No longer possible since 2009
It was only in 2010 that an alternative was created that enables all legal requirements for lending to Germans and the exclusion of private credit checker. A newly founded bank in Liechtenstein has stood behind the only legal, private credit checker-free bank loan for Germans, as far as can be seen. Only credit advertising continues to use the buzzword “Swiss credit”.
Brokers based in Switzerland, such as Bon Kredit, draw attention to their credit brokerage services. If you want to take out your loan in Switzerland, you can do so through one of the intermediaries there or apply directly. Before reading the name of the bank, please continue reading the request. You will see that excluding a reputable broker does not bring any benefits.
Liechtenstein loan – who grants the loan?
Credit without private credit checker for Germans comes today from Capital credit bank from Liechtenstein. The credit institution is subject to control by the General Market Authority (GMA). Eligible for applications (as of May 2016) are consumer loans in the amount of 3,500 USD or 5,000 USD without proof of creditworthiness from private credit checker.
The loan application is made directly or through an intermediary. The broker bears the agency commission directly if interested parties take out a loan in Switzerland. The agency fee is included in the loan costs. If you apply without an intermediary, only the bank saves. When applying directly, customers have the disadvantage that no preliminary credit check has been carried out.
Personal expenses of the applicant, such as costs for a certification or the application by post ID, would be invested in the “blue haze”. However, faster payment or loan processing, as some advertisements suggest, is not dependent on the application through an intermediary. The bank processes loan requests in the order in which they are received.
Prerequisites for lending free from private credit checker
We advise people who take out their loans in Switzerland to erase the whole range of brisk advertising slogans. Solvent borrowers are only offered the chance to shake off the blemish of a “not completed” negative entry. Lending is not done without proof of creditworthiness, EV, warrant or bankruptcy.
Instead of the private credit checker, the public debt register of the responsible local court is requested to prevent exactly such credit efforts. Proof of creditworthiness is provided by the income that is subject to social security contributions and the permanent employment contract. The amount of the required net work income depends on the amount of the loan and the individual garnishment limits.
Applicants without maintenance are required to earn at least $ 1,130 net for a $ 3,500 credit. With three dependent persons (e.g. wife and two children) it would be 2,130 USD. For 5,000 USD credit, the figures are 1,600 USD without maintenance with three maintenance persons 2,550 USD.
Outside the trial period, the employment contract must exist for USD 3,500 for 12 months, for USD 5,000 net credit for at least three years.
Loan terms – loan costs and terms
Only two credit models are currently offered for foreign loans for Germans. 3,500 credit and 5,000 USD credit, repayable in 40 equal monthly installments. This results in a monthly installment payment of 105.20 USD or 150.30 USD for 5,000 USD credit. The bank shows an effective annual interest rate of 11.15 percent for 3,500 USD and 11.16 percent for the larger sum.
Capital credit bank specifies interest costs for the agreed term at 708 USD for the small private credit checker-free loan. For the large variant, 1,012 USD would be charged interest costs. If you take out your loan in Switzerland, the bank offers a special feature regarding the start date for installment payments. Every loan repayment begins with a break in payment.
The installment payment is due for the first time in the month after next after the conclusion of the contract. This explains why some information about Swiss credit is 42 months.