Credit Bureau-free loans – What are the requirements
Money is one of the things in life that are often particularly scarce and most of the time there is a bottleneck. Especially when making necessary purchases, there is often no way around borrowing. The first question for the borrower is whether to take out a loan from the house bank or on the Internet.
There is often a greater relationship of trust with the house bank, which the bank still has to earn on the Internet. However, the conditions are often much better on the Internet and for this reason younger people in particular tend to take out their loans in this way. However, a normal loan is often rejected. The most common reason is a negative Credit Bureau entry. The customer can easily get one. Should he not have paid a cell phone bill, this will be noted immediately. The solution to this problem is Credit Bureau-free loans.
Requirements for Credit Bureau-free loans
Such a loan is not granted in unlimited amounts. As a rule, the maximum amount is $ 3500 per credit institution. However, this limit does not have to be exhausted all at once. If you think you need less, you can first apply for a slightly lower amount and later increase the loan a little if necessary.
It is also important to have a secure income, which must be proven by bank statements and pay slips. In addition to the usual self-disclosure and the presentation of an ID, no further documents are required to get a Credit Bureau-free loan.
It should also be noted that the loan costs a little higher interest, since the risk for the bank is higher here. When all the documents have been submitted, the application is first examined and only then is the money paid out. This can take a few more days.
What can Credit Bureau-free loans be used for?
Loans where Credit Bureau requests information are usually earmarked, which means that the bank wants to know exactly what the money will be used for. This is not the case with Credit Bureau-free loans. This money is freely available to the borrower. What he ultimately does with the money, whether he sets up an apartment or goes on vacation, is up to him and he does not have to provide any information about it.