There are sentences that pose more problems for people: “The alternator is gone” or “the insurance company unfortunately does not pay for these drugs”. In this case, a loan is often the last resort from the emergency. But what do the people do who have a negative Credit bureau entry and therefore are actually not eligible for a loan? How can you get a loan despite a negative Credit bureau entry?
Credit despite negative Credit bureau entry: What does that mean exactly?
If you want a loan despite a negative Credit bureau entry, you actually require two things from the bank: firstly, you hope that the financial institution will ignore the corresponding entry with Credit bureau, and secondly you want the bank not to make the entry either Protection Association for General Credit Protection reports because this would worsen the corresponding entry even further.
The Credit bureau entry itself is a risk assessment for the bank, which the protection association draws up on the basis of the economic information it has gathered about the applicant (other loans, insurance, consumer contracts (cell phone, telephone), etc.).
Credit despite negative Credit bureau entry: the possibilities
Ultimately, a person who wants to get a loan despite a negative Credit bureau entry has exactly three options to achieve this goal. It can convince the German bank to grant a loan, it can ask a private person to give it a loan or it turns to a foreign bank. The first two variants are particularly recommended. However, only under certain conditions. It is easiest for German banks to convince a guarantor who is liable for repaying the loan if necessary.
A suitable guarantor is a person who has sufficient economic opportunities and whom the bank already knows if possible and with whom they maintain a relationship of trust. If you take the loan from a private individual, you should turn to Joy or Family, because it is the easiest way to negotiate the loan terms.
If you do not want this or you do not have a suitable guarantor at hand, you can still contact a foreign bank that operates on the Internet in Germany. However, many of these financial institutions have a bad reputation. In order to find a reputable provider, you should definitely invest the necessary research work and consult various platforms on the Internet that provide you with comparisons and tests from different providers.
In addition, you should also look for reports from previous customers of these offers for a loan despite a negative Credit bureau entry.