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The process of borrowing money without Credit Bureau

The Credit Bureau request that is customary for a loan application made in Germany ideally protects the lender against payment defaults and the borrower against over-indebtedness. However, it is problematic for many applicants that even if they fail to pay once for at least three years, it makes it difficult to borrow, even if the overall financial situation has demonstrably changed.

The immediate approval means that an automatic system of the lender checks online immediately after submitting the loan application whether a payment is possible. An immediate commitment is not automatically linked to an immediate payment, which means the transfer of the loan amount within two bank working days.

Apply for Credit Bureau-free credit

Apply for Credit Bureau-free credit

Employees with a fixed income, at a few financial institutions also self-employed or freelancers, can apply for a loan without Credit Bureau and with immediate approval from a Liechtenstein or Swiss bank. The monthly income when taking out a Swiss Credit Bureau-free loan must be higher than at many German credit institutions, most banks charge 1100 dollars for single-person households and do not count child benefit as income for families.

In addition, Swiss and Liechtenstein banks require borrowers living in Germany to have German citizenship and a maximum age of borrowers of fifty-eight, sometimes even fifty-five. Existing negative characteristics at Credit Bureau are insignificant for borrowing, as Swiss or Liechtenstein banks as non-members of the German credit protection system receive no information.

Since the borrowing is not entered in the Credit Bureau file at the same time, a Swiss or Liechtenstein loan without Credit Bureau with immediate approval is also suitable for credit customers who do not want to worsen their score due to a later planned borrowing. The amount of the Swiss loan without Credit Bureau and with immediate approval is also 3500 dollars, with a few banks to 5000 dollars.

Borrowing process

Borrowing process

In the case of a loan without Credit Bureau with immediate approval, the online computer of the selected bank checks whether the loan application can be paid out immediately after completing the loan application. The immediate acceptance is subject to the proviso that the data provided are correct and that there are no negative entries with the Swiss credit protection agency ZEK.

Of course, the ZEK only learns about borrowing in Switzerland and therefore has no information about most German applicants. After reviewing the credit documents to be submitted, the bank pays the loan without Credit Bureau with immediate approval in dollars.

There is therefore no currency risk for the borrower, since he also repays in his own currency. To ensure that the customer does not incur bank charges when repaying, the credit institutions active in German lending to German banks have a checking account with a bank in Germany. The interest for a Swiss loan without Credit Bureau and with an immediate commitment is slightly higher than for comparable German loans.

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Instant loan with cash payment

Anyone looking for a loan usually compares the offers of the individual financial institutions with each other. The Internet offers plenty of opportunities to find the best deals. But sometimes a comparison is of little use if the money is urgently needed. The first point of contact is then either the house bank or another branch bank, because this is the only way for the borrower to receive the money in cash at the counter.

When things have to go quickly

When things have to go quickly

Loans can be applied for over the Internet, but the payment is made by transfer to the borrower’s checking account. It takes a few days for the entire process to be completed. Documents must be submitted to the bank and both business partners must sign the credit agreement and send it back.

The transfer can also take a few days, especially if there is a weekend in between. However, if the money is needed immediately, there is only the way to a branch bank for the reasons mentioned, even if the conditions here are worse than at online banks.

The branch banks are faster

The branch banks are faster

In most cases, the house bank is the first address for an instant loan with cash payment. An appointment with the clerk is quickly made. If one agrees and there are no complaints at Credit Bureau, a loan contract is concluded. Usually, the money is also transferred to the borrower’s account at the branch banks.

However, to speed up the process, the borrowers can also have the money paid out in cash. It is not unusual. That is also the decisive advantage of a branch bank, because of course no cash payments are possible over the Internet.

Good offers are lost

Good offers are lost

In the case of an instant loan with cash payment, borrowers must be aware that they must forego the advantage that a bank comparison can bring. Borrowers have to accept higher interest rates and poorer conditions with an instant loan with cash payment.