For consumers with bad private credit entries who do not receive a regular loan, loans without private credit are just as much an option as they are for those who do not want to burden their private credit score. But because there are lots of black sheep in this market segment, borrowers should be careful to get a realistic and serious offer. The following tips can help:
How high are the costs?
Lock offers such as extremely low interest rates or the promise of an instant loan without private credit should make those interested suspicious. Even with smaller sums, borrowers must be able to secure collateral. Obtaining an instant loan without a private credit query is actually impossible.
This distinguishes reputable providers
However, serious providers such as can already be identified in advance with some criteria. For example, these do not charge any costs for a mere comparison or even the placement in advance. After all, there is no guarantee that the loan request will actually be granted a positive result. For the consumer, therefore, the money he paid in advance is lost in the event of cancellation.
Reputable providers do not send the personal loan documents by surname. This is just another possibility that is used by dubious providers to demand a detour.
The sale of further services is waived. For example, some providers are trying to sell bankruptcy advice to over-indebted customers. However, a large part of these consultants are not authorized, some do not even have the necessary qualifications for it.
Furthermore, serious providers offer an easy and cheap way to contact. Expensive hotlines are an alarm signal.
So the loan without private credit is requested
Once a suitable provider is found, the borrowers should first determine how much money they actually need and what loan amount they can really afford. This helps a household bill, in which all income and expenses are compared. This makes it possible to quickly determine what rates consumers can afford at all.
Subsequently, the offers of different providers should be compared with each other, as they can sometimes differ considerably. Once that’s done, the application for the loan can be conveniently placed online.