Consumers will not be able to get a loan without guarantor and without Credit Bureau from banks and credit institutions located in Germany. The applicable guidelines for the granting of credit absolutely require the Credit Bureau to obtain information from the loan applicant. Consumers from Germany who are looking for credit can only get the loan without guarantor and without Credit Bureau, if at all, from a foreign bank.
But even without creditworthiness, foreign banks do not grant their loans without Credit Bureau. We have done research on this topic and show in this article what options German consumers have if they want to take out a loan without guarantor and without Credit Bureau.
Apply for credit without Credit Bureau through the credit intermediary
There are a lot of rumors on the Internet about the Credit Bureau-free loans that spread like wildfire. Not everything is true and much has changed over the years. The so-called Swiss loan without Credit Bureau has not come from Switzerland for years. Nevertheless, the term persists. The Swiss banks have no permission from the BaFin tax authority to grant Credit Bureau-free loans to German customers.
Nevertheless, there are still loans without Credit Bureau. The loan without Credit Bureau is generally granted without a guarantor. The loan applicant alone must be sufficiently creditworthy to receive this loan. Fine Bank from Liechtenstein generally requires that the loan applicant has the appropriate credit rating. Because the creditworthiness of a loan without a guarantor and Credit Bureau cannot be assessed using the Credit Bureau information, there are other important requirements that a loan applicant must meet.
Consumers who want to take out a loan without Credit Bureau and without a guarantor have to prove a attachable income from a dependent job in permanent employment. The employment relationship must also have existed for at least twelve months. In addition, the loan applicants must be German citizens and provide proof of residence in Germany. Anyone who brings these requirements with them has legitimate hope of getting a Swiss loan without a guarantor and without a Credit Bureau.
However, the loan seeker must not be registered in the public debt register. Anyone who has taken out an oath of state insurance or if a personal bankruptcy is in progress must expect to be denied credit. No Credit Bureau information is obtained from the bank in Liechtenstein, but the public debt register is inspected.
Loan without guarantor and without Credit Bureau not for everyone
The hurdles that loan seekers have to overcome are relatively high. Many loan applicants who want to take a Credit Bureau-free loan and turn to a credit broker who promises the loan even in difficult cases are disappointed when it does not work out.
But it’s actually logical. Banks don’t give away money. On the contrary – they hedge themselves when they lend money because they want it back. In principle, the requirements at Sigma Bank in Liechtenstein are even stricter than those at German providers. Only the Credit Bureau is dispensed with. But entire target groups are also excluded from lending here. The Credit Bureaufree credit is not granted to self-employed and freelancers, not to the unemployed and Hartz 4 recipients, not to students, trainees and housewives. The target group is very small, which means that in the end there are only a few borrowers who use a Credit Bureau-free loan.
Consumers with negative Credit Bureau who are able to provide a surety are better off with their loan request from German banks. With a loan without guarantor and without Credit Bureau from the bank from Liechtenstein, the chances of getting the loan in the end are slim. The credit costs are also higher than for comparable loan offers from German banks. Borrowers pay around $ 100 per month for a loan of $ 3,500 over a term of 42 months. In addition to the higher interest that this loan costs, there is also a commission that the loan broker receives.