Loan without credit bureau query: to be or not to be?

First of all: If you are looking for a loan without a credit bureau query, it almost always means that a loan from a bank was previously rejected. And even if you often read negative things in the media about credit bureaufree loans, one thing is certain: For some, such loans are the only way to get money. If you are well informed, nothing can go wrong.

credit bureau-free, but not without conditions

credit bureau-free, but not without conditions

If you look at our main page, you can see from the list of credit providers that creditworthiness is also checked for credit bureau-free loans. Age, income, current loans, profession, etc. belong to standard questions, which are also queried from alternative loan providers. After all, everyone wants to make sure that the loan can also be repaid. And if smava has a minimum income of $ 800, Viloan wants to see $ 1,130 per month.

Reliable provider

Reliable provider

Reputable providers do not charge processing fees. All credit providers on our site are included. They finance them through commissions, not fees.

Another characteristic of seriousness is cost transparency. Reputable providers make their contracts understandable so that in the end a borrower is never surprised with unexpected costs.

A credit provider is also trustworthy, if not from the outset various additional products such as insurance or additional contracts for others
Services need to be completed.

Disadvantages of loans without credit bureau

Disadvantages of loans without credit bureau

The advantages are obvious: you can get a loan even with very bad credit bureau. But what about disadvantages? There are, as with many things. For example, the amount of credit bureau-free loans cannot be as high as that of normal ones. This is often less than $ 10,000. Furthermore, such loans are somewhat more expensive than bank loans. But there is normal logic behind it. The credit default risk is higher because loans are granted without a credit bureau query. The providers secure themselves with higher interest rates. You can also rarely choose the term for loans without credit bureau, which is not the case with bank loans.

Conclusion: Before deciding on a loan without credit bureau, you should perhaps check the entries at credit bureau. Once a year it is possible free of charge. It is not uncommon for old entries to affect the granting of bank loans. These can be deleted. If it doesn’t work, you can still get a credit bureau-free loan. The lending conditions for such loans are less stringent, even if creditworthiness is still checked. It is important to find a reputable provider and to deal with advantages and disadvantages so that there are no surprises after the contract is signed.