Even today, Credit bureau still plays a crucial role in lending to many banks and savings banks. Credit bureau was founded as a protection association for general credit protection and has managed all credit-relevant information of all legally competent persons in Germany since it was founded.
Anyone who had had negative Credit bureau information in the past was often faced with an “insurmountable hurdle”. For reasons of credit security, borrowers often had to expect the loan request to be rejected. In contrast to the past, borrowers can now also avail themselves of a loan without a Credit bureau recommendation.
Especially with the numerous online banks on the Internet, credit without Credit bureau is part of the fixed portfolio of many providers. Anyone who imagines a loan without Credit bureau with attractive terms will not infrequently be disappointed, but today there are also some providers who offer a loan without Credit bureau recommendation with attractive interest rates. The general interest rate level has decreased, particularly as a result of the significant increase in supply in recent years.
Find a loan without a Credit bureau recommendation by comparing it on the Internet – this is important
When comparing several offers, especially cost-conscious borrowers should definitely focus on the effective interest rate.
In contrast to the borrowing rate, the effective interest rate takes into account all costs and risks associated with lending to the bank. In the case of a loan without a Credit bureau recommendation, borrowers can benefit from the fact that Credit bureau is no longer required for the credit check, and the income is particularly weighted.
Borrowers who have a regular high income can hope for attractive interest even with a loan without Credit bureau. Last but not least, term and loan amount also have an impact on the effective interest rate.
Those who opt for a short term and a low loan amount can look forward to significantly lower interest rates than a borrower who uses a loan product with a long term and a high loan amount. With high loan amounts and long terms, banks have to expect a significantly higher credit default risk, which is of course taken into account in the form of a higher effective interest rate.
Borrowers with a low income should not ignore the significantly higher liquidity burden.
Use a loan without Credit bureau with attractive interest rates – make comparisons
When comparing several loan offers, a loan calculator on the Internet helps. Numerous financial portals now provide a loan calculator for free comparison. With the help of a loan calculator, borrowers can select the best individual loan offers without Credit bureau, taking into account the term, loan amount and repayment, etc.
The comparison can help borrowers to secure the lowest effective interest rate on a long-term basis, especially in the medium and long term, this way, the borrowing costs can be permanently reduced.