A Credit Bureau-free instant credit without a credit check is not available in this form in German and foreign banking, because a bank must always protect itself against payment defaults by checking the credit rating. Various factors are recorded in the course of the credit check.
The potential borrower must prove his income, and it must also be proven whether the income is generated from self-employment or from an employment relationship (temporary or permanent). In addition, a borrower’s running costs are recorded, i.e. information on current contracts and monthly rent, to determine whether the borrower can afford the monthly installments at all.
Installment loan in an instant
The review of the Credit Bureau and the personal details of the borrower round off this review. An ideal candidate is always given if all of these checks can be completed to the complete satisfaction of a bank. Income plays the most important role, because the income is ultimately used, of course, to pay the installments due and thus also to pay off the total debt.
A Credit Bureau-free loan, on the other hand, is not uncommon for Swiss banks, also because Credit Bureau only makes up a small part of the assessment. However, the complete credit check cannot be dispensed with, since it is as elementary for the loan as the signature of both participants under the loan agreement.
Instant loans are only available to people with the appropriate credit rating
The quick instant loans are the ideal loan if it has to go really fast, but of course they are also tied to a credit check. Only if the creditworthiness is absolutely satisfactory can a loan application be processed as quickly as possible and the sum ultimately paid out. Without the creditworthiness of the borrower, there is neither an instant loan, nor any other serious credit through the banking system.
A Credit Bureau-free instant loan without a credit check is therefore only possible on a private level, namely if the borrower borrows the money from the private environment (friends, family, partner) and repays the amount back to them. The advantage of this type of loan is that it is usually interest-free, which of course reduces the total cost of the loan to a minimum.
A Credit Bureau-free instant loan without a credit check is also tied to a number of factors in the private environment. For this loan, it is primarily the personal relationship between the lender of the money and the recipient of the amount that decides. The better this relationship is, the more likely it is that a loan will be granted. In addition, the amount of a possible loan, i.e. the credit line, is always based on the financial situation of the lender.