In Germany, the credit rating always decides on the granting of a loan. Different values are anchored in the creditworthiness, which as a whole then give the value that is referred to as creditworthiness. Among other things, the income, the Credit bureau and personal life circumstances are included in the credit rating.
The credit rating is not good for many people. You earn too little or already have debts. The banks will refuse a loan application under such conditions because the collateral is missing. No wonder that in such a case, many try to get an instant loan without a credit check. But it’s not that easy. Because serious banks will not grant such an instant loan without a credit check. And all other offers that go in this direction should be approached and evaluated with great caution.
Why an instant loan without a credit check is not always good
If you are guided by an offer that promises an instant loan without a credit check, then you should be very careful. Because such an offer cannot come from a reputable bank. Rather, it hides credit intermediaries who want to address customers who are in financial need with such lure offers. Because if you can’t borrow money in the regular way, you grab every straw that comes up to get the money you want.
How to take out a loan despite everything
If your credit rating is not sufficient for a loan and you could therefore only take out an unsecured instant loan without a credit check, you are well advised to look for another way to get a loan. With a co-applicant, one could bring the creditworthiness to such a high level that a loan or an immediate loan would be possible again in the regular way. For this, the co-applicant should have a good to very good credit rating, which includes a high income, a secure job and a positive Credit bureau.
You can also make a difference if you can offer collateral for the loan. These are very important, especially with larger loan amounts. Banks are happy to see insurance or valuables in this context. With residual debt insurance, you can also provide additional security, since the insurance will step in if you become unemployed or unable to work. If you die, the residual debt insurance will also take over the outstanding loan amount.
So there are some good ways to avoid an instant loan without a credit check and prefer to take out a serious and inexpensive loan from a bank. Because even if the chances of a credit without creditworthiness are very small: If it does come about, then you can assume that the interest and fees will be very high and that you will have to spend a lot more money in the end than with a regular loan.