The cash loan without Credit Bureau information is better known under the term housewife loan. This type of loan is particularly often advertised as a foreign loan without Credit Bureau or Swiss credit. The article reveals more about the possibilities and restrictions of these special loans.
Cash credit without Credit Bureau information – the differences
The cash loan without Credit Bureau information is not an ordinary loan. When granting the loan, the lender dispenses with the most important means of credit checking today. The Credit Bureau is not queried. In addition, the loan is not entered in the Credit Bureau. It is practically invisible to ordinary credit institutions. Regardless of whether a negative Credit Bureau entry is the trigger of the wish or not, the loan is therefore a risk loan.
Another difference to the usual loan from the house bank is the payment method. If approved, the loan amount will not be transferred to the account. It is paid out in post. Normally, no cash arrives by post. Payment is made by check. This check must be exchanged for cash at every post office. The wish to completely disguise the loan is thus fulfilled.
Who grants housewife credit without Credit Bureau?
Housewife’s credit or Swiss credit without Credit Bureau is an invention of the credit brokerage industry. People with a poor credit rating who do not get a loan from their house bank are at least to a limited extent creditworthy. The lender mostly limits the credit risk by restricting the loan amount. A normal loan without Credit Bureau takes place within a maximum of 3,500 USD. Above this amount, hardly any provider is willing to grant a loan.
In addition, unlimited access to this loan option may not be required. A cash loan without Credit Bureau information is a risk loan, but repayability and credit security must be guaranteed. To do this, the provider checks the income situation and uses the information of other information service providers than Credit Bureau. If the employment relationship is secure and not terminated, there is no garnishment of the wages, the loan approval is often very simple. An assignment is signed. In an emergency, it ensures that the lender has quick access to earned income.
Possibilities of securing loans for risk loans
Assignment of wages is unfortunately not always enough to remove doubts about creditworthiness. It may be that the lender or credit intermediary wants to get an impression of the spending situation. The bank statements of the past three months are an adequate means of doing this. Abnormalities, such as payments to a collection agency or chargebacks due to a lack of coverage, worsen the credit opportunities.
In such cases, additional credit protection measures are required. In this case, the credit broker or direct provider for the cash loan without Credit Bureau Information requires security or a guarantee.
The guarantee of a solvent guarantor is the easiest solution to the problem. His joint liability minimizes the credit risk for the lender. Security can be a little more complicated to implement, but no less effective. The vehicle letter of the paid vehicle or a capital-building life insurance policy can help with the approval.