The offer for a loan with immediate approval without creditworthiness comes from the pen of a credit agency. The contribution deals with how realistic the offer is, who can perceive it.
Instant loan without credit rating – credit requirements
Of course, there is no such thing as a loan with an instant commitment without a credit rating – without a credit rating. Nobody lends money that is guaranteed not to be repaid. Bonitas, the Latin word for excellence, describes the basic ability to service debt. If you are unable to pay your debts from the start, you will not get a loan. The statement is not about the actual insolvency of the individual, but about the denial of creditworthiness.
If you have a negative Credit Bureau entry in Germany, conventional credit will automatically deny you any credit rating. This procedure does not check whether the individual is no longer creditworthy. Those who have a high, secure income nor pay the debt can change this.
An example of this could be a simple carelessness. An invoice was ordered from a mail order company. The invoice and the subsequent reminders were left out of carelessness. Although there was enough money in the account, they were accidentally not paid. When the error was recognized, Credit Bureau was already informed. The entry is legal and destroyed, despite payment, the entire credit rating for at least three years. During this time, only a loan without Credit Bureau offers quick financing options.
Without Credit Bureau with immediate approval – is that possible?
Of course, a modern online loan application, even with a negative Credit Bureau, can calculate the credit opportunities meaningfully. As with any credit check program, truthful information is important. This service is not offered by the direct provider, but the experience of a credit broker allows a fair preliminary decision.
In a case like the example, the situation is clear from the start. There is no more backward debt. Any online loan would probably be possible from a permanent employment relationship outside of the trial period. The ability to repay the loan results from the income from work.
Only the KO criterion negative Credit Bureau prevents credit approval. Credit Bureau can be exempted as a foreign loan, so the loan approval is only the logical consequence. The program can thus make a realistic preliminary loan approval without any eyewashing.
Credit conditions without Credit Bureau
The majority of the loan without Credit Bureau is offered by Cream Bank from Liechtenstein. The loan broker advertised – instant loan with no credit rating – probably refers to this offer.
The possible net loan amounts are USD 3,500 and USD 5,000. Credit Bureau-free loan offers are rather inflexible in terms of maturity. The offer from Liechtenstein has a fixed term of 40 months. The annual percentage rate for a loan without Credit Bureau is adjusted to the risk and significantly higher than with ordinary loans.
An effective annual interest rate of 11.62 percent for the loan amount of 3,500 USD and 11.61 percent effective interest rate for 5,000 USD must be expected. The instant loan without credit rating from Liechtenstein is even more expensive than a normal overdraft facility.