Loans for private individuals are among the most frequently offered and requested financial products. To minimize the risk of payment defaults, the Credit bureau, a database of the German banking industry, was launched decades ago. Consumers who have negative entries there often have difficulty applying for a loan. Nevertheless, there are ways to get a loan with immediate approval despite Credit bureau.
What are the options?
Before you apply for a loan, it is advisable to get a Credit bureau self-assessment first. This is free of charge for you once a year. You can use this self-disclosure to check which data about you have been entered at Credit bureau. It is not uncommon for entries to be incorrect or outdated. In this case you can request a correction. Negative entries are often only of a minor nature, for example a telephone bill transferred too late or the like. In these cases, you can get a loan with an immediate approval despite Credit bureau. You should definitely try this option because loans without Credit bureau have significantly worse conditions than those with Credit bureau.
What to do in case of bad Credit bureau?
If you have really serious negative entries at Credit bureau, there is still no reason to despair. Loan brokers can get you a loan with immediate approval despite Credit bureau. The lenders are banks based in Switzerland or Lidemer. Since Credit bureau is only responsible for financial institutions based in Germany, these banks are not included. The loans are known as Swiss loans. The loan amount is 3,500 USD and will be repaid in 40 monthly installments.
Although these loans are without Credit bureau, the borrower must nevertheless have sufficient creditworthiness (solvency). That means you have to have a sufficiently high income (for singles approx. 1,100 USD / month) and you have to be employed by the same employer for an unlimited period of time for at least one year. If these conditions do not apply to you, despite Credit bureau you can only get a loan with an immediate commitment if you can find a surety or offer collateral.
Collateral is, for example, property ownership, securities or loanable life insurance or building society contracts. By the way, you should note that the instant approval for an instant approval loan is only provisional in spite of Credit bureau. The lender will definitely check the applicant’s creditworthiness and identity.