Virtually every bank conducts a credit check before awarding a loan. This is to ensure that the customer is able to repay the once borrowed money completely and in the contractually agreed period. Depending on how the exam fails, this can also lead to the rejection of a loan. Many borrowers are more or less forced to look for a loan without a credit check.
Is it possible to bypass a credit check at all?
A credit check mainly examines two characteristics of the applicant: income and existing credit obligations. Especially the second part causes many borrowers a headache from the outset, as it is the often dreaded credit bureau information. But banks are well advised to seek this information, not least to protect the customer from over-indebtedness. This shows if and how many loans exist in which amount. Not infrequently, the bank already meets the obligations of a single existing loan to reject the application.
The income and expenditure situation of bank customers is also being closely examined. The important thing is how the monthly balance is calculated, ie the difference between income and expenditure. If deficiencies are found at this point, such as those caused by a low income, a rejection of the loan is also to be expected. Decisive is always the view of the bank, whether with the existing income situation a capital service can be maintained.
It is all too often the case that opinions differ between the bank and the applicant. but in principle one should consider before turning away in search of a loan with no credit check from the bank: At least one of the two aforementioned credit characteristics is always checked. Providers of loans that claim to be ineligible are distrusting from the start. The danger is too great that the borrower gets involved here in a frivolous business, which ultimately costs him dearly.
When does a Swiss loan come into question?
Known for his loan without credit check is the Swiss loan. This loan, which was issued by Swiss banks and arranged by credit institutions from Germany, does not require a credit bureauprüfung. Anyone who already has existing credit obligations to serve will receive a loan without a credit check with the Swiss Loan if sufficient income is available. However, this income is paid very close attention, because this must come from non-self-employed work. The submission of pay slips is therefore absolutely necessary to get the loan at all.
A big disadvantage of the Swiss loan can be found in the conditions, because these are usually absolutely fixed and can not be changed. This affects both the loan amount and interest rates, installment amount and term. The amount is usually between 3,000 and 4,000 USD. At the nominal interest rate are still the processing fees of the credit intermediary from Germany. Here is worthwhile then again the exact bid comparison, because these fees can vary significantly from each other. In principle, when comparing loans without a credit check, the effective interest rate should be used, as this includes all costs that accompany the loan.
Due to its limitations, the Swiss loan is of course only conditionally suitable as a loan without a credit check. An exemplary use would be the replacement of an expensive disposition credit. Freelancers and the self-employed, however, have little chance of such a loan without credit check, since their income is subject to strong fluctuations. For this group of people and all those whose weaknesses are more in income than in the existing debt, but a personal loan could be of interest which has here much simpler restrictions.