Did you know that a Swiss loan for Germans comes from Liechtenstein? No loans without Credit Bureau have been issued directly from Switzerland since 2009. The article provides you with direct providers of Credit Bureau-free Swiss loans and further information.
Swiss credit for Germans – direct credit
The success story of Credit Bureau is at the same time the story of many problems faced by people who cannot provide good information. At first it was quite easy to bypass the Credit Bureau. Today the Credit Bureau exam is practically ubiquitous. With very few exceptions, credit facilities from ordinary banking are strictly denied.
Even a simple mobile phone contract can no longer be concluded if the Credit Bureau contains a negative entry. As a solution to the credit problem, the exclusion of Credit Bureau can often be the only alternative.
Since there is no credit facility without Credit Bureau in the borders of Germany, the idea is obvious to simply ask a foreign bank. A Swiss loan for Germans is advertised quite often. Anyone who does not want to carry their money to a credit broker tries to find such a foreign loan on their own.
But not even Google provides reliable information about which credit bank still grants Swiss credit without Credit Bureau in Germany today. The reason for Google’s “failure” is that only credit brokers and some black sheep advertise Credit Bureaufree financing options.
Credit providers who independently and nationwide apply for a loan without Credit Bureau do not exist or no longer exist. Fine Lender Bank was one of the main players in Swiss loans without Credit Bureau until 2009. After about six years of litigation with BaFin (banking supervision), the “last direct provider” had to surrender.
The Federal Administrative Court finally prohibited Fidium from granting loans to borrowers based in Germany (Az. 8 C 2.09). Only since 2010 has it been possible to take out a serious Swiss loan for Germans as a bank loan. As far as is known, Lite Lender Bank from Liechtenstein is currently the only provider.
Credit conditions – Credit Bureau-free Swiss credit for Germans
After Fine Lender Bank was no longer allowed to lend to people, there was a gap in the market. No loan provider was allowed to legally grant Credit Bureau-free loans to borrowers residing on German territory. The Liechtensteiner Bank offers practically a copy of the successful business model, this time with all the necessary licenses.
Again, only 3,500 USD and 5,000 USD are possible as a loan without Credit Bureau. An effective annual interest rate of 11.62 percent is calculated for the smaller loan amount. For the 5,000 USD loan, it is 11.61 percent.
According to the tried and tested model, the loans are only granted to people who have been employed by their employer for at least 12 months. No guarantor or property collateral are accepted as credit protection. Only the income from dependent employment secures the credit.
Credit check for a Credit Bureau-free loan from Switzerland
A Swiss loan for Germans, contrary to what advertising sometimes promises, is not a credit without a credit rating. Proof of creditworthiness can only be provided without the help of Credit Bureau. The public debtor register is requested. The debtor register is not a national database that can be easily accessed electronically.
It is run individually in each district court district. The request must be made in writing and justified. Anyone who is listed in the public debtor register, for example who has filed the EV, can save himself the credit attempt.
The second part of the credit check concerns the net income from employment. Depending on the loan amount and the living conditions, a minimum income must be proven. The following figures apply to a single applicant without maintenance obligations.
The minimum income for the qualification with a loan amount of 3,500 USD is 1,130 USD per month. For the loan variant with 5,000 USD, it is already 1,600 USD. Anyone who is married and / or has children has a higher income target.
What speaks for the direct application, what for the mediator?
Of course, it is cheaper to apply for a Swiss loan for Germans directly. You can save around three percent of the loan amount, i.e. a little more than 100 USD. In addition, the loan processing is usually a little faster in the direct way.
Nevertheless, a foreign loan does not always have to be the best loan option. Despite Credit Bureau, credit options from within Germany can be used. For example, the credit portals Capital Lender and Spin Lender or a bank loan from Cream Bank would be conceivable.
A reputable credit broker knows more of such opportunities and could thus offer a cheaper alternative to Swiss credit for Germans.