Consumers with negative Credit Bureau information often come up with the legitimate question of whether it would be possible to obtain an immediate loan from German banks if Credit Bureau had bad information. At this point it can be stated that there is no statement that has general validity. Depending on the facts, the question must be considered very individually and always depends on the personal circumstances of the loan seeker.
In theory, it is always possible to get an instant loan with bad Credit Bureau, but not for everyone. In addition, it always depends on the specific negative feature that is in the Credit Bureau. The Credit Bureau of a person is always referred to as “bad” or negative, among other things, when a loan has been canceled or a payment order has been issued. A Credit Bureau is particularly bad if the affidavit has been given or a private bankruptcy procedure is currently underway. In such cases, it is almost impossible to get a loan from German banks.
An instant loan with bad Credit Bureau is difficult to get
A generally binding and fairly correct statement boils down to the fact that there is in principle no immediate credit for bad Credit Bureau. Of course, exceptions confirm the rule. This is no different here, as we want to illustrate using the example. Assume the case that the loan seeker has a completed dunning notice in the Credit Bureau. If he then requests a car loan from a car bank and wants to make a high down payment, the car bank will give him a loan with the completed dunning notice. When the same customer applies for a cash loan of 50,000 dollars from a direct bank, the situation is somewhat different. If the bank does not immediately reject the application, it will at least want to have a solvent guarantee.
In a second exemplary case, the customer has just given the affidavit or a credit cancellation for a large amount is noted in his Credit Bureau information. The bank from which this customer applies for a loan will also not approve a small loan amount and will not offer any alternatives to the loan seeker. If it is only a small loan, this loan seeker has the option to request a loan without Credit Bureau through a credit intermediary. However, he will only be successful there if he is in a permanent position and can prove a regular income in attachable size.
In summary, it can be summarized that the chances of an immediate loan with bad Credit Bureau information for employees in permanent employment are relatively good. Unemployed people or recipients of social benefits with poor Credit Bureau have virtually no way of getting a loan from the bank. The foreign banks do not grant loans to the unemployed and the German banks also reject credit requests from unemployed people with poor Credit Bureau.
Not every bad Credit Bureau is equally bad
In order to understand why there are banks that rigorously reject credit requests and in other cases grant credit applicants immediate credit if they have bad credit, one has to know that the negative characteristics are not all equally serious. The completed dunning notice or a completed credit cancellation as well as other negative information do not automatically lead to the fact that credit inquiries are rejected. But there are also so-called hard negative features such as sworn state insurance or personal bankruptcy, which actually always lead to the fact that loan requests are rejected by the banks.
With these features, loan seekers also have no chance abroad, because the foreign bank has access to the debtor register at the relevant local court. As soon as the banks consider the credit default risk to be too high, there is no immediate credit for bad Credit Bureau, and the banks only grant credit on a regular basis if they believe that the borrowed money will be repaid by the borrower in accordance with the contract. If it is foreseeable that the customer represents a high risk, no loan will be granted.
Alternatively, apply for a loan without Credit Bureau
Credit Bureau-free loans are granted by foreign banks. For a loan without Credit Bureau information, consumers should best contact a credit intermediary. The Credit Bureau information does not matter for the foreign bank. Nevertheless, customers must be creditworthy and able to prove their creditworthiness. The creditworthiness has to be proven by a permanent employment with attachable income. This means that not everyone who applies for an immediate loan with bad Credit Bureau has a good chance of success.