If it were in the opinion of many consumers, Credit Bureau’s query when taking out a loan could well be omitted. Too often, the query reveals data that nobody actually likes to see. Because if they are negative in nature, they persuade banks and savings banks not to approve a loan. And very few prospective creditors can afford this. After all, they carefully considered and planned borrowing in advance. A cancellation because of a negative Credit Bureau comes very inconvenient.
Nevertheless, a negative or unfavorable Credit Bureau does not automatically mean that no borrowing is possible at all. Even if the conditions by Credit Bureau are not optimal, it is still possible to take out a good and fair loan with a little effort. And even without any upfront costs, although this is always disputed.
Why preliminary costs are not necessary with a negative Credit Bureau
Many credit intermediaries like to claim that a negative Credit Bureau can only qualify for a loan if it is sought through the intermediary and secured by prepayment. If the prospective customer is surprised by the word “advance payment”, then this is often packaged in unnecessary insurance or newspaper subscriptions. The only reason for this is to put a few USD in the agent’s pocket. However, this has nothing to do with brokering a loan. Because, despite Credit Bureau, there is also a loan at very good conditions with no upfront costs. However, a small detour has to be accepted.
What is the classic way?
If, despite Credit Bureau, a loan is to be taken out in the conventional way, i.e. via the bank or the savings bank, it is important that the application for the loan is always supported by a co-applicant. If this is solvent and free of negative Credit Bureau entries, the bank will grant the loan despite Credit Bureau free of charge. Because then all requirements are met that are considered a condition when borrowing.
Anyone who has a good income as well as a good Credit Bureau is suitable as a co-applicant. Banks are happy to see that the co-applicant is a close relative of the actual borrower. In the best case, the spouse or life partner. But the children or parents are also suitable as co-applicants. Depending on how old the actual borrower is and what options are available with it.
The co-applicant should always be aware that, despite Credit Bureau, he is fully liable for the loan without any upfront costs. He not only signs on the loan agreement, but also has to pay for the loan if the official borrower can no longer do this. A very responsible task that you should always be aware of.
The foreign loan as a loan despite Credit Bureau without any upfront costs
If you want to borrow without a co-applicant or guarantor, you should look for a foreign loan. This can also be taken up independently and without the assignment of a credit broker or financial expert.
The international loan basically works without asking Credit Bureau, because the banks abroad have no access to the stored data. It is therefore not relevant for borrowing which data is saved at Credit Bureau.
Rather, it is important to have a decent income. This forms the basis for borrowing and is therefore a basic requirement. In addition, the borrower must have a permanent residence in Germany for a foreign loan. The same applies to a checking account, which can be used to pay off the loan and to debit the monthly installments.
Speaking of installments: Anyone who chooses the loan offer from Lite Lender from Liechtenstein will receive a small loan of $ 3,500 or $ 5,000. These loan amounts must be repaid to the bank within 40 months. The monthly installments are 105 USD and 150 USD, respectively. Depending on which loan amount was chosen.
Even if the foreign loan is not earmarked, it is not transferable. It is therefore not permitted to take out the loan for another person. In addition, the money is only paid into the borrower’s account. Also very nice is the fact that despite Credit Bureau, Credit Bureau is not only asked for the loan without any pre-payment from abroad. There is also no need to enter the loan in Credit Bureau, as this is also not possible from abroad.