A loan without Credit Bureau information is easier to get than you think. Of course, you should avoid going to the bank, because German banks only provide loans with Credit Bureau. Of course, you can also get a loan from a bank without Credit Bureau information, but you have to be able to show huge assets or have been a customer with a large bank account for years, whereby the advantage of a loan is not really logical with these people, their money increases on the account, where a loan costs.
Why is there no loan at German banks without Credit Bureau information?
A bank is an economically minded company. That’s why a bank doesn’t want to make losses. In other words, a bank will only grant a loan if it is certain that the borrower can also repay the loan amount. A bank will therefore examine every loan candidate to such an extent that the risk of default is minimized.
Only if you examine the prospective creditors and know how they have dealt with money in the past, with the help of Credit Bureau information, can you get an idea of who borrows money from the respective bank. After that, a bank will decide whether you are creditworthy or not. Only those who have positive Credit Bureau information will be granted a bank loan.
Where else can you get a loan without Credit Bureau information?
There are numerous providers on the Internet who literally throw information around with loans without Credit Bureau. One should always remember that these providers are only credit intermediaries. There are many dubious offers, where you have to provide all your data when creating the offer, and also have to pay a fee if a loan application is rejected. Therefore, one should examine a loan provider for seriousness before concluding the contract and at the same time consider many providers and their offers.
Only after lengthy research can you find the best provider for your own needs and get the best conditions. Of course, it is more difficult to get good conditions in the online area than at banks. However, if you are looking for a loan without Credit Bureau information, you have to be satisfied with these worse conditions. But there is another way to get a loan.
The loan when buying directly
However, this loan is not a loan in the direct sense. It arises when you decide to buy a property in finance. Nothing else happens, such as an intermediary financial institution intervening and granting the buyer a loan that is passed on directly to the trading company. For small purchases, such as a washing machine, you do not need a Credit Bureau. For larger purchases, such as a car, Credit Bureau information is usually necessary.
However, you can avoid this by paying at least a 20 percent down payment. Most dealers will then refrain from providing Credit Bureau information and grant the loan. Of course you can also get a loan from a private investor. However, one has to be aware that if the loan is acquired for a company or other commercial activity, the investor can have a say.