German credit institutions require positive – i.e. non-negative – Credit Bureau endorsements and a good credit rating by submitting a sufficiently high, recurring income for the granting of a loan. Consumers who cannot adequately follow these ideas are looking for alternatives. A credit with no credit rating from Switzerland therefore offers an attractive way to get the desired loan amount.
The Credit Bureau is not an exclusion criterion
The Credit Bureau agreement is subject to a national agreement between banks based in Germany. Both EU member states and other countries do not have to follow this file. For a credit with no credit rating from Switzerland, proof of income is sufficient, which confirms the monthly income or the job. The so-called “Swiss loan” is paid out up to a maximum of EUR 3,500. Ultimately, the amount of credit available depends on the borrower’s income. The banks set their own standards, so that a blanket statement cannot be made.
Advantages of Swiss loans
Due to the lack of Credit Bureau information, the borrowed amount is not noted at German banks and therefore not at the expense of the borrower. So if you want to apply for a loan from a bank in Germany at a later date, the “Swiss loan” will not apply. In addition, many credit intermediaries have specialized in brokering loans from Switzerland, which is why a credit with no credit rating from Switzerland offers a wide range of offers to those interested through high market transparency.
A credit with no credit rating from Switzerland is usually processed by an intermediary. This calculates the fees that should be carefully checked by the consumer. Intermediaries who, for example, act not in the interest of the customer but in the interest of the bank, suggest the lender with the highest interest rate. While both intermediary and bank can record a high profit, the good faith customer is relieved of his money. Despite the apparently favorable opportunity, the credit without a credit rating from Switzerland should be examined carefully.