Such foreign banks and financial service providers are the ones who, due to globalization, are now able to offer various credit options over the Internet in Germany as well.
Loan without credit record as a special loan offer
These include not only simple installment loans or real estate financing, but especially in recent years, a special loan option takes an ever-increasing space, namely the so-called loan without credit record.Lenders here are almost always foreign banks and financial services, because as mentioned above, are German banks are usually not willing to lend to a negative credit record. In practice, credit seekers, however, rarely have direct contact with foreign lenders, but mostly loans without credit record are offered by a credit intermediary.
In the following, we would like to take a closer look at the form of loans without credit record, deal with their characteristics, with the process of borrowing and also give you the benefits that an individual credit comparison also has in this segment.
Worth knowing: Foreign banks lend loans without credit record
Anyone looking for a loan in Germany, which is awarded even with a negative credit record information, will often find only with foreign lenders and credit intermediaries. Lenders from abroad are usually not interested in the credit record information, in contrast to German banks, so that many so-called Swiss loans (loans without credit record) are not from within Germany.
What features and characteristics does the loan without credit record have?
If, for the first time, you are concerned with non-credit record loans or with a non-credit record credit, you will probably think that this is a special type of loan that differs in many ways from ordinary consumer credit. In fact, exactly the opposite is the case, because there is, in principle, only one major difference that separates the loan without credit record, for example, from the classic installment loan. First of all, let us look at the many similarities that exist between the usual installment loan, which you can also get from your house bank, and the loan without credit record.
The loan without credit record is strictly speaking not a separate type of loan, but in principle always an installment loan, which can be characterized by a special property. As a result, the loan without credit record does not fall into the group of real estate loans, call-off loans or disposition loans, but is allocated to the classic installment loan. This means that as a borrower, you make a request, which in the best case will be approved by the lender and you then agree on the key data of the loan. These include:
- loan amount
- Term of the loan
- interest rate
- unscheduled options
Of course, based on the loan amount, the chosen term and the interest rate, these monthly figures will give you the monthly installment you will have to pay to the lender. So far, there is basically no difference between the loan without credit record and the classic installment loan.
The only difference between the classic installment loan and the loan without credit record you get as a loan seeker usually not aware of. It consists in the fact that the credit without credit record is awarded even with a negative entry in the credit record. You can tell the difference that you – and this is not the case with German banks – do not have to sign a declaration of consent when applying for a loan, so that the lender can obtain your credit record statement. Otherwise, the loan without credit record is identical to the classic installment loan both from the “technical data” as well as from the entire procedure starting with the application for the loan to the disbursement of the loan amount.
Worth knowing: Hardly any differences between loans without credit record and installment credit
Essentially, there is only one serious difference between the loan without credit record and a standard installment loan that you can get from a bank in Germany. This is that the data stored in the credit record are not used by the lender for the loan without credit record to assess the creditworthiness of the person seeking credit.
How is the credit rating assessed?
Now that you know that the data stored in the credit record does not play a role in the non-credit record loan, you’re probably wondering what the lender will use to pin down the applicant’s creditworthiness? Because, of course, foreign banks, as lenders, also try to lend money only to those customers who are likely to be able to service the loan properly. Therefore, lenders operating in the non-credit record sector by no means refrain in principle from examining their creditworthiness.
However, the credit record as a “missing” credit check is not replaced by another feature, but instead the determination of creditworthiness is based mostly exclusively on the income that the customer.
Ultimately, this has even a higher weighting than with installment loans from Germany, because the income generated by the borrower is the only characteristic on which the credit rating can be based. For that reason, it is important to know that most non-credit record loans are given exclusively to those seeking credit who not only have a regular income, but the income must also be sufficient in relation to the expenses to pay off a loan installment. Often, when it comes to income, you have to meet certain requirements if you want to have a loan without credit record:
Worth knowing: Credit check is based solely on income
Before you apply for a loan without credit record, it is important to know that credit record does not play a role, but that you definitely need to have enough income. This usually requires you to have a permanent and self-employed job and earn a monthly surplus in relation to your regular expenses.
Where can I get a loan without credit record?
Already in our introduction, we pointed out that you will probably not receive a loan without credit record, which can simply be called a loan without a credit record report, from a German bank or other domestic lender. Instead, more than 90 percent are foreign banks, many of which are based in Switzerland, Liechtenstein or Luxembourg and grant such a loan without credit record. We also mentioned that as a loan seeker, you rarely get in direct contact with the lender. Instead, more than 70 percent of all non-credit record loans are special credit intermediaries responsible for handling the loan and submitting the offer.
The way through a credit intermediary is certainly helpful on the one hand, because he knows many offers and can compare them, so you get a suitable loan offer. However, the problem with not a few credit intermediaries is that they do not always work properly. For example, some credit intermediaries are demanding extremely high interest rates, some of which may be called usury. Other credit intermediaries would like you to have the commission immediately, even if it is not yet clear that you will get the loan at all.
This is another reason why another group is appearing more and more frequently, through which you can also receive a loan without credit record or matching offers.
This refers to special experts whose services are primarily to advise you and to make a truly individual and detailed credit comparison. These service providers are rarely limited to the credit without credit record, but offer the already mentioned comparison for almost all loan rates. Of course, this will give you a great deal of choice and flexibility as you, as a loan seeker, can choose from several types of loans, but can always count on an independent, free and objective comparison, as we would like to make it available to you on our website.
As a specialist in the field of credit comparisons, you have the opportunity, among other things, to make a comparison for the following loan types:
- credit Facility
- installment loan
- call facility
- Credit for self-employed
- instant credit
- Real estate loan
- Loans without credit record
As you can see from the list, you can in principle let us compare all current types of credit with each other. These include, but are not limited to, instant loans that will provide you with the loan amount quickly and expeditiously, as well as non-schaffa loans that are forgiven even if a negative credit record entry prevents you from getting a loan from a regular domestic bank.
Conclusion to the credit without credit record
Many consumers in Germany do not even know that a negative credit record entry does not always have to be a fundamental obstacle to obtaining a loan. For many years, so-called loans without credit record are offered, which originate in over 90 percent of all cases from foreign lenders and are brokered by credit intermediaries. With us, you have the option of requesting a non-binding, but for you free and individual credit comparison, if you want to take a loan without credit record or worry about taking another form of credit.