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Loans without Credit Bureau query

December 6, 2019 • Scott Garvey

The requirements for installment loans

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

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

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.

Mortgage loans: rates in the regions rose slightly.

December 1, 2019 • Scott Garvey

 

Before the long weekend of August 15 which awaits the French, we come back to the mortgage rates that are practiced in August in the different regions of France. What are the news, knowing that we have identified 17 banks that enhance their banking grids.

Majority of minimum rates progresses

Majority of minimum rates progresses

In recent weeks we have noticed that the minimum rates (which benefit the best profiles) have changed little. This month, a lot of mini borrowing rates are going up. In detail, out of 42 mini credit rates (7 regions, 6 durations):

  • 30 real estate rates increased from 5 to 13 cents ;

  • 12 stable mini credit rates.

As for average rates, we note that:

  • out of 42 credit rates, 24 rates stagnate ;

  • 18 rising average property rates, all regions combined. These increases are 5 or 10 cents and it is only the durations 10, 25 and 30 years that are affected by these increases.

The most requested durations of borrowers now display:

  • over 15 years : 1.14% in minimum rates on all regions except the Rhône-Alpes-Auvergne region with 1.12%. As for the average loan rate, it is equivalent throughout France: 1.60%;

  • over 20 years : 1.31% for the best minimum rate in Rhône-Alpes-Auvergne, then 1.36% in the North and 1.40% in Ile-de-France. Finally, the highest minimum rate over 20 years reaches 1.42% and is found in 4 regions (East, Southwest, West, Mediterranean). However, the average borrowing rate over this period is the same everywhere in France: 1.85%.

Find out all the mortgage rates for your region in our mortgage rate barometer.

The last quarter of the year will be decisive

The last quarter of the year will be decisive

Ok, we said it before. The banks will take stock of their objectives at the start of the school year and may adjust their scales accordingly. However, there will be other preponderants. First, government decisions relating to housing (Pinel, Zero rate loan, APL, etc.) will influence the real estate market. But also the prices of stone which continue to rise. These two aspects could accelerate demand in the short term and have negative long-term impacts.

Finally, the banks will show an even greater interest in high-end profiles. In fact, efforts on the scales could be made, influencing downward the minimum and average interest rates. But which will only impact the best profiles.  

Credit Score: What is it and how do banks see me?

November 13, 2019 • Scott Garvey

Do you know what the credit score is? Think of it as a score that goes from 400 to 850 points and that the Bureau assigns you. This number summarizes your credit history in three figures and rate your behavior in relation to the credits you have requested. When your score is low, it appears red and when it is high, it will appear green as an indicator that you have paid those loans in a timely manner.

How does the credit score work?

How does the credit score work?

According to Coru, the score is modified according to the behavior you have had with your credits. That is, the first time you took out a card, your score was low because you had no experience. From there, you build it and make it grow with good practices such as timely payments, job stability and how often you have acquired different types of bank financing or with financial institutions.

What can I do with a good credit score?

What can I do with a good credit score?

When you have a score above 650 and that result has a green color, financial institutions will see you as a potential client because they know you are good at paying your monetary commitments.

The better your credit history is and, consequently, your score, the interest rates when acquiring financial products will tend to fall, as the risk of not paying also decreases.

Thus, if you have a credit card, you use it constantly and you also pay on time, banks could offer you another with a higher credit limit, lower interest rates and exclusive benefits. At this point, you become the person they want to have as a customer and for that reason, you are in a position to decide what type of credit you want and how you want it.

How can you maintain a good credit score?

How can you maintain a good credit score?

  1. Keep your payments up to date: the important thing is to pay your credits as agreed. Never be late, the key is to get a financial product that fits your economic possibilities and not that is above them. If at any time you get behind with the payment, find a way to regularize the account as soon as possible so that your score is not affected.
  2. Keep your credit history active: if you don’t have an active account with a financial institution yet, you could start doing it. It is important that you stay informed about who could give you the best commissions to have your first credit card. Usually when you don’t have experience with credits, department stores offer a card to start this tour and once you’re there, keeping that habit will make your score grow and hold.
  3. Know your finances: You must bear in mind that the monthly consumption of your card does not exceed 50% of your credit limit. Usually, banks offer very high credit cards and, not because you already have it, you should spend it to the limit.

