Anyone applying for a loan from a Cream Bank must submit numerous documents and provide evidence of monthly income. In addition, Credit Bureau information is obtained. In the Credit Bureau information, credit transactions with banks, but also contracts with telecommunications companies or loans from trading companies are noted.
Registered negative characteristics can cause the requested credit business to fail. If a Credit Bureau-free loan is requested through a credit intermediary, the credit agency’s data will not be obtained.
A Credit Bureau-free loan is also called a Swiss loan
A Credit Bureau-free loan is a so-called micro loan with a low payment amount. In this case, lenders are mostly banks from Switzerland. Therefore, the loan without Credit Bureau is often referred to as a Swiss loan. Up to a total of 3500 USD, no data from a credit agency is requested in Switzerland. Since Swiss citizens as private individuals are unable to apply for loans from banks as a result of the legal situation, a credit brokerage company is active.
The credit intermediary applies for the loan from the bank abroad and offsets the payment amount against his commission. In order for a Credit Bureau-free loan to be approved, proof of earnings must be submitted, as with Cream Banks. Credit Bureau-free loans are paid out either in cash by post or by transfer to the specified current account. The German legislator allows credit intermediaries to charge commissions even if no credit business is concluded.
The monthly income is sufficient to secure the loan
The Credit Bureau-free loan is suitable for short-term bridging of liabilities. It is usually applied for by loan seekers who have noted negative characteristics in the Credit Bureau information and do not receive a loan from Cream Banks. The Credit Bureau-free loan is secured with the borrower’s income.
The information in the loan application must be true. Borrowers who do not disclose serious negative features or even personal bankruptcy are punishable by law. If the installments cannot be paid and the lending business bursts, confidential information can result in a fraud report.
With a credit comparison, a reputable provider can be found
With the plight of people, money is made again and again, especially in credit transactions. Many lenders promise to help quickly and easily or even money in hopeless situations. In most cases, these loan offers are not serious. These credit intermediaries are interested in selling insurance to secure the loan and also require very high commissions. These commissions are often also requested in advance.
The Credit Bureau-free loan is not paid out to companies that do not work seriously. The insurance policies that have been taken out generally remain in force because the termination of the concluded contract is forgotten. The commissions are also lost. As with a small loan, a loan comparison of the various Credit Bureau-free loan offers can be helpful. Reputable credit intermediaries have a good reputation and have been operating successfully for several years.
The profitability of the loan must be precisely calculated in advance
A loan, regardless of whether with or without Credit Bureau information, always causes an additional financial burden. If a loan transaction is concluded, the borrower has only a small loan amount available after deducting all commissions. Since the Lite Bank that provides the loan also wants to earn money from this lending transaction, the interest is often slightly higher than for a small loan from a Cream Bank. As with a loan from a Cream Bank, loan seekers should therefore calculate exactly whether a Credit Bureau-free loan through a credit broker is profitable.