It is very difficult to get a loan with no credit rating and Credit Bureau. No bank and no private credit broker will grant a loan to a person who does not have a minimum credit rating. Different statements, as they are made again and again, are certainly dubious and should be viewed with the utmost caution.
Anyone wishing to obtain a loan from a German bank or savings bank should be prepared to have their creditworthiness and Credit Bureau information checked. The latter should be positive or neutral. Many banks require the borrower to be employed or civil servant and to have a permanent employment contract. The self-employed, freelancers, housewives or students are excluded from the outset as borrowers.
They only have a chance if they can present further collateral, a guarantor or a co-applicant. Even if there is no credit without creditworthiness and Credit Bureau, borrowing is possible if there are certain restrictions on personal creditworthiness that can be offset by other factors.
Application and approval
Once a suitable private or institutional lender has been found, the application can be made online or directly on site. However, the latter assumes that there is a branch or a personal contact person. Once the loan application has been received, the lender checks whether the borrower meets the requirements. If this is not the case, additional collateral will be requested. The lender decides which these are. If the loan application can be approved, the money will be paid out within a few days or a few hours.
The main reason why it is almost not possible to get a loan without credit and Credit Bureau is the fact that the lender has no certainty that the borrower will meet his payment obligations and pay the agreed credit installments properly and on time. Every person who wants to take out a loan with no credit rating and Credit Bureau should be aware of this. This includes a critical examination of the financial situation.
Those who have a very low income or have to repay old debts are unlikely to have the latitude to pay regular monthly repayments for a new loan. If in doubt, it would be better to seek debt advice than to make new financial commitments that ultimately cannot be met.