Cheap payday loans no credit check: Superfast money for you
Advertising for credit without a credit check can make anyone dream. Without a credit check, credit would be granted to everyone. It would remain unchecked whether a borrower can afford the repayment or is only partially ready to repay.
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Lurid advertising likes to work with half sentences. Typical examples would be the loan without a credit check or loan offers without a credit rating. Reality is: Loans without creditworthiness or in the absence of proof of creditworthiness are limited to offers of help from charitable associations. Another real alternative would be the pawnshop loan or the loan for the rental deposit for ALG 2 recipients.
Even credit among friends is preceded by a credit check. The term creditworthiness comes from the Latin “bonitas” and means excellence in the sense of credit or trustworthiness. In the case of a loan from the Freundeskreis, the “credit check” is based on trust through the personal relationship. Commercial lenders have no personal relationship but have to recognize trustworthiness differently.
Without a credit check, secure lending would not be possible, but all commercial lenders across Europe are legally obliged to do so. Only how the creditworthiness is checked is not specified. In the case of credit without a credit check, the end of the sentence is missing – by the credit bureau, which would be legally possible to exclude the credit bureau entirely from a foreign bank loan, pawnshop and private loan.
Credit excluding credit bureau offers
Loan offers without a credit check by credit bureau generally advertise traditional credit brokers. The offer to exclude the credit bureau from the credit check is advertised for the loan amounts of $ 3,500 and $ 5,000. If there are other loan amounts in the advertising, it is a loan offer despite the credit bureau, in which case the credit bureau would not be completely excluded. It may play a role in the credit check, but is not the decisive factor in the credit decision.
There are two things that distinguish between credit despite credit bureau and credit without a credit check by credit bureau: the biggest difference between the offers is shown when the loan is approved. Approved installment loan despite the credit bureau is reported to a credit bureau like every installment loan from Germany. In the case of a foreign loan, the credit bureau message is only issued if there are repayment problems. The second difference is in the preconditions.
Loan offers despite the credit bureau almost always require a credit bureau entry to be completed as a credit prerequisite. The credit bureau is not queried for the foreign loan, the hurdle is thus removed. In both cases, creditworthiness for lending would have to be documented. Without the credit bureau, employee loans are granted. The income must not be attached or assigned.
The basic prerequisites are an unlimited, unannounced employment contract and net income subject to social security contributions above the attachment limit. How much income must be based on the garnishment exemption limits? For 3,500 USD credit without a credit check by the credit bureau, at least 100 USD above the garnishment limit would have to be proven. For a 5,000 USD loan, a 530 USD attachable income component would be required.
Microcredit – quick credit despite the bad credit
A negative credit bureau not only affects problems with the approval of installment loans. As soon as the house bank becomes aware of a negative credit bureau entry, the overdraft facility is practically automatically lost. The same applies to regular credit cards and most other offers to maintain continuous liquidity. Under these conditions, liquidity shortages are not always avoidable.
Instead of credit without a credit check from the pawnbroker, there are increasingly other ways to compensate for the small bottlenecks. Micro-loans with a short term offer credit volumes from 100 USD to 3,000 USD. The term can be limited to 30 days, but also allow up to six months for repayment. It is particularly important for these special loans to be quickly available.
For example, the Fidor Bank offers its existing customers the 100 USD emergency call. The credit check and loan disbursement are made possible in real-time – 365 days a year. Another alternative would be Vexcash’s microcredit. For the first application – despite the credit bureau and despite a small income – the company sets a maximum of 500 USD as the loan amount. Payment can be made within 24 hours of submitting the application.
Serious credit brokerage – installment loan despite credit bureau
Credit intermediaries do not necessarily have the best reputation. The first signs that a broker is not working properly are half-sentence advertising slogans, such as the offer for credit without a credit check. Seductive advertising slogans are meant to attract as many desperate people as possible. Once in the grip of such an intermediary, it is often expensive.
Studies show that on average up to 380 USD are squeezed out of prospective creditors through hypocritical loan promises, prepayment and external services. There was no credit, but a few insurance, investments or a nice pension. It is all the more important to name credit intermediaries who are generally recognized as serious.
The portals Cream Bank and Astro Finance, as credit brokers in difficult cases, with the best references, should be mentioned in the front line. Both portals provide access to serious private credit. Cream Bank combines private and bank loan offers under one roof.
Credit without a credit check is just an empty phrase. Reputable credit brokerage offers alternatives for anyone who can actually afford their credit.