Germany has changed sustainably. The gap is not only widening between rich and poor. Even when it comes to lending, things are no longer going smoothly. Garnishment exemption limits, perhaps even a negative Credit Bureau entry, deny the chance of a loan. A Credit Bureau-free loan from abroad can offer a way out of the credit crunch, but how does it work? Which alternatives to the foreign loan should be included in a loan comparison?
A Credit Bureau-free loan from abroad – the classic Swiss loan
A Credit Bureau-free loan from abroad is possible, many people have already heard of it. These loans are advertised in magazines and especially on the Internet. Everything looks very simple in advertising. Just submit a short application and the postman with the money is at the door. Of course, it’s not that simple. A well thought-out system is hidden behind the concept of loans without Credit Bureau.
There is always a credit broker at the beginning of the chain. It is he who advertises and advances the process. His performance and business contacts provide the basis for the prospects of success. Without the credit brokerage, there would be no foreign loans for German borrowers. An international loan cannot simply be applied for directly from the bank. The credit intermediary must first process the application and provide the necessary background information so that the foreign bank can act.
Why is the loan at all possible without Credit Bureau?
Loans without Credit Bureau are possible due to the variety of credit systems. Legislation only specifies the framework for the credit system. Every country in the world sets its own standards. The Credit Bureau is “the measure of all things” in creditworthiness only in Germany. Foreign banks set their own guidelines for loans. The Credit Bureau can, but does not necessarily have to be involved.
From this point of view, a Credit Bureau-free loan from abroad is nothing unusual. It only becomes problematic with the credit check. For this purpose, foreign banks need a credit intermediary who collects and compiles the necessary information seriously. There is no need for Credit Bureau information.
Obstacles and stumbling blocks on the way to a Credit Bureau-free loan
The cost of a foreign loan without Credit Bureau is always slightly higher than that of a normal domestic loan. The price difference arises on the one hand from the agent’s fee, but it is not alone. Foreign loans often have a significantly higher interest rate level than a loan from Germany.
Loans are subject to market competition. Anyone who is eligible for a Credit Bureau-free loan from abroad should therefore compare exactly. Offers for the foreign loan should be included as well as domestic credit without Credit Bureau and the personal loan.