Being able to apply for an online loan without a credit check sounds tempting. Without a credit check, the credit check is completely unnecessary. The loan for everyone would be a reality. The problem of over-indebtedness would also be eliminated. New loans of this type could be applied for on an ongoing basis. Anyone who finishes the thought realizes that such a loan is rather unrealistic.
An online loan without a credit check is possible
Online credit without a credit check is more than just an advertising duck. However, the advertising message must not be taken too literally. If the advertising promise could be implemented word for word, the credit system would collapse worldwide. The best evidence for this thesis is the euro crisis. This was triggered by an “open check” of the credit requirements in the USA.
Meanwhile, the finance ministers of all countries have reacted and significantly reduced the risk of repetition through the Basel Treaty. A complete waiver of the credit check is meaningless and is therefore excluded.
These offers do not require a credit check on Credit Bureau’s data, and it is a negative Credit Bureau entry that often causes a credit crunch. Traditionally, the loan without the credit check at Credit Bureau is offered as a foreign loan.
In addition, although limited to a few providers, specialist providers from Germany can stand behind the loan offer. Advertising is rarely placed by the provider himself. It is almost always necessary to use a credit broker so that the loan can be applied for without Credit Bureau.
The application process for special loans without a credit check
The first contact is often similar to the procedure of a direct bank. The application for online credit without a credit check is completed online. However, the software asks whether only credit proposals without Credit Bureau are desired or whether a loan application with a Credit Bureau check is also possible. If we are only looking for a Credit Bureau-free loan, the applicant should be aware of the increased loan costs. Interest costs of up to 20 percent were demonstrated in the course of a study.
In addition, Credit Bureau-free loans can only be approved in exceptional cases, at least that is the result of an investigation by the Koblenz University of Applied Sciences. In addition to the increased financing costs and the low prospect of success, there is a great risk of being caught by a dubious provider.
The business of hoping for a loan is often even more lucrative than real loan brokerage. All serious providers and consumer advice centers are therefore warning of offers that require advance payment for their services. Reputable credit brokers only work for a performance fee.
The online loan without a credit check from private promises more transparency. The upfront costs to be paid are minimally the interest rates in line with the market. The platforms for personal loans demand a publication fee of 10 dollars. Without the Credit Bureau certificate, which shows the negative entry, the realistic loan amount is rather low.