Credit without credit check | Meet various requirements
Loans are usually taken out in order to bridge a liquidity bottleneck and to be able to make purchases that would not be possible with your own financial resources. In order for banks and savings banks to grant a loan, the borrower must be able to meet various requirements. These can be summarized with the term “creditworthiness”.
What is the creditworthiness and which aspects flow into it?
The credit rating provides information about how good or bad a borrower’s creditworthiness is. It is therefore a basic prerequisite for taking out a loan and is made up of several factors. The better the borrower’s credit rating, the higher the chances of getting a loan, since the risk of default decreases with increasing credit rating.
The creditworthiness is determined in the course of an examination. In addition to the Credit Bureau, the bank or the savings bank also evaluates and assesses income, expenses and various other personal life situations. This evaluation determines the borrower’s solvency.
Every borrower must agree to the credit check. He does this by agreeing to Credit Bureau’s query and making the relevant documents on the bank’s income and expenses available for review. In addition, he voluntarily provides all other information about himself and his living conditions, so that it can also be used for the credit check. If the borrower did not agree to this review, the bank would not agree to a loan.
Does the house bank also check the creditworthiness?
If a loan is requested from the house bank, it will always check the creditworthiness. Because even if the current account is kept there, the bank has to get an idea of the current financial situation of the borrower. And this only works if the creditworthiness is checked.
Why there is no credit without a credit check
Although this may be difficult for some prospective creditors to understand, there is no loan without a credit check. No bank, no savings bank and no private investor will do without it. Nobody will take it and ask how the loan should be repaid. No lender will accept empty promises that the loan can be repaid without income. It just doesn’t work. Because where there is no money, none can be spent. And if you can repay the loan despite a lack of income, you have money somewhere and therefore would not have to take out a loan.
Therefore, everyone interested in credit should be aware that they will not be able to find a loan without checking their creditworthiness. Even if there is a corresponding advertisement here and there. It is just an attractant to recruit desperate people and in the end to pull the last cent out of their pockets. Because anyone who promises a loan without a credit check is – unfortunately – a charlatan who only thinks about his own financial needs and does not even intend to broker a loan. The seekers are then always chatted up a few insurance policies, which should significantly increase the chances of a loan without a credit check. Everyone should be aware that insurance companies will not do this. In this context, the borrower is also welcome to request a prepayment, with the help of which the “credit intermediary” wants to pay for his search for a suitable loan. But here, too, you will quickly find that there will ultimately be no loan without a credit check. Because it will definitely not be possible to find a lender who approves a loan without checking the creditworthiness.
Hence our tip: do not get involved in dubious offers that suggest a loan without a credit check. Rather, think about how you can improve your credit rating so that it justifies borrowing. A surety or a second borrower can do wonders in this regard.