Not everyone gets a loan from a German bank – the widespread opinion is that the reasons for this can be found in the negative Credit Bureau information. It seems to be a solution to use a bad credit from the Internet, because in fact these special loans can score with a handful of advantages.
Swiss loans – check creditworthiness
According to the name, no Credit Bureau information is obtained to check the applicant’s creditworthiness – the biggest plus point of these so-called Swiss loans. But be careful: just because the bank or credit agency does not obtain Credit Bureau information does not mean that the creditworthiness is not checked at all.
In practice, it has been shown that the conditions for unscrupulous loans on the Internet are generally stricter than for normal loans: the self-employed, pensioners, trainees and students as well as the unemployed are principally excluded from these loans because they do not have a fixed and regulated income – only civil servants and employees (not on a trial or temporary basis) can receive a Swiss loan.
Online loan application
Personal information is provided online in a loan application and then sent to the lender in addition to the documents required by the bank / credit agency to check the creditworthiness, which are usually account statements, the employment contract and salary slips.
Although Swiss loans are often advertised as instant loans, instant loans, urgent loans, etc., consumers shouldn’t expect too much from these sonorous names: what is meant is the loan approval, which, based on the information provided online about wealth, income and type of employment, only is provisionally granted.
In addition to the interest on the loan, the borrower has to factor in further loan costs for Swiss loans: these include, in particular, commissions or agency fees that must be paid to the credit agency working with the bank. Contrary to popular belief, in practice it is not the case that the interest rate level for a non-Credit Bureaul loan must necessarily be higher than for normal loans.