The requirements for installment loans
In order to receive one of the popular installment loans, loan applicants have to meet various requirements. This includes first of all that the borrower can demonstrate a regular income with which he can pay both his living expenses as well as his rent and the loan installment for the loan applied for. As a further prerequisite, the applicant must be an employee who has been with his employer for more than six months.
In addition to these requirements, the banks in Germany use the Credit Bureau query to check whether loans already exist and whether they have been repaid in the past in accordance with the contract. If this is the case, the Credit Bureau information is positive and the loan can be granted. However, if the Credit Bureau contains negative characteristics, such as the termination of a loan or other outstanding claims, it is a negative characteristic that makes future lending impossible.
Credit Bureau-free loans as an alternative
For every loan that is applied for or granted in Germany, customers must sign the Credit Bureau clause. It is used to query the Credit Bureau data when applying for a loan. After approval of the loan, the loan is then reported to the Credit Bureau. Customers with a negative entry or people who do not agree to the entry in the Credit Bureau file can usually not get a loan in Germany.
The alternative is loans from abroad, which can usually be applied for in Switzerland. The banks here have no access to the German Credit Bureau data and will therefore not report approved loans to the Credit Bureau. In this way, a loan can be taken up virtually unnoticed, which is particularly important if a larger loan project is to be financed in the future.
The Credit Bureau-free loans from Switzerland are classic installment loans, as are also granted in Germany. However, the maximum loan amount here is only 3,500 – 4,000 USD, and the loan must also be repaid within a term of 40 months.
Providers of Credit Bureau-free loans
In order not to have to travel to Switzerland to apply for a Credit Bureau-free loan, it is also brokered in Germany. Providers are, for example, the credit broker Capital credit, who already has more than 30 years of experience in the business with Credit Bureau-free loans. Loans can also be applied for from Creditolo, the credit intermediary, without asking Credit Bureau.