While with classic bank loans, a comprehensive credit check is carried out before the loan is approved, inquiries from credit bureau are rather uncommon for an instant loan. Many banks now offer a loan without credit bureau in order to be able to provide financing to customers in a difficult economic situation.
Number of instant loans without credit bureau increases
Nowadays, consumption is taking on more loans than ever before. Almost every wish can be financed by someone else – from furnishing your home to your vehicle and your next vacation. If you don’t have the money on the high edge, go to the bank and apply for a loan. But it’s not always that easy – if you have negative entries in the credit bureau, most banks reject the classic loan.
Negative credit bureau entry because of little things
A negative credit bureau entry is quick: Anyone who has had a small dispute with a mobile phone company may already be listed. In many cases, it is even the case that those affected themselves cannot do anything for their credit bureau entry, but are still denied loans and other benefits.
Immediate loan with negative entries at credit bureau
In this case there is an instant loan without credit bureau, which is so popular not only because the instant loan avoids credit bureau queries, but also because the money required is paid out very quickly. Immediate credit is the right choice, especially when liquidity is needed quickly.
Similar to an installment loan
The instant loan is repaid like a normal installment loan. A specific repayment period is defined and the amount of the monthly installments adjusted accordingly. The higher the loan amount and the shorter the term, the higher the installment payments.
Reputable and dubious providers
You can recognize reputable instant loan offers by the fact that they provide a fair repayment period. Dubious offers usually go hand in hand with very short terms and horrendous interest rates, which ultimately drives the borrower even more into the debt trap.
Instant loan offers through intermediaries
Instant loans are often offered by credit intermediaries and not by the credit institutions themselves. The credit broker is usually very familiar with the banking landscape and knows which bank also grants an instant loan without credit bureau. In addition, the credit intermediary assumes the cooperation with the bank, so that in the end the borrower only has to sign the finished loan agreement. The credit broker’s work is tied to a commission, but this is usually negligible. Every loan seeker should carry out a detailed loan comparison before applying for a loan.