The topic of instant credit with no upfront costs arises with classic loans, which German banks do not lend to customers at all. The preliminary costs are always discussed when consumers contact a credit intermediary to apply for an instant loan.
There are credit intermediaries who charge their customers upfront costs. However, this shows little of seriousness. With our contribution we want to point out that consumers take particular care to apply for an instant loan without any upfront costs when they turn to a credit agency.
Why a credit broker is needed
In particular, consumers with negative Credit Bureau information have little chance of getting a loan from German banks. Anyone who has had the experience that inquiries are always rejected and urgently need money must look for alternatives. The credit intermediary offers an alternative. Credit intermediaries work with banks abroad.
They are able to provide the loan without Credit Bureau, which is often interesting for people with poor Credit Bureau. Intermediaries charge a commission for this credit brokerage service. That is also legal and quite legitimate. However, if you request advance costs without having brokered a loan, loan seekers can in principle assume that they are being ripped off.
It is by no means customary for loan seekers to pay upfront costs before a loan could even be arranged. It is the responsibility of the consumer to make sure to contact a reputable broker who can mediate the instant loan without any upfront costs – or at least tries to.
Not every loan seeker with a bad Credit Bureau is eligible for a Credit Bureau-free loan. The foreign bank, which provides credit without Credit Bureau, also requires creditworthiness of the customers. Only applicants who can demonstrate a permanent position with attachable income that has been in place for at least one year receive an immediate loan without any upfront costs.
What to consider when choosing a credit intermediary
The credit intermediaries live on the commissions that either the customers or the banks pay them. Basically, however, it is a performance fee that only arises if a loan can be arranged.
If a loan broker asks a loan seeker to pay money first, it is dubious. Customers shouldn’t go into it and turn to a reputable broker. Those who pay upfront costs do not have the guarantee that they will be given a loan. The money is usually gone.
In order for it to be an instant loan with no upfront costs, consumers must first find out about the credit intermediary and its seriousness. This is possible via the website and through customer reviews on loans without Credit Bureau from customers. Reputable credit intermediaries like Fine Bank have been active on the German market for more than 30 years.
Even in their advertising, they do not promise that they can provide credit to everyone. Consumers who land on a website where the credit broker promises credit even in difficult or hopeless cases should change the page as soon as possible. You will not get the instant credit without any upfront costs. On the contrary, they will have a cost but will not see a loan.
Details on Swiss credit
The so-called Swiss loan has not come from Switzerland for some time. Only Agree Bank from Liechtenstein is authorized to grant loans to German customers without Credit Bureau information. These are fixed offers of either 3,500 dollars or 5,000 dollars with a term of 42 months and 40 installments to be paid. The first two months are redemption-free. The interest on this loan is not dependent on creditworthiness, but is above ten percent. This means that the Credit Bureau-free loan from Liechtenstein is significantly more expensive than a loan of a comparable amount from German providers.
People without attachable income like unemployed and Hartz 4 recipients have no chance to get this loan without Credit Bureau. The bank does not accept sureties as security.