Many consumers ask in Internet forums whether it is possible to get an instant loan despite a Credit Bureau entry. There is no answer to this question, but it is not generally applicable. When an instant loan is approved despite Credit Bureau and when not, always depends on the personal situation of the loan applicant and, of course, on the benevolence of the loan officer. In theory, of course, it is always possible to take out a loan despite poor Credit Bureau. But not everyone who is looking for a loan will easily get this loan. It always depends on the entry and whether it is already done. Credit Bureau information is already negative if a loan has been canceled or a payment order has been issued. It stays that way when everything is done. A Credit Bureau information is really bad if an affidavit has been submitted to the district court or a private bankruptcy procedure is in progress. Criticism at rcplanechat.com
Credit despite a negative Credit Bureau is not so easy to get
If one generalizes the experiences of the borrowers, the statement can perhaps be formulated as follows: Generally there is no instant loan despite Credit Bureau, but exceptions confirm the rule and there are quite a few.
The banks always make exceptions, for example, if they have already had good experiences with the customer. Exceptions will also be made if the applicant has a particularly good income and the Credit Bureau entry has already been completed, which can easily be the case, for example, with a payment order notice or a loan termination. In addition, the banks also grant an instant loan despite Credit Bureau entry if the applicant can provide other security such as a guarantee.
It is relatively unlikely that unemployed, self-employed or Hartz IV recipients will get a loan. The Credit Bureau information doesn’t even have to be negative. Banks mostly reject credit requests from this group of people because there is no attachable income.
How to evaluate Credit Bureau entries
Negative Credit Bureau is not immediately negative Credit Bureau, which means that a completed order for payment or a completed loan termination as well as other negative entries for which there is an explanation do not necessarily lead to the rejection of credit inquiries. However, there are also certain hard negative features such as sworn state insurance or private bankruptcy, which always lead to the rejection of loan requests. As soon as the bank assesses the risk of credit default as too high, it does not grant credit to customers with negative Credit Bureau information. Banks only ever grant a loan if they assume that the borrower will repay the borrowed money in accordance with the contract and in accordance with the contract. If it is clear from the outset that a customer is too risky, the credit inquiries will be rejected.
The alternative is a loan without Credit Bureau
The Credit Bureau-free loan is granted by foreign banks. To take out such a loan, loan seekers must contact a credit broker. The Credit Bureau and what it says does not matter for foreign banks. Nevertheless, the loan seekers must be creditworthy to get a Credit Bureau-free loan. The creditworthiness of the foreign bank must be proven through a permanent job with regular income that has existed for at least one year. This means that here too, not everyone who wants to take out an instant loan despite Credit Bureau has a chance to get the loan. Unemployed, Hartz IV recipients, the self-employed and freelancers are left out here. In addition, this interesting alternative is only considered when customers want to take out a small loan. In principle, no more than 5000 dollars are awarded here.