Remember that whatever option you choose to start your history, the responsibility with the court dates and the amounts to be paid will keep you in the game and with a very good score. If you acquire a good financial administration, soon you will be able to train yourself in the culture of credit, savings and its benefits.

How can you know your score?

How can you know your score?

To know your credit history and specifically your score, go to the Credit Bureau page and make the request. They will ask you for very specific information, the number of your active accounts, credit limit, auto or mortgage loans and also the folio number of each one of them. You can request this history once a year for free, and if you include your score it costs $ 58. Do not make many inquiries as this action could affect your score.

The important thing is that you keep in mind that like any financial product, the money you have available on a credit card or when requesting a loan does not belong to you and this activity implies a lot of responsibility. Before accepting any type of credit, evaluate all the possibilities plus your ability to pay. Thus, you will avoid falling into problems of over-indebtedness and backlog, it will improve over time and you will always have access to better loans.

HOW LOANS WORK BETWEEN PARTICULARS AND MORE

October 31, 2019 • Scott Garvey

There is a wide variety of loans that are available in the market. In many cases, the financial companies that offer them do not explain well the scope that each of them has and for what cases they can serve. In fact, people still have many doubts about common personal loans, but that is another issue.

The topic at hand right now has to do with loans between individuals and personal loans with credit cards. In this article we will talk about these types of loans and some other topics of interest. Ready to learn?

Personal loans between individuals

Personal loans between individuals

Having debts and having to borrow money is usually an issue that, in most cases, tries to go unnoticed and under the table by customers who ask for them. The need to have recourse to outside sources of financing can be cause for lack of liquidity in the family economy, something that is embarrassing to society.

Because of this, people looking for a personal loan want discretion, ease of payment and a low interest rate. Because of this, personal loans between individuals were born, whose main objective is to simplify the procedures and allocation conditions.

The banks, which have always been responsible for providing financing, were affected by the economic crisis and tightened the conditions for accessing loans.

This brought personal loans between individuals to reappear. Through this type of financing a person lends money to another by establishing a series of conditions, among which are, among others, the repayment term and the interest rate to be paid. The main difference with respect to traditional loans is that the borrower is a private individual and not a financial entity.

Therefore, this type of personal loan is always based on trust between both parties, especially if it involves financing between friends or family.

Personal loans between individuals, in addition to being requested between family or friends, can also be managed on online platforms made for this purpose. Although in none of these cases it is a bank entity, the most convenient is to formalize a contract when lending the money. This way you will avoid many problems in the future.

Personal loans with credit card

Personal loans with credit card

Now is the time to talk about another type of loan quite famous, but whose operation it knows little. We refer to personal loans with a credit card.

Credit cards are, along with fast credits, the methods of obtaining money in an easier and faster way. There are three methods to obtain financing through credit cards that are to make purchases through cards, withdrawing money with the card at an ATM and making a transfer of the credit card to one of your bank accounts.

Personal loans with credit cards are linked to banks, since these are the ones that are granting the financing. The only requirement to obtain this type of loan is obviously having a credit card. The rest of the requirements are set by the company.

Personal Loan Calculator

Personal Loan Calculator

A personal loan calculator is a tool used when applying for personal loans at any traditional financial agency or bank. In it, the client will place the amount of money that he wishes to receive in the loan and the number of installments in which he wishes to pay it.

After having entered these data, the personal loan calculator will throw the amount of money that must be paid at the end of the terms and in installments.

In a comparative personal loan you can, worth of redundancy, compare two types of loans offered by different financial institutions. The comparison of personal loans is very useful because it will help us choose the best loan available among several.

Using the comparative personal loans will make us see the panorama better in terms of the loans that are available. It is advisable to always use it before making the request.