Loans are barely thinkable in society today. They allow many people to realize their dreams of buying houses or cars or simply paying off old debts, paving the way for a better future.
But loans are not simply forgiven, there is a need for a credit check in which the creditworthiness of an individual is determined and possibly maximum amounts are set for a loan.
But, what happens when your own creditworthiness is not positive and thus no credit is granted , is it possible to get a loan even without a credit check? Yes, they exist!
Loans without credit rating!
Loans without the information about the creditworthiness exist in Switzerland and now also in Germany.
It is refrained from requesting information from institutions that deal with the creditworthiness of the individual and often even the entry to the credit that is to be included, are kept out of the future credit rating .
Nevertheless, prior to the granting or granting of a loan, the background, ie the profession and the monthly salary of each borrower, is scrutinized closely in order to be able to guarantee the amortization as far as possible.
How exactly does borrowing without creditworthiness take place?
In the case of a loan without a credit rating, this process does not take place, which also gives people with a negative credit rating the opportunity to get a loan. Most of these loans were and are being issued by foreign banks , most of which have their headquarters in Switzerland, which has given rise to the name Schweizer-Kredit or Auslandskredit. But in recent years, more and more German (Internet) banks are offering loans without credit reports, and that with immediate acceptance or refusal.
What about the loan amount, is it limited?
Loans without credit reports are generally accepted for smaller sums, which amount to between 3,500 and 10,000 euros. Nevertheless, such loans can also be used, for example, for mortgage lending and easily crack the 200,000 euro mark.
The loan amount depends solely on the borrower’s liquidity and income levels.
Similarly, anyone wishing to take credit without credit checks should be aware that such loans are generally fixed and lump-sum for sums of all amounts and often involve a higher interest rate than loans made by means of a loan conventional credit rating.
Ways to get a loan without credit rating
Borrow money privately
If the credit rating is bad, the first option is to borrow money privately. Private setting means to inquire fundamentally with family or friends. The advantage is obvious, all modalities, such as interest and term are individually agreed, there are no legal requirements that must be observed.
It can also be assumed that a private, perhaps even related, lender does not enter the loan , so the credit rating is not further restricted.
Likewise, the private lender will make the borrowing of the money dependent on other conditions than a bank.
Borrowing money in a private environment guarantees the most flexible design in every respect.
The amount of the sum may not be as flexible as it is basic to a bank, as it depends on the creditworthiness of the lender in the private sector.
Also the private credit offers itself to be fixed in writing, since with interest agreements corresponding tax regulations must be considered, possibly donation tax is to be paid, if no interest payment was agreed.