More and more borrowers are struggling with difficult conditions when borrowing today, for example because they have a negative Credit Bureau or a low earned income. A few years ago, there was almost no way for this growing group of people to find a loan – especially not at attractive interest rates.

Today, despite Credit Bureau and poor creditworthiness, a loan is available from numerous banks, primarily online and direct banks on the Internet, also market loans with a negative Credit Bureau.Particularly, the loan offers are loans despite Credit Bureau and poor creditworthiness, for which Credit Bureau provides information lending is not taken into account. By not providing Credit Bureau with information on lending, this cannot have a negative impact on the creditworthiness of the borrower when borrowing.

However, the borrower must expect a slightly higher interest rate, which is mainly due to the bank’s higher risk in lending. As a negative Credit Bureau loan is now offered by many banks, borrowers should not avoid the loan comparison before the contract is signed. Numerous financial portals help the borrower today and provide a loan calculator for free use.

Borrowing despite Credit Bureau and poor creditworthiness – the borrower must meet these requirements

Borrowing despite Credit Bureau and poor creditworthiness - the borrower must meet these requirements

In order to take out a loan despite Credit Bureau and poor creditworthiness, the borrower must above all meet the income requirements of the banks. As a rule, loans without Credit Bureau require a certain earned income so that the repayment can be secured. In addition to a high and regular income, borrowers should also meet the general conditions of the banks in terms of loan amount and term.

In addition to the individual criteria, borrowers must also observe the legal framework when taking out a loan without Credit Bureau. Borrowing requires that you are over the age of 18. The unrestricted business ability is just as important for the borrower as a permanent residence in Germany and the ability to identify yourself with an official photo ID.

Taking out a loan with a negative Credit Bureau – This is how borrowers can secure attractive interest rates

Taking out a loan with a negative Credit Bureau - This is how borrowers can secure attractive interest rates

Borrowers with a high and regular income can raise hopes of low interest rates, as the bank assumes a lower risk of default. The same is expected of borrowers who opt for a low loan amount and a short term. Short terms and low loan amounts also help to reduce the risk of default and capital commitment for the bank.

By choosing a short term, there is another positive side effect, the borrower can reduce the remaining debt faster thanks to the high repayment. In practice, a quick reduction of the remaining debt leads to lower interest costs, since the interest costs are determined by the remaining debt.