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.