Credit Bureau-free loans are loans for which no Credit Bureau query is carried out. In addition, no credit is entered there. German mail order companies often do without Credit Bureau information when paying in installments to existing customers. The pawnbroker also issues cash without Credit Bureau information, in the case of adequate valuables.
Credit Bureau-free loans are mostly foreign loans that come primarily from Switzerland. Credit intermediaries advertise these loans in the print media and on the Internet. This form of credit has no Credit Bureau query and does not report any credit there. If a Credit Bureau-free loan from Switzerland has already been approved, there may be an increase in credit if the creditworthiness is appropriate. To top up a loan is to increase the amount of a loan that has already been approved and paid out. The advantage over a new loan is that all repayments are given to a lender. In addition, a loan that has been successfully paid off so far is a good internal credit rating feature. Topping up a Credit Bureau-free loan shouldn’t be a problem.
Increase the Credit Bureau-free credit
If you have already taken out a Capital lender loan, it is easier to top up a Credit Bureau-free loan than to take out a new Credit Bureau-free loan. Although the borrowing was not reported to the German Credit Bureau, it is reported to the bank. It is customary for Capital lender banks to only issue a new loan after the old loan has been repaid. It should be said that the Capital lender only approve an increase in a current loan if the loan amount still to be paid is less than 1,200 USD.
Most Capital lender financial institutions only grant loans in the amount of 3,500 USD, so that an additional 2,300 USD could be borrowed at the time of the increase. If the experience the bank has had with the customer is positive, then a larger loan amount will be granted, all with sufficient creditworthiness. It is a prerequisite, of course, that there were no payment defaults during the term of the loan. Approval is also only given if the income has not changed compared to the initial loan. The age restriction that applies to these banks also remains in place when the amount is increased. At the age of 60, Capital lender banks stopped lending.
The first loan is therefore summarized when approved and the interest rate is redefined with the status of the redemption date. If you want to increase a Credit Bureau-free loan, you can be sure that the increase will not be reported to Credit Bureau.
If the loan had already been concluded in 2009, then these loans cannot be increased. Fidium was a major provider until 2009, when the Federal Administrative Court banned him from entering into credit agreements in Germany. That is why Lite Lender , based in Liechtenstein, was founded in 2010. Almost all Credit Bureau-free loans run through them. The modalities of how to manage the credit increase have been described above.
For all those who want to apply for a new loan, a credit broker must be commissioned. The same applies to the increase in the loan. For a loan of more than 3,500 USD, a single person must have a net working income of 1,130 USD, for a loan of more than 5,000 USD it is 1,600 USD. When applying for an increase, the loan seeker should at the same time fulfill his wish for an increase. There is no prepayment penalty, as is often the case with other loan agreements. The difference of 1,200 USD up to the desired loan amount is transferred or can be paid out by post.
Pay attention to a reputable credit broker
The search for a loan broker should be careful. The best thing is to make a loan comparison and choose the best provider. Conditions and the credit requirements should be evident. A Credit Bureau-free loan can then be topped up using an online form that is sent to the credit intermediary. This will use the data provided to check whether a loan can be approved. This is followed by the sending of the credit contract, which is signed and sent to the lender with the required credit documents. The latter will issue the allocation based on the documents and, in this case, the existing loan.
It is important to ensure that a credit broker works properly. Anyone who asks for upfront fees or makes insurance dependent on a loan commitment should not be hired. A reputable credit broker works on a commission basis and will only calculate his fees or include them in the loan agreement after the loan has been approved. If you want to top up your Credit Bureau-free loan, you can also contact Sigma Kreditbank directly. The advantage is that there are no additional fees for the credit intermediary.