It is not possible to obtain a loan without a private credit bureau query in Germany. This requires contact with a credit intermediary working with foreign banks. This loan without private credit bureau query is also called Swiss Credit. This loan is very popular because it does not check entries in private credit bureau, nor does it record the credit in the private credit bureau that is being recorded. In Germany, banks always work together with private credit bureau when it comes to lending, as this way the creditworthiness of the customer can be checked. If there are any entries in the private credit bureau, the creditworthiness of the customer may decrease considerably, so that a loan can be rejected. In order to escape this circumstance, a loan can be taken in Switzerland or in Belgium without a query from private credit bureau.
Swiss credit loan without private credit bureau query
Swiss credit has become more and more popular only in recent years. This is probably due to the fact that German banks see their exams more and more strict and not readily awarded a loan. The loan without private credit bureau query is like a small loan, which is only approved if the applicant can prove a fixed and attachable income. With this loan, the sum of money is around 3,500 euros. The loan can then be repaid within 40 months, with the loan not being reported to the private credit bureau. The customer has to pay a brokerage commission for the credit intermediary and receives in return favorable interest rates. Above all, civil servants and employees who have a secure job can avail themselves of this loan.
Unemployed or low-income earners
Unemployed or low-income earners, on the other hand, will have no chance of getting this loan. Processing usually takes only a few days, so it’s easy to decide whether or not the loan will be approved without private credit bureau’s request. When searching for a credit intermediary, consumers should make sure that the processing and the request is free. The commission is only paid if a successful loan is concluded. Offers should be compared so that credit costs can be saved in this way. The competition between the credit intermediaries is very large, so that the fees can vary greatly.