By obtaining the Credit Bureau information, many credit transactions are doomed to fail. The information is used by the banks to assess the credit risk and provides information about the creditworthiness of the loan seeker. Upon request, the banks are given a score that serves as a decision-making aid. A quick payday loan despite Credit Bureau is therefore not available from many financial service providers.
Many banks do not provide a quick payday loan despite Credit Bureau
In financial emergencies, the house bank is usually the first point of contact. However, if you have a negative Credit Bureau as a bank customer, you can only count on the help of your own bank in very rare cases. With a low Credit Bureau score, the risk of default is simply too high for banks and savings banks. If the bank customer can offer credit security to the house bank, the credit decision can still be positive. Personal and property collateral is accepted as loan collateral. These can be guarantors, valuables but also savings or a mortgage on a property.
The situation for a quick payday loan is more difficult despite Credit Bureau at a direct bank or at branch banks that also offer their loans online. These banks offer the most favorable conditions due to the lower workload in the lending business. Since no personal contact can take place between the banks and the loan seeker, the decision on a loan approval depends on the Credit Bureau information. A quick payday loan despite Credit Bureau is therefore not available from direct and online banks.
Credit intermediaries are financial service providers that provide loans from various banks in Germany and abroad. By working with many banks, loan agencies are able to offer many different loan options for their customers. Anyone who chooses a loan from a credit agency must always pay attention to the seriousness of the financial service provider. Before a credit transaction is made, there should be no upfront costs.
Securing loans with personal and property insurance or building society contracts is also not very serious. The website of the credit agency should always contain a complete imprint. Reputable companies are always well rated and recommended on the Internet.
Since many credit agencies offer a quick payday loan despite Credit Bureau, the different providers can be easily compared. An important decision criterion is the annual percentage rate. This interest rate should include all costs associated with the loan.
If the choice of the loan seeker is a Credit Bureau-free loan, the effective annual interest rate can be in the double-digit range. The best-known credit agencies with relatively good ratings include Best bank, Agree Bank from Switzerland and Lite Bank from Speyer. These credit agencies offer a Credit Bureau-free loan up to 7,500 USD.
Loan seekers who have found a suitable loan agency can apply for the desired loan online. For this purpose, the website of the credit intermediary is called up, in which the online application is located. If the Credit Bureau-free loan is chosen, the option must be confirmed with a check mark in the application. The credit application can simply be printed out at home after it has been filled out.
If you don’t have a printer, you have to wait until the credit agency delivers the loan application by post. Once the application has been delivered, the document is simply signed. The loan application is sent to the credit agency with current pay slips. Some financial service providers also require bank statements. After all the documents have been checked by the credit agency, the quick payday loan is paid out despite Credit Bureau.
If you need money quickly, you can also apply for a microcredit with a negative Credit Bureau
Loan seekers who need money quickly and without obligation can take out a micro loan as an alternative. Financial service providers such as Cashper or Xpresscredit.de do not need a banking license due to the low loan amount and offer this loan variant from 200 to 600 USD. With VexCash, a quick payday loan is possible up to 3,000 USD despite Credit Bureau. VexCash belongs to a bank that has a license. New customers of these financial service providers usually receive a first loan, the payment of which does not exceed 200 USD.
After the loan has been repaid within 30 days, the borrower is listed as an existing customer. Existing customers can apply for loans up to USD 600. Special options are then available for loans from existing customers. These include preferential loan processing, fast loan payments within 24 hours or a 2-installment option. For the options offered there are costs that are not insignificant. The APR for this type of loan is also relatively high.
A quick payday loan with a negative Credit Bureau is relatively expensive
Loan seekers who have a negative Credit Bureau are very limited in the choice of lenders. The offering credit brokers or micro-credit providers offer a quick payday loan despite Credit Bureau, but can pay the increased credit risk well. The effective annual interest rates for almost all financial service providers that offer a quick payday loan are in the double-digit range. There should be no additional costs. Since the effective annual interest always affects the total cost of a loan, a loan comparison is worthwhile in any case.