When the loan is rejected
Around 7.5 million loans are granted to households in Germany every year – almost every fifth adult in Germany needs financial help to fulfill his wishes. In the most common cases, the lender was a bank. However, the banks cannot grant everyone a loan – around nine percent of all Germans have at least one negative feature stored at credit bureau, which in most cases means that the loan application is rejected.
You have probably already tried to delete the negative entry at credit bureau. If it fails, not many options remain open: a trip to friends or relatives is one of them. However, friendship often “ends with money,” so there is only the possibility of a credit bureau-free loan.
If you become aware that only a loan without credit bureau comes into question, you start by collecting information. Google quickly shows tens of thousands of hits on the topic: Many providers, diverse experiences and opinions. The names of providers are unknown, opinions are sometimes critical, interest rates are higher than at many banks … You can quickly start to doubt: Am I not making my financial situation worse?
Compare different providers
It is important not to act hastily and to compare the conditions of the different providers. And above all, don’t be fooled by negative experiences on the Internet! Everyone knows that people are more likely to express their critical opinions online than to report positive experiences.
Find out from reputable, independent sources, obtain information from several providers and compare them – this is the motto!
After you have made your choice, you could have a draft contract and a repayment plan sent to you so that you can read it in peace and quiet before you can make a final decision.
Conclusion: It is possible to get a loan without credit bureau, and is used relatively often these days. If you have made your choice after comparing various providers, it is advisable to read the terms of the contract carefully and to remain realistic in the long term when paying in installments. As soon as everything seems clear to you and the repayment rates do not exceed your financial means, nothing stands in the way of a successful contract.