If a country is known for its financial transactions, it is Switzerland, so it is not surprising that it was also Switzerland that German credit customers discovered. Swiss loans have been around for many years, hiding a loan without Credit Bureau. But what exactly does a Credit Bureau-free loan mean and why do these special loans come from Switzerland?
Swiss loans without Credit Bureau information & Credit Bureau entry
If you want to take out a loan in Germany, you cannot do this without first checking the data with Credit Bureau, which provides information about how the customer’s payment behavior in the past was and whether he should be classified as creditworthy. If the Credit Bureau query is poor, for example due to a negative entry, no loan can be granted. With a negative entry in the Credit Bureau you will get a credit cancellation at almost every bank in Germany. Banks in Switzerland have recognized this problem of German credit customers and have developed a loan tailored to them, the loans without Credit Bureau or Swiss loans.
The term Swiss credit has become a synonym for Credit Bureau-free credit, since in the beginning loans without Credit Bureau were almost exclusively loans from Switzerland. If one therefore speaks of a Swiss loan, the loan is meant without asking Credit Bureau. Loans from Switzerland do not request the data from Credit Bureau, since Credit Bureau is a purely German institution.
Banks in other countries have no interest in Credit Bureau’s information and data and therefore do not play a role in the granting of a loan. In addition, loans from Switzerland are not recorded in the Credit Bureau, so they do not stand in the way of future loans and financing and do not influence the score.
Small loan from Switzerland even with negative Credit Bureau
However, Swiss loans still have a peculiarity, they are only granted up to a certain loan amount, depending on the provider, a maximum of 3,500-5,000 USD can be granted. As with German banks, a prerequisite for lending for loans from Switzerland is proof of regular income and a permanent employment relationship, which must have existed for at least six months.
Swiss loans can be applied for through a credit intermediary in Germany who will regulate everything else.