The price comparison is always essential. In the case of a loan without Credit bureau, a comparison is even easier. Don’t let advertising fool you. We reveal the cheapest loan offer without Credit bureau.
Credit without Credit bureau – comparison essential?
Anyone who wants to make a proper loan comparison for a loan without Credit bureau will be misled. The advertising often promises a test winner among the Credit bureau-free loans or the Swiss loan of the month. But a real loan comparison calculator that shows the conditions of various loan providers at a glance will not be found.
The solution to the riddle of why the loan cannot be found without Credit bureau in comparison is very simple. There is exactly one credit provider approved for Germany who can grant the loan without Credit bureau serious. The variety of offers in the past has fallen victim to the USD crisis and the Lite lender (banking supervision). A concrete example was Good lender. In 2009, despite procedural opposition, she had to finally cease business operations in Germany. Other examples that fell victim to the USD crisis came from Ireland, Spain and Cyprus.
The only alternative to credit without Credit bureau from Demo Lender Bank in Liechtenstein is not permitted. It comes from the Arab world and offers Credit bureau-free financing for the self-employed. The “musharaka” is a kind of “private equity” according to the rules of the “takaful”.
Credit without Credit bureau – conditions of the direct provider
If there is only one legal provider, then the loan without Credit bureau comparison is pretty easy. The cheapest offer, no matter what the advertising promises, comes directly from the loan provider.
Without Credit bureau, there are only two loan models. The term for both loan offers is fixed at 40 months. Option one enables borrowing of USD 3,500 at an effective annual interest rate of 11.62 percent. (As of October 1st, 2013). A net work income of at least 1,100 USD for single people is required for lending. The amount is higher for applicants who have to look after dependent persons. The loan must be repaid monthly at a rate of $ 105.95.
The second variant enables borrowing without Credit bureau in the amount of 5,000 USD. The annual percentage rate for this offer is 11.61 percent. In the case of direct application, all credit costs, both variants, are recorded within the effective interest mentioned. The minimum net income for variant two is 1,600 USD for single people. The monthly installment for the second loan variant is USD 151.35.
Credit without Credit bureau – mediation offers
There is little transparency in the publication of the costs for the loan brokerage. It usually becomes particularly expensive when a home visit is made. Although a serious loan without Credit bureau is usually advertised as a loan with no upfront costs, travel costs are incurred. The flat rate for the journey of the consultant costs around USD 200.
In the case of a loan without Credit bureau, the comparison of the payment speed is often crucial. With regard to customer opinions, the application via a credit intermediary often takes longer than the direct application. Directly it takes about 10 – 14 working days through the agent about a week longer.