A credit without Credit Bureau information can be a good solution if normal lending is not possible due to negative Credit Bureau entries. Banks in Germany carry out a Credit Bureau query before each loan approval. This shows the credit institutions how it is with the payment behavior of the customer.
The credit without Credit Bureau information and its requirements
The credit without Credit Bureau information is referred to as Swiss credit because this special form of credit is granted by Swiss banks. If a loan without Credit Bureau is being considered, only an application and proof of income are required. Income is the only attachable security that the credit institution has and therefore a salary assignment is usually necessary for the loan if the loan is not repaid.
Before deciding on a loan, the conditions should be checked. The credit business is managed in such a way that no or low repayment collateral is subject to higher interest rates. This can make a loan without Credit Bureau information more expensive than a loan in which Credit Bureau is queried.
One should know about the loan rejection that it is not a harassment of banks, but often the insufficient solvency of the customer is in the foreground. Therefore, borrowing and financial options should be checked by the loan seeker.
Swiss credit and its prospects
In order to prevent over-indebtedness, a Swiss loan is only granted with limited loan amounts. The loan seeker should be aware that if there is a delay in payment, drastic measures are usually taken by the lenders. But if everything is rethought, a loan without Credit Bureau information can certainly bridge a financial bottleneck.
If no Credit Bureau information is obtained, the creditworthiness of the customer is still checked. Swiss banks only grant loans if the customer can present a permanent employment contract and has a regular high income. The income should be above the garnishment limit. The loan amounts are limited and range between 1,000 and 5,000 dollars depending on the credit rating.
The applicant must be of legal age and should be resident in Germany. The borrowing can be done by a credit broker. However, attention should be paid to its seriousness. It shows that there are no upfront costs and no insurance contracts are required.