it is important to separate the wheat from the chaff. There are serious and less reputable suppliers in this particular market segment. Mostly they are credit intermediaries, ie providers who do not lend the loan themselves, but are working for other lenders. In many cases, loans are obtained from abroad, often under the name “Swiss Credit”.
As a rule, foreign lenders are not partners with Credit bureau, so a German loan application does not involve the usual Credit bureau query. This does not mean, however, that a credit check is waived. Even with these loans, the lender must disclose his financial circumstances and prove that he is able to pay the loan installments. The criteria are often even stricter because the Credit bureau security is missing.
Occasionally, there are also German providers who are willing to lend, if there are negative Credit bureau entries, but not immediately point to insolvency. Often these are short-term loans with manageable sums. This can at best stuff a temporary hole. However, to clean up an existing debt problem, such a loan is not suitable.
Recognize black sheep
And there are also “black sheep” in the segment of Credit bureau-free loans. The use the advertisement “credit inquiries despite negative Credit bureau” as lure. In many cases, no lending is provided for. The business model is the loan request itself. Therefore, be careful when charging for the loan request requires fees that are payable before the loan is granted. Sometimes the conclusion of other financial products is a prerequisite for the loan, although they have nothing to do with it. Then it’s usually about commission income and rarely is the degree recommended.