Credit Bureau is a database of the German banking industry. It covers more than two thirds of all German citizens. The Credit Bureau serves to reduce the risk for the lender and enables loans to be offered on more favorable terms. Consumers with negative Credit Bureau entries often find it difficult to get a loan. But there are ways to get an instant loan with negative Credit Bureau.
Immediate credit with negative Credit Bureau – what options do you have?
Basically you have 2 options. Either you apply for a loan without Credit Bureau or you make a loan request despite a negative Credit Bureau.You can apply for an immediate loan with negative Credit Bureau if you expressly state in your application that you do not want Credit Bureau information. The disadvantage of these loans is that they have significantly worse conditions than loans with Credit Bureau.
Loans without Credit Bureau have a higher risk of default. The lender charges higher costs for this risk. You can apply for an immediate loan with a negative Credit Bureau from both foreign banks (Swiss credit) and from German financial service providers. The loan amount is normally limited to EUR 3,500, the repayment period is 40 months.
You can also apply for a normal loan despite a negative Credit Bureau if you have collateral such as property ownership, building society contracts or securities. Another option would be to find a guarantor who will step in for you if you can no longer pay the installments. It is not uncommon for parents to guarantee their child, for example.
Are there any other alternatives to get a loan?
If you have neither collateral nor a guarantor and need more than 3,500 dollars, you can still get an instant loan from negative Credit Bureau. There are several websites on the Internet where private individuals lend money to others. The criteria on these websites are less stringent than those of the banks. Human factors play a bigger role.
If you understand how to explain convincingly why you need the loan, you have a good chance that your application will be approved. However, you must note that your creditworthiness (solvency) is also checked for these private loans. Your disposable income must be high enough to pay off the monthly installments for the loan.