Anyone looking for a Swiss loan without a credit check is in a financial tight spot. So that nobody is dependent on dubious advertising slogans when looking for a loan, the article gives all the necessary facts about Credit Bureau-free credit solutions.
Swiss credit without a credit check – the starting point
A Swiss loan without a credit check is seen by many as the last lifeline in a liquidity squeeze. Despite some adventurous advertising promises, not everyone can rely on Credit Bureau-free financing. The “freedom of advertising” begins with the naming of the country of origin of Credit Bureaufree loans.
Since around 2009, according to in-depth research, no Swiss loan without Credit Bureau has been issued from Switzerland. Fine Lender Bank, based there, was prohibited from lending to borrowers residing in Germany. (Source Federal Administrative Court Az. 8 C 2.09). As far as is known, the company was the last “real Swiss” loan provider for Credit Bureau-free loans. According to unconfirmed sources, it ended up with a market share of well over 90 percent of all real loan offers without Credit Bureau.
A legal loan offer from a foreign bank that has the necessary banking licenses to grant loans in Germany will not appear until 2010. The Swiss loan without a credit check should have been called Liechtenstein loan since then. All comprehensible loan offers relate to Best Bank from Liechtenstein.
The second freedom of advertising relates to the statement “without credit check”. There is no loan without a credit check or no credit rating. Only Credit Bureau can be excluded from Swiss credit.
Credit check for Credit Bureau-free loans
Of course, no credit provider can do without a credit check, otherwise he would probably have to file for bankruptcy himself soon. Without Credit Bureau, the creditworthiness is checked using the earned income and the public debt register. The public debtor register is not a nationwide database. Each judicial district maintains its own directory. As a rule, the request for inspection must be formulated and justified in writing. If the competent authority accepts a fax as a written form, the examination can be carried out very quickly. If you insist on letter mail, the credit check is sometimes delayed by up to two weeks due to the slow postal service.
Entries must not exist in the public debtor register. This makes it clear who, for example, has taken an affidavit or is looking for an arrest warrant will not get a loan without Credit Bureau. It is welcome to speculate as to why a loan is being advertised that is almost certainly not available.
The further credit check relates to the employment contract and the secure income. An unlimited, non-terminated employment relationship that has existed for at least 12 months is required. In addition, there must be no garnishment of wages and the income must not be assigned. The amount of the net working income required depends on the loan amount and living conditions. All of the following figures apply to a single applicant without maintenance obligations (as of October 21, 2013).
Loans without Credit Bureau – loan amounts, interest and income requirements
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A Swiss loan without a credit check is only granted in two loan amounts. A loan of USD 3,500 at the annual percentage rate, with direct application, of 11.62 percent is possible. The loan must be repaid in 40 constant monthly installments of $ 105.95 each. A total of 4,238 USD will be repaid. A qualified loan application can only be made if the net work income exceeds USD 1,130 per month.
The second loan option includes a loan amount of USD 5,000 net loan. With this credit option, you have to pay 11.61 percent APR. The loan is to be repaid in 40 equal monthly installments. In this case, the monthly credit installment is USD 151.35. At the end of the term, a total of 6,054 USD was repaid. In order for the income to qualify for this loan, at least USD 1,600 net per month must be proven.
Possibilities to apply for the Swiss loan
A Swiss loan without a credit check can be applied for through a reputable credit intermediary, such as Cream Bank, or directly from the credit bank. Direct loan applications are on average around 100 USD cheaper. Nevertheless, the route through a credit intermediary can also be recommended.
Despite a bad Credit Bureau and the loan rejection of the house bank, there are also credit opportunities in Germany in addition to the foreign loan. Various German credit institutions offer credit opportunities despite Credit Bureau. If it is not important that an approved loan does not appear in the Credit Bureau, you have more extensive credit prospects through a credit broker. Swiss credit without a credit check is therefore not necessarily the only credit option that could be exercised.