The prerequisites for borrowing are not always what banks want. Because life sometimes writes its own stories, which play apart from a good credit rating and the resulting permanent employment. All of this is generally not a big problem, since everyone can shape their own lives the way they want them to.
It only becomes problematic if a loan is to be taken out, the requirements of which are so narrow that life can only be partially reconciled with it. In such cases, a loan with guarantors must be looked for despite Credit Bureau. These are available in a wide variety of forms and at very pleasant conditions.
Why Credit Bureau is so important for borrowing
In Germany, banks and savings banks hedge very well before approving a loan. They want to know exactly who they are lending money to and what the borrower’s financial behavior is like. If this shows itself to be inconspicuous in its financial activities and it has not accumulated any negative entries in the Credit Bureau, everything is fine and a loan is granted if the income also fulfills all the necessary requirements.
However, if the Credit Bureau is peppered with negative entries, this means in most cases that the prospective customer does not regularly meet his payment obligations and has therefore accumulated debts. For banks and savings banks, this means a significantly higher risk of default, which of course they do not want to take on. You reject the loan application or make the condition that only a loan with guarantors can be taken out despite Credit Bureau.
What does a surety do?
In the case of a loan with a guarantor despite Credit Bureau, the guarantor can be regarded as a second borrower. Even if he does not apply for the loan, but only signs it, he is fully liable for it. That is, whenever the borrower does not meet his payment obligations. The bank then turns to the guarantor and requests that he take over the installment payments. A surety thus brings more security to the loan and reduces the risk of default for the bank.
So that a loan with guarantors can be realized despite Credit Bureau, it is very important that the guarantor has no problems with Credit Bureau. He has to incorporate the positive Credit Bureau into the loan that the bank wants and that the actual borrower does not have. Only if this is the case can the loan with guarantors be approved by the bank despite Credit Bureau.
Tips for a loan with a guarantor despite Credit Bureau
If you are interested in a loan with a guarantor despite Credit Bureau, then you should not take advantage of the first best offer, but compare several offers with each other. If you are looking for a simple installment loan that you can customize, then in the best case use a comparison calculator for your comparison. Remember that you can only get the loan with guarantors due to your deficient Credit Bureau. This will affect the effective interest rate, which will be slightly higher than for borrowers who have a good Credit Bureau. Despite all this, you will find many loan offers that match your requirements.
Think very carefully about the desired loan amount and the amount of the monthly installments. If you already have financial problems that are the reason for the negative Credit Bureau, then you have to consider carefully whether a loan is worthwhile and the solution to the problems. Choose the amount of the installments carefully so as not to create an excessive financial burden. Always remember that if you cannot pay the loan, you will charge your guarantor. And this is certainly not your goal.
Tip: It is often the direct banks that hold the cheap offers around a loan with a guarantor despite a negative Credit Bureau. An intensive look at the Internet is definitely worth it.