A loan with an immediate approval is possible without credit bureau. Who offers these credit options, what are the differences to the “ordinary” online loan, the article provides the necessary information.
Instant loan without credit bureau – an ordinary online loan?
In terms of advertising, the “credit with immediate approval without credit bureau” is becoming more and more like the usual online loan offers. However, the contemporary presentation of the offers must not hide the special position. A loan without credit bureau, although it is heavily advertised, is a special loan. The offer to accept people with poor credit bureau increases the risk for the lender. The risk is offset by significantly higher lending rates. The money without credit bureau often costs more than an ordinary overdraft facility.
The credit comparison shows the clear price differences. Without credit bureau, credit options from 11.61 percent APR are currently being granted. A normal online loan with the same loan amount can already be found at a fixed interest rate of 4.75 percent APR. Without credit bureau, the money costs more than twice as much.
It is not only in terms of credit costs that there are clear differences between non-credit bureau loan offers and normal online loans. Long terms keep the rates low. Usually, the duration of online loan offers can be chosen very flexibly. Repayment periods of up to 120 months are possible even with small loan amounts. The term is specified for a loan without credit bureau.
Credit conditions without credit bureau
The majority of loans without credit bureau come from Liechtenstein. Choice options exist for the loan amounts. A variant with a net loan amount of 3,500 USD is offered. The second variant works with a payout amount of 5,000 USD. In terms of annual interest rates, both loan offers are almost the same. For the smaller loan amount, 11.62 percent effective annual interest is payable, for variant two it is 11.61 percent.
Both loan offers work with a fixed term of 40 months. Although early repayment of the loan is possible in principle, the lost profit must be compensated for by prepayment interest. A loan with a net loan amount of $ 3,500 is to be repaid in constant monthly installments of $ 105.95. The repayment amount is 4,238 USD. For the net loan amount of 5,000 USD, 40 constant monthly installments of ‘151.35 USD are to be paid. The total repayment amount is 6,054 USD.
The loan can be applied for directly from nice lenders in Liechtenstein or via any credit broker. The application options via an intermediary are usually more convenient. The loan application cannot be made directly with the provider as a loan with immediate approval without credit bureau. The credit check is only carried out after receipt of the written application.
Meaningfulness of the immediate approval
Each credit check is based on a catalog of requirements. In the case of ordinary online loans, the data entries are automatically compared with the requirements by a computer program. Without credit bureau, this data comparison is not so easy to automate. Most credit intermediaries therefore still check manually. The immediate confirmation is made, usually a little later, by e-mail.
There is no general answer to the question whether there are advantages to applying for an immediate loan without credit bureau through a credit intermediary. The credit intermediary can reflect the trend, but the credit decision is made exclusively by the paying bank