The Credit Bureau request that is customary for a loan application made in Germany ideally protects the lender against payment defaults and the borrower against over-indebtedness. However, it is problematic for many applicants that even if they fail to pay once for at least three years, it makes it difficult to borrow, even if the overall financial situation has demonstrably changed.
The immediate approval means that an automatic system of the lender checks online immediately after submitting the loan application whether a payment is possible. An immediate commitment is not automatically linked to an immediate payment, which means the transfer of the loan amount within two bank working days.
Apply for Credit Bureau-free credit
Employees with a fixed income, at a few financial institutions also self-employed or freelancers, can apply for a loan without Credit Bureau and with immediate approval from a Liechtenstein or Swiss bank. The monthly income when taking out a Swiss Credit Bureau-free loan must be higher than at many German credit institutions, most banks charge 1100 dollars for single-person households and do not count child benefit as income for families.
In addition, Swiss and Liechtenstein banks require borrowers living in Germany to have German citizenship and a maximum age of borrowers of fifty-eight, sometimes even fifty-five. Existing negative characteristics at Credit Bureau are insignificant for borrowing, as Swiss or Liechtenstein banks as non-members of the German credit protection system receive no information.
Since the borrowing is not entered in the Credit Bureau file at the same time, a Swiss or Liechtenstein loan without Credit Bureau with immediate approval is also suitable for credit customers who do not want to worsen their score due to a later planned borrowing. The amount of the Swiss loan without Credit Bureau and with immediate approval is also 3500 dollars, with a few banks to 5000 dollars.
In the case of a loan without Credit Bureau with immediate approval, the online computer of the selected bank checks whether the loan application can be paid out immediately after completing the loan application. The immediate acceptance is subject to the proviso that the data provided are correct and that there are no negative entries with the Swiss credit protection agency ZEK.
Of course, the ZEK only learns about borrowing in Switzerland and therefore has no information about most German applicants. After reviewing the credit documents to be submitted, the bank pays the loan without Credit Bureau with immediate approval in dollars.
There is therefore no currency risk for the borrower, since he also repays in his own currency. To ensure that the customer does not incur bank charges when repaying, the credit institutions active in German lending to German banks have a checking account with a bank in Germany. The interest for a Swiss loan without Credit Bureau and with an immediate commitment is slightly higher than for comparable German loans.