Is there a loan without Credit Bureau with a limited contract? If so, who offers it and what loan conditions can be expected? The article provides more information on the delicate issue of Credit Bureaufree credit with a fixed-term employment contract.
Loan without Credit Bureau, with a limited contract – difficult starting point
The chances of success for a loan with a fixed-term contract are fundamentally very poor. Almost every credit institution requires a permanent employment contract for lending. In the age of precarious employment, a credit crunch due to the temporary contract is not uncommon. Most employers take the opportunity to hire only for a limited time. Limitations between 12 months and 24 months are common, which are then extended, similar to a permanent trial period.
Anyone who is “caught” in such an employment relationship has hardly the opportunity to finance larger purchases on credit. If at least the Credit Bureau is in order, a guarantor can cut the “Gordian knot”. With his good credit rating, he can guarantee that the loan can be approved despite a fixed-term contract. The guarantor cannot help with a loan without Credit Bureau, with a temporary employment contract. Credit Bureau-free loans, which, as far as is known, can only be legally granted to Germans by a foreign bank, are loans without a guarantor.
Nevertheless, credit options without Credit Bureau are advertised for almost every financial situation. Advertising is mostly backed by credit intermediaries who want to get attention with all their might. If a loan without Credit Bureau is advertised with a limited contract, then it is a special case. In principle, advertising is not a lie. There is actually an exception that enables the Credit Bureau-free international loan with a temporary employment contract.
Exceptional rule – Credit Bureau-free loan with a temporary employment contract
According to all research, since 2010 there has only been Fine Bank from Fine Bank as a legal, Credit Bureau-free financing option for Germans. The Fine Bank loan is also usually only granted to interested parties with an open-ended contract. Even a minimum period of employment, from the last 12 months with the same employer, is required. There is an exception rule that allows a loan without Credit Bureau with a fixed-term contract.
Bundeswehr members are exempt from this strict rule. All you have to do is submit a certificate of employment that shows that you have been employed for at least another year. A Fine Bank loan without Credit Bureau is also only possible under these conditions, even with a temporary employment contract. However, there are no other exemptions for members of the Bundeswehr. Your salary must at least significantly exceed the seizure allowance. In addition, there must be no entry in the public debtor register.
The loan terms on which a loan is granted without Credit Bureau are again the same for everyone.
Credit conditions – without Credit Bureau despite a fixed-term contract
A Swiss loan without Credit Bureau with a limited contract can be applied for in the amount of 3,500 USD or 5,000 USD. For the loan amount of 3,500 USD, the credit bank calculates an effective annual interest rate of 11.62 percent when applying for credit directly. The loan is repaid in 40 equal monthly installments of USD 105.95. As a single person without any maintenance obligations, the prospective customer must prove a net income of at least 1,130 USD. A total of $ 4,238 of the $ 3,500 loan will be repaid.
If the applicant has to pay for a person who is subject to maintenance, the net work income to be proven increases significantly. A married person without children or a single parent with one child must earn 1,550 USD net monthly income in order to be qualified. Social benefits from the state, such as child benefit or parental benefit, cannot be taken into account. The minimum income can be estimated using a rule of thumb for a 3,500 USD loan without Credit Bureau with a limited contract. The net labor income should exceed the garnishment limit by more than 80 USD.
If a loan without Credit Bureau in the amount of 5,000 USD is to be used, the credit bank calculates an annual percentage rate of 11.61 percent. This loan amount can also only be paid in 40 constant monthly installments, this time at 151.35 USD each. Without any maintenance obligations, a single applicant must provide USD 1,600 in monthly net income for USD 5,000 in Credit Bureau-free loan. A total of 6,054 USD will be repaid for 5,000 USD of Credit Bureau-free credit.
Anyone who does not get a chance as a time soldier to get a loan without Credit Bureau one with a limited contract has a credit problem. As far as is known, all reputable credit brokers only offer this legal credit without Credit Bureau. The change of the credit intermediary does not solve the problem.