Credit without bank information, or just with? For many credit seekers, the boundaries are often not fully transparent. As a rule of thumb, a private customer is usually “good” for a loan without bank information, provided that he can demonstrate a regular employment relationship. The search for credit for self-employed and freelancers is different. They can not provide the bank with monthly pay slips and they do not have the regular income available to the employee. From the bank’s perspective, their creditworthiness is initially questionable.
Private persons: credit bureau or bank information?
German banks use the credit bureau information to check their credit standing for private customers who are in permanent employment. The Bank also prepares a revenue and expenditure account to highlight the economic situation of the applicant. If this credit check runs satisfactorily, then there is nothing in the way of a credit. Anyone who receives a rejection from his or her bank after a loan request is often given the following reason: No credit without bank information. What happened in the background? As a rule, a negative credit bureau entry stands in the way of the loan approval.
Other rules apply to self-employed
Freelancers and the self-employed are confronted with a well-known dilemma: In the start-up phase of their self-employment – especially when start-up funding is welcome – the business climate with credit institutions is often difficult to bear because of the lack of credibility. It lacks the regular fixed income, which could prove creditworthiness. Since this is not the case, banks and savings banks check the creditworthiness of these clients by means of bank information. This serves to determine the economic conditions of the loan applicant and to explore the limit of creditworthiness.
Without consent, this is not possible. The bank requires the written consent of the customer. If this is granted, the bank obtains bank information about the bank account via which an applicant handles its payment transactions. The applicant’s house bank consulted in this way delivers to the customer account a standardized form for the bank information, on which the bank employee answers by ticking the listed questions. The form provides information on the duration of the existence of the bank account, whether payment obligations are met on time, a discretionary credit has been granted and whether this is claimed, etc.
Upon receipt of the bank information, the bank receiving a credit application will assess the information provided. This assessment is included in the final credit decision. If the bank information is negative, no credit approval will normally be granted unless the applicant is willing and able to offer additional collateral (eg real estate ownership).
Credit without bank information is “faster”
A loan without bank information can be processed and approved in a much shorter time, because the time-consuming bank information procedure often takes several days, even weeks to complete. In the case of a loan with bank information, for this reason, no instant loan can be made. In the case of loans without bank information, intermediaries often work to obtain and rate offers from foreign banks on behalf of their clients.
Often, funds for the loan without bank information come from banks in Switzerland. The loan is then without credit bureau entry, but – even in advance – without bank information. The following also applies to the credit to be granted in this way: sufficient collateral must be provided, as the loan must be fully repaid in accordance with the contract