Credit Bureau collects data on the proper processing of loans and mobile phone contracts as well as on financial misconduct. She also assigns a score to private individuals. Before the loan approval, a financial institution makes a Credit Bureau request and at the same time reports to the credit protection department that a loan has been taken out. An immediate payment is available for loans if the customer receives the requested money within two bank working days after submitting the loan application.
Is immediate loan payment possible in Germany without Credit Bureau?
In Germany, as a Credit Bureau-free loan with immediate disbursement, almost only a pawnshop loan is available. In this case, the term “immediately” should be understood literally, because most pawn shops pay the loans they have made in cash at their cash register. However, the pawnshop loan is only suitable for small amounts and short terms, and it is also linked to the possession of a pledged item. Another option for obtaining a Credit Bureau-free loan with immediate payment is to borrow from an existing pension insurance scheme.
Since the borrower ultimately lends his own assets, it is not necessary to request or register the loan with Credit Bureau. This form of borrowing is not suitable if the pension contract is a Riester pension or a basic pension, since the mortgaging of these contracts leads to a loss of state pension support.
In a broader sense, the renewed use of an existing credit limit can also be rated as a Credit Bureau-free credit with immediate payment, since the credit protection is only informed about the existence of the credit limit, but not about its specific use, and there is no renewed request when the credit limit is used.
The loan from Swiss banks
In most cases, a Credit Bureau-free loan with immediate payment is issued by a Swiss or Liechtenstein bank. Since the federal credit banks are not Credit Bureau contractual partners, they do not receive any information about any existing entries.
You report the lending to the credit protection in Switzerland, which in most cases has no data about the German customer yet. The loan amount is usually limited to 3500 dollars. The usual processing time is significantly more than two bank working days, but some Swiss banks grant the Credit Bureau-free loan even with an immediate payment.