In most cases, the application for a loan without Credit Bureau and without an employer results in a rejection, because if you cannot show an employer, you will not be able to make the monthly installment payments, at least as many banks think. This is not surprising, because to settle the due installments, there must always be a regular income, which is then used to make the payments.
If you have very little or no income, you simply do not have the necessary buffer to continue to burden yourself financially with installment payments month after month. The bank also recognizes this fact and therefore almost always rejects the loan without Credit Bureau and without an employer. Affected people can of course still dare to try, because reputable banks do not charge any costs for the application, so that ultimately a rejection did not cost the affected person more than a little time.
The loan without Credit Bureau and without an employer can be made possible if the applicant can provide a guarantee to the bank. This person will then be included in the loan agreement and made liable if the borrower is no longer able to meet the due payments on time.
Improve creditworthiness in the long term
Every borrower should aim to increase their creditworthiness in the long term so that a loan can be taken out more easily and on better terms in the future. Of course, this is usually easier said than done, but you should always request your own Credit Bureau entry in order to be able to determine whether all entries have been recorded according to the truth. The Credit Bureau is by no means error-free, which is why not all old debts are removed from the entry as it should be.
If too many of these negative comments accumulate, the Credit Bureau rating is significantly reduced, which also noticeably reduces the creditworthiness. A loan without Credit Bureau and without an employer is always realized without a check by Credit Bureau, although a negative Credit Bureau cannot be a reason for rejection, but it can of course still reduce the borrower’s credit rating.
Because if you as the applicant explicitly want a loan without checking the Credit Bureau, you usually have a negative rating – a fact that is of course also known to lenders. If there is no employer, the Credit Bureau entry is only secondary anyway, because the lack of income could not be compensated for by a good Credit Bureau rating. The only solution left here is a guarantee or a personal loan.