The rejection of a credit application by the bank should always be considered as a warning sign. In such cases, debt counseling often helps better than credit. Sometimes, however, the data stored in the credit bureau is incorrect. In that case you should insist on a correction. Many credit intermediaries advertise with promises such as “credit despite credit bureau” or “despite bad credit bureau”.
In this case, fees are then quickly due, even if the customer does not get credit. Many borrowers then turn to foreign banks without first checking the credit bureau, but only after a credit check and very high interest rates. Therefore, it is advisable to conclude loans via comparison portals. In this way you can often find more profitable offers.
Check negative credit bureau entries
Late payments, unpaid bills, etc. make it difficult to take out a new loan, since a negative credit bureau entry often stands in the way. Finally, all information about the payment behavior of consumers is stored in the credit bureau, so that potential contractors simply have to retrieve the data. Banks do this to better estimate the risk of default on a granted loan. However, the stored data in the credit bureau are not always correct.
Therefore, there is the possibility to query these in advance and, if necessary, to have them corrected. Negative valuations prevent the applicant from obtaining a loan. Most of these then seeks the solution in a credit bureau-free loan. However, these types of loans should not be underestimated as lenders only lend if a timely repayment seems safe. A loan despite credit bureau entry is still conceivable.
The potential risk of a default can be paid by the applicants with significantly higher interest rates. Before consumers even apply for a loan, they should be aware that no loan is just as incidental as it is promised time and time again in the promotion of non-credit bureau loans. The regular payment of a loan including interest is essential. Therefore, you should think carefully about whether you really need the credit for a larger TV or the holiday.
A loan despite credit bureau is not always advisable
If the bank rejects the loan application, this is an indication that the customer can not bear the cost of borrowing, since negative credit bureau entries usually refer to dunning procedures, late payments as well as foreclosures. In this case, a renewed loan would only exacerbate the situation.
Even if the customer wants to use the loan to settle other debts. In this case, a debt counseling service is the better option, in which the consumer is shown ways and means to settle his debts gradually. This includes, for example, the exact assessment of debts, as well as income, expenses and possession.
In most cases, the consultants even negotiate with the creditors to effectuate possible deferred payments. Even in the case of insolvency proceedings, they are helpful to the consumer. In this way, it can pay off its debts slowly, instead of further debt. In most cases, this consultation is free. However, funding varies by state. So a consultation with a debt counseling service in Hamburg is usually income dependent.
Evidently recognizing dubious providers
As a rule, consumers in their search for a loan without credit bureauprüfung on credit intermediaries, among which there is not so rare and black sheep. A borrower should always listen to their claims that the applicant can easily obtain a loan without any problems, even in the case of a negative credit bureau entry or even a missing income, as such promises tend to be dubious.
Furthermore, such lenders always claim collateral for the approved credit, for example salary. Therefore, no reputable lender will not pay a loan to a Hartz IV beneficiary, at least not without substantial collateral.
Beware of up-front fees!
Many credit intermediaries already require advance payment before the actual contract has even been signed. For example, alleged contract documents are sent by cash on delivery. If the customer pays, he should allegedly receive the loan despite negative credit bureau easily. However, he usually remains on the costs, without having received the loan, the fees usually incurred regardless of the placement success. So this is usually regulated in the contracts.
Processing fees for credit despite negative credit bureau
Often loans without credit bureau are offered as instant loans. However, no one forgives loans unaided. Therefore, the intermediaries use the time pressure of the applicants to offer a faster processing of the loan request for a premium. However, most of the subsequent processing of the application does not suggest a speedy processing.
Sale of insurance
Not so rare, the credit intermediaries make an attempt to sell the applicant in addition to his loan and other products. This is usually not about credit installment default insurance, which represent the intermediaries as valid, but also to various insurance or even corporate investments. This is supposed to make the applicant more attractive to the banks.
Home visits and any expenses
Especially with home visits the applicants often feel under the pressure of the intermediaries, so they do not have the necessary peace to examine the documents in peace. In addition, home visits usually cost on the part of the intermediaries, for which the applicant should pay. These include, inter alia, the expenses of the agent such as travel costs.
Not infrequently this also applies to non-reimbursable fees such as flat-rate expenses.
Debt settlement and bankruptcy counseling
Individual intermediaries suggest to the client so-called “debt regulation” or “financial restructuring” rather than loans. This is a fee-based service in which the partner of the respective intermediary negotiates with the sponsors of the applicants.
Visiting a debt counseling service is much cheaper. Some intermediaries promise the customer insolvency advice, although neither they nor their partner are entitled to it.
Point of contact collection company
Many intermediaries threatened their customers with collection companies even before the contract was concluded, if the monthly installments were not paid on time. Therefore claims by a collection agency should always be checked for legitimacy, since many of these companies sometimes require unauthorized fees in addition to the original claims of the funders.
