It is not very easy for people with poor credit ratings to get a loan from their bank. This is because banks check Credit Bureau as soon as a customer wants to apply for a loan. There will be no commitment before the review, because banks want to know if there have already been delays in other loans.
This minimizes the credit default risk, because if the Credit Bureau contains too many negative entries, there will be no further credit. However, a loan is often the only way to avert a bailiff or garnishment in difficult times, so that many with poor creditworthiness rely on it. There is a way out for these people, because the loan can be taken out without Credit Bureau information.
How can consumers apply for the loan?
Consumers who have no chance of getting a loan here can apply for the loan without Credit Bureau information. However, this is not possible with a German bank, this loan is only granted abroad. There are two ways to submit an application. The hard way is that the consumer applies for the loan directly on the spot, i.e. abroad.
However, it is much easier to commission a credit intermediary to find a suitable loan. You can find this credit broker mainly on the Internet on different platforms. The first thing the prospective customer receives is a form where questions about the loan and themselves are asked. This is sent back with different documents and the customer then receives various offers for a loan without Credit Bureau information.
What documents are required?
The required documents that a credit broker requires include recent months’ pay slips and an employment contract. Here you can see exactly how much the customer earns and whether he has a crisis-proof job. The mediator also requests a confirmation of registration, because only then can it be guaranteed that the place of residence is in Germany.
A copy of the identity card must also be presented. No Credit Bureau information is required because foreign banks do not know Credit Bureau, so it is not checked. This means that customers can still apply for a loan in their home country without the bank knowing that an old loan is running.
If the conditions are right, it should not be a problem to get a loan without a co-applicant. This applies in particular if the Credit Bureau information is in order and the income is sufficiently high. In the case of a foreign loan, only income matters. Other factors can be neglected. There is also a good chance of a loan without a co-applicant if the borrower has larger cash assets or other collateral that he can deposit with the bank during the loan period.
Compare loan offers
Many people who are looking for an installment loan rely solely on the offers of their house bank. In doing so, they overlook the fact that other banks often have significantly cheaper offers, which are characterized by low interest rates and low monthly repayment rates. In many cases, it is possible to apply for a loan around the clock via the Internet. To do this, a prepared application must be completed and submitted along with proof of income or other documents that may be relevant to the lending.
A credit decision can be made within a few minutes or hours. If it turns out positive, the money will be paid out in an amount or transferred to the checking account. Repayment is made in monthly installments, the amount of which remains the same throughout the term.
Alternative loan offers
If you cannot get a loan from the bank without a co-applicant, you could contact a credit broker or a private individual. The conditions there are often significantly cheaper than with a bank loan. However, no one can guarantee that lending will always occur. Anyone who claims otherwise is certainly dubious and should be avoided. Neither a bank, nor a private individual can afford to lend money to someone with whom they have no guarantee that they will most likely get the money back.
Applying for loans through capital lender is easy. An online loan application is sufficient to address both banks and private investors at a serious level. Of course, the borrower decides who gets the loan.
Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
Most German banks or savings banks do not grant loans without a pay slip. Anyone who wants to have a realistic chance should show other guarantees. A positive Credit Bureau information is also essential. To answer the question of whether a loan is possible without a pay slip, the personal circumstances of the borrower must be taken into account. Anyone who is unemployed or who receives Hartz IV will have a significantly lower chance than a person who is self-employed, has established himself well in the market and can make a living from the income from his work.
Often people who cannot take a normal bank loan turn to a private credit broker and hope that he can help them find a suitable lender from home or abroad. At this point, however, it would be very important to maintain healthy realism. Nobody has to give money away to someone who is not sure whether they can repay the money in full and on time. Every future borrower should be particularly alert when paying fees for services that have not yet been provided.
Many dubious credit brokers take advantage of their clients’ plight and are only interested in their own profit. In this case there will be no credit brokerage. If so, then the loan is much more expensive than a normal installment loan. In this context, it should not be forgotten that a loan without a pay slip is not available in Switzerland. The Swiss banks only grant their loans to civil servants or employees who can provide the relevant evidence. This also includes proof of salary.
A personal loan can be a good option. They do not necessarily have to come from their own relatives, friends or acquaintances, but can also come from a stranger. If you are interested in the latter variant, you should register on one of the numerous Internet portals that private lenders want to bring together with private borrowers. They do not act as lenders themselves, but only establish contact between the contracting parties. A loan without proof of salary must be repaid on time. This is just as important with a personal loan as with a bank loan.