Quick Loan Without Credit Check
Some customers may not like this, but there is no loan in Germany without a credit check. The banks do not take the risk of default. Anyone who refuses to provide credit information must expect a loan rejection, even if it would be positive. A quick loan without a credit check can also be implemented differently.
For a long time, some banks have offered a quick loan without a credit check. Instead of Credit Bureau information, this loan is based solely on the borrower’s income. The Credit Bureau is not queried at all. However, this loan cannot be obtained from a bank based in Germany. Rather, it is a bank from Liechtenstein that provides this special quick loan without a credit check.
A loan approval is linked to various customer requirements. A permanent employment relationship is the basic requirement for a loan approval. The income must be above the garnishment exemption limit and the borrower must be resident in Germany.
Who is this loan for?
There may be several reasons why an application for a loan from abroad is made. Most of the reasons are based on a bad Credit Bureau. With a negative credit rating there are hardly any opportunities for a serious loan in Germany. Credit Bureau is not questioned in the case of a foreign loan.
This is the next point that speaks for such borrowing. Every loan is saved in the Credit Bureau. This characteristic in the Credit Bureau can prevent a further loan approval. This is a common reason why consumers do not want to take out a loan in Germany even though they have a good credit rating. Anyone who likes to accept the higher interest rates associated with this is well served with a foreign loan. There is actually no notification to the Credit Bureau, at least not as long as it is paid on time.
Many may not like that banks or retail companies take a look at Credit Bureau. If you want to avoid this, a foreign bank is well advised. But there are also other options for a quick loan without a credit check, although it is very expensive.
The overdraft facility
What is meant is the overdraft facility that most account holders have in their checking account. An agreement with the bank is no longer necessary and the Credit Bureau is no longer checked when in use. It can be used to remove a financial bottleneck for a short period. You shouldn’t take too long with the repayment because there may be high interest rates for the use.