If the borrower pays the receivables of the company even before a court order is made, he recognizes the claims that apply even if they are not lawful. Therefore, the borrower should not sign any acknowledgment of debt without looking at the debt collection letters.
Such claims should always be reviewed by a solicitor or debt counselor. Therefore, in justified cases, the applicant should always object, while respecting the deadlines set.
Many lending banks, bigger opportunities
If the house bank has rejected the loan request, the applicant does not have to accept the situation and start further inquiries. Comparison portals such as creditend, Checkerloan or Financelor offer a very good overview of the possibilities of lucrative offers. The comparison is free of charge. After a request to the providers mentioned here does not change the credit bureau rating.
Loan despite credit bureau by a credit intermediary
Of course, applicants can also consult a credit intermediary. The bottom line is that they are talking about the same interest rates, regardless of whether the claimant receives it directly from the bank or through the intermediary. The agents assume that their cooperation contributes to a loan payment, otherwise the customer would have to expect a cancellation.
In addition, the applicant has the opportunity to get a cheaper, more normal loan, as there are intermediaries who use loans with a prior credit bureauprüfung. Applicants can also receive this type of credit on previously approved portals, without having to worry about unscheduled expenses.
On websites with credit bureaufreien offers you will sometimes find intermediaries such as Credither. According to the company, there are no additional costs in addition to the effective interest rate of the loan. The fee for mediation is already included in the effective interest rate. But Creditor is also one of the providers, where the applicant must pay an additional brokerage fee to the intermediary in case of successful mediation. For this he signs a separate contract in which the contractual obligations and the costs are listed.
Exactly this makes the already expensive credit bureaufreie loan even more costly. According to Damza, the brokerage fee is already included in the effective interest rate when brokering a loan from this company. However, loan applicants have to pay for home visits there. Therefore, it is urgently to discourage such intermediary visits.
The salary as security
The salary is always used as collateral in case of successful lending, in case the client can not pay the monthly installments. Thus, the customer assigns this pledged part to the bank. That also applies to pensions or unemployment benefits. Therefore, the regular payment of installments is essential. For those who are in financial difficulties, should not additionally risk a seizure of salary, pension or unemployment benefits. As tempting as it sounds at first, to get a quick loan despite negative credit bureau, it is also important to keep an eye on the possible financial consequences, such as over-indebtedness and seizure.
Although the bank does not announce the lending to the credit bureau, it can nevertheless come to a negative entry in the credit bureau, and in case of default of payment. If the borrower is in arrears with his payment, a court order will be issued after notification thereof.
In doing so, the data ends up, so to speak, by way of detours, for example, debtor registers and courts for credit bureau, whereby the employer also learns of the seizure of the loan. Here then no discretion is observed.
Private alternative loans
However, individuals with negative credit bureau entries also have the option of a private loan. The providers can be found on online platforms, where the offers can be compared. Completely without credit bureau or credit check but these are not enough. Mostly, they also grant loans for negative credit bureau entries. But even with private providers both application, as well as repayments are similar to the banks. The customer submits his documents, whereupon they are checked.
If the loan is granted with a negative credit bureau, the loan is paid out and must be repaid with interest. However, these interest rates are subordinate to the credit rating significantly above those of the banks. The range of these interest rates is particularly high for private providers, as it results from different default risks in such a loan.
Debt counseling and creditors
To overcome the fear of such advice, here is some information: First and foremost, the current liabilities are collected in this consultation. With this knowledge, the employees of the debt counseling work together with the debtor a statement for the repayment to their creditors.
However, it is not always useful to think about a repayment. Because the debt is so high that a repayment seems unthinkable, a private bankruptcy is rather advisable. However, debt advice centers not only advise the debtor, but also contact the creditors to agree on a possible settlement.
In addition, a corresponding payment plan is prepared by means of the number of creditors and the corresponding debts, which shows which installments have to be settled in the future. Already this overview and the support of the creditors are an immense help for the debtors, so that the debts can not be so heavily burdened and can be settled without any pressure.
Foreign credit due to bad credit bureau
Many potential borrowers have the problem that they can not get a loan from a German lending company because of a bad credit bureau score. Many potential credit customers then only have the option of either waiving the loan or taking it abroad.
Generally, foreign loans have the advantage that they are not associated with more bureaucracy than loans from Germany. In addition, credit customers also have the opportunity to get a loan abroad if they have a bad score at credit bureau or at other large credit bureaus in Germany (for example Infoscore).
Foreign loans without credit bureau are brokered via German online portals and credit providers, so that no language barriers occur. The central contact is always the intermediary institute in Germany.