What is it about the advertising for the instant loan without Credit Bureau for the self-employed? Under what conditions can it be approved? Which loan providers are eligible. Stop bothering the advertising of Credit Bureau-free instant loans for the self-employed. The article identifies real credit opportunities and risks.
Instant credit without Credit Bureau for self-employed – starting point
An instant loan without Credit Bureau for the self-employed sounds like the loan solution that many self-employed are looking for. The credit opportunities for entrepreneurs, freelancers and other self-employed people in Germany are poor across the board. Due to the implementation of the Basel III agreement, it is hardly possible for a self-employed person to prove their personal creditworthiness. The set of rules that all banks and savings banks from Germany have to adhere to only offers credit opportunities for larger companies.
Documentation costs and the required professional software are worthwhile from a company size of 500 employees. The system simply does not pay off for smaller companies. On top of that, the market opportunity for smaller companies lies in the flexibility, which must be completely dispensed with in such a documentation system. Getting angry about it doesn’t help, alternatives to financing have to be found.
A creditworthiness that cannot be proven is deemed not to exist for the loan request. As a loan without creditworthiness, only foreign loans without Credit Bureau are advertised. What could be more obvious than looking for an instant loan without Credit Bureau for self-employed people abroad?
Foreign credit without Credit Bureau – who is qualified?
Credit Bureau-free loans, such as those offered in the newspapers and on the Internet, always refer to a small loan. The loan amount – without Credit Bureau – can be 3,500 USD or 5,000 USD. As far as is known, there is only one foreign bank behind all legal loan offers. Fine Bank from Liechtenstein has been granting legally Credit Bureau-free loans to Germans since 2010. The bank was founded in 2010. The Federal Administrative Court had, in a judgment in April 2009, practically swept the loan without Credit Bureau off the market.
Unfortunately, the self-employed cannot access such a credit directly. Only employees who have been subject to social security contributions for at least 12 months can qualify for the loan. The self-employed, as well as the unemployed, cannot be taken into account when lending. Guarantors are not permitted to secure loans. A confidant who fulfills the requirements is permitted to apply for the loan on a representative basis. The credit terms lack the usual clause that an application may only be made in one’s own economic interest.
As a proxy loan, the instant loan without Credit Bureau is at least conceivable for the self-employed. In the event of approval, the credit bank charges 11.62 percent effective annual interest for 3,500 USD credit for 11,000 USD for 5,000 USD credit. Both loan models are always repayable in 40 equal monthly installments. For 3,500 USD you have to pay 105.95 USD per month, for 5,000 USD without Credit Bureau it is 151.35 USD.
Despite Credit Bureau credit from Germany
Without moving the company’s registered office abroad, the Liechtensteiner loan mentioned is the only known legal secure credit option of the present. If the Credit Bureau score is not too bad (at least H), then a credit option from Germany opens up. For this purpose, the credit request is placed on one of the portals for private loan brokers. The market leaders have the most influx.
Private investors are not bound by the Basel III agreement when making credit decisions. You are free to submit your bid only according to your own ideas. Many types of funding that were considered impossible have already been approved in this way. Private investors rate the business idea and a loan to implement the ideas differently than the banking world.
Another reputable credit option can open up with the help of an established credit intermediary. A good choice in this case would be, for example, bon credit. With 40 years of experience in arranging difficult loans, opportunities can arise that “ordinary people” do not know.
Avoid risky credit options
An immediate loan without Credit Bureau for the self-employed is often desperately sought. The difficult credit situation leads to increased risks when looking for a loan. We are looking for direct contact to private investors outside of the protected portals.
It is possible to get a legal loan in this way. This is by no means certain. In the worst case, there is a risk of involvement in illegal money laundering transactions. An instant loan without Credit Bureau for the self-employed is extremely difficult to obtain, forcing it can have criminal consequences.