Every now and then most people need a quick approved loan. Even people with bad Credit Bureau values come into this situation every now and then. The money is often used for necessary things. For a new refrigerator because the old device is defective, or for the repair of the required car.
Credit Bureau is a protection association for the banking industry. The usual banks and lenders collect their customer information here. However, Credit Bureau does not issue any targeted information, but only determines a so-called score. This score mainly results from the customer’s previous payment behavior, but factors such as place of residence or age also play a role here.
The number of credit inquiries is also included in the calculation. You can request your own Credit Bureau score once a year from Credit Bureau free of charge. If you have a bad value, you usually don’t even have to ask for a loan. But what if the instant loan is urgently needed despite a negative Credit Bureau?
House bank or credit broker?
Your own house bank knows you best. Sometimes you can ask here. The greater chances are offered if the amount is kept as low as possible. It is therefore an advantage to consider exactly what is really needed. Together with a moderate installment plan, your bank sometimes pays out a loan despite a negative Credit Bureau.
Another option is banking institutions that are not affiliated with Credit Bureau. As a consumer, this can usually only be achieved through credit brokerage. Such mediations always charge a fee. If this fee is not requested in advance, then it is included in the loan amount and makes the loan more expensive in this way. Great care must be taken here.
There is still the possibility of a mortgage. A deposit is deposited with the lender, for which the loan seeker receives a loan in the maximum amount of the deposit. A well-known example of this are pawnshops. The loan is generally granted for 90 days. This variant is therefore only suitable for very short-term loans. In conclusion, it can be said that it is difficult to get an instant loan despite a negative Credit Bureau.