For individuals who either have a negative credit bureau entry or a low income, but still want to go looking for a loan, a credit rating-independent installment loan is usually required to succeed. Banks find it difficult or even impossible to obtain a credit rating-independent loan. But also applies otherwise: No matter where you apply for a loan, the credit rating is always checked. The question is therefore: where is the credit rating more and where less rigorously tested and what conditions are attached to it?
Credit-independent installment credit – what to pay attention to
There are a large number of different types of loans, all targeting a specific target group. Even people with weak or poor credit ratings are one of these target groups, and there are, for example, numerous offers on the Internet, which vie for their favor. Of course, there are also many dubious offers, which is why all too tempting-sounding promises should be met with a certain skepticism. As a rule, you do not get a loan as a gift, which is why offers that give you the impression can be safely put aside.
In principle, every lender requires collateral for lending money. If these – at least evidently – are not required, this should also be avoided. The borrower first has to determine which part of the creditworthiness does not meet the usual requirements. The credit rating is mainly composed of two factors: regularity and amount of income and gearing. In many cases, it is the level of debt that prevents the formation of a loan agreement. About the notorious credit bureau information banks determine whether already have credit obligations and if so, how high these are. A credit rating-independent installment loan, which does not require credit bureau information, is for example the Swiss loan.
Loans from Switzerland – loans without credit bureau
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The Swiss credit is known as a credit rating-independent installment loan, that during the application no credit bureauauskünfte be obtained. This requires that the applicant has a regular income in sufficient amount. Moreover, this income must come from non-self-employment. According to this, self-employed persons and freelancers seldom have the opportunity to make use of such an offer.
The Swiss loan, however, holds even more restrictions. At least the majority of all offers on the market is completely rigid in terms of conditions. The loan amount is usually between 3,000 and 4,000 USD, which can not carry out any major investments. One way to use the Swiss loan effectively, for example, is the replacement of an expensive disposition credit. Interest rates, installments and their amounts are fixed from the beginning and can not be modified.
The alternative: the personal loan
A personal loan is most likely a credit rating-independent installment loan and will, as the name suggests, from private to private. The terms are much cheaper for the borrower than for a Swiss loan. Although in most cases a credit bureau made by the intermediary, but a negative entry does not automatically mean the end for borrowing. To apply for a personal loan, you must register with one of the online brokerage platforms. Here, all the necessary data is stored, so that credit rating numbers can be created that give investors information about the investment risk. Due to the high level of risk diversification, even persons whose creditworthiness has clear shortcomings are given the opportunity to obtain a relatively cheap loan.