Consumers who have no chance of getting a loan from German banks can choose another alternative. So there is definitely the possibility to try your luck abroad. The customer’s Credit Bureau is not checked here and the loan taken out is not recorded in the Credit Bureau either. So those who fail because of the German credit criteria have a chance to get a loan.
Application and requirements
In order to be able to apply for a loan in spite of Credit Bureau free of charge, the customer does not have to provide proof of his Credit Bureau. Foreign banks waive this credit check. To do this, however, the customer has to submit pay slips that prove that the employment relationship provides sufficient income. As a guideline, it is always required that the garnishment allowance be exceeded. On the Internet, the customer can calculate on different portals where this limit lies with him. He needs a copy of the registration confirmation of his place of residence and one of his ID card because he must be at least 18 years old.
These documents are sent to a credit intermediary, who can quickly make a preliminary decision as to whether the criteria for a loan exist despite Credit Bureau without any upfront costs. The customer receives a form, which he has to send back and complete. In addition to personal information, questions about credit are also asked here. Among other things, it must be entered how high the monthly installments and how high the loan amount should be. With this information, the credit intermediary can then contact different banks abroad. The credit intermediary then receives loan offers that are passed on to the customer. These are non-binding offers that only become binding when a loan agreement is signed.
Conditions of the bank
Despite Credit Bureau, foreign banks grant their loans with no upfront costs, with interest that will be slightly higher than in Germany. The loan amount does not have to be specified with a purpose. The bank rarely cares what the money is needed for. In addition, the credit rates can be used flexibly. A special repayment can be agreed at some banks. In this way, a certain percentage can be paid off each year. This has the advantage that, despite Credit Bureau, the loan can be paid off faster without any upfront costs and interest is saved. As soon as the last installment has been repaid, the excess interest is transferred to the customer.