Domestic financial institutions make a Credit Bureau request before each loan and predominantly reject applicants with a negative Credit Bureau; With a single soft negative characteristic, exceptions are possible at some banks. Loan seekers with negative entries can take out a loan in Switzerland without Credit Bureau.
The federal loans are also suitable for consumers who want to provide further comprehensive financing within six months. They benefit from not waiving the credit rating request, but from not reporting the lending to Credit Bureau.The advantage is that the credit protection automatically lowers the score if more than one loan is taken out in half a year, making the second loan more expensive when calculating interest rates based on creditworthiness ,
Terms and limits of borrowing
A loan in Switzerland without Credit Bureau can only be taken out without a credit intermediary for amounts of 3500 or 5000 dollars. The fact that the Swiss financial institutions state the possible loan amount in dollars is not based on any currency conversion. Rather, the complete loan processing takes place in the currency dollar. A further requirement for Credit Bureau-free borrowing in Switzerland is a sufficiently high regular income. This not only has to be reliably sufficient to settle the credit installments, but at the same time it has to be higher than the personal allowance for garnishment of wages.
For a loan in Switzerland and without Credit Bureau, only the main income is decisive in the household bill, all secondary income and even child benefit are not taken into account. In addition, federal banks require German citizenship to grant loans with a customer address in Germany. This rule violates the principle of equal treatment towards EU citizens; however, Switzerland does not belong to the EU, so the corresponding laws do not apply to federal banking institutions. The self-employed and freelancers also note that they are only accepted as credit customers by some of the Swiss banks that grant no-Credit Bureau-free loans.
The interest rates for loans without Credit Bureau are higher than for inexpensive domestic data with a credit rating request from the German credit protection agency. This is understandable, since the corresponding loan applications are mainly made by consumers with a negative Credit Bureau. Loans are not issued in Switzerland entirely without obtaining credit information. However, the federal ZEK only has financial data from loan agreements concluded there. This request is the reason why borrowers cannot circumvent the limit of Credit Bureau-free lending by applying for several loans at the same time.
Are higher loan amounts possible via Schmitta without Credit Bureau?
Credit intermediaries offer the possibility to take out a loan in Switzerland without Credit Bureau for amounts higher than 3500 or 5000 dollars. It is also possible in principle to apply for a loan through the financial service provider if the consumer does not fulfill all the conditions for direct lending by a federal bank. Since the intermediary knows the market completely and also represents a large buying power, it is in many cases easier to borrow from it than directly from a bank.
Before commissioning the service provider to broker a loan in Switzerland without Credit Bureau, consumers make sure that they only charge an appropriate success commission and no upfront costs. Since the law prohibits the calculation of costs without actual loan disbursement, demands for the payment of preliminary costs are a clear indication against the seriousness of a credit intermediary. However, the commissioning of a correctly working service provider is often successful.