For those who don’t want to save on a big dream for years, a loan is the best alternative. With a negative Credit Bureau entry, however, you can hardly find a bank that agrees to grant a loan. There are exceptions if you can prove at least a regular salary.
But even then it depends on how high the loan should be, the chances of a small loan up to 5000 USD are better. It should also be noted that the interest rate is generally set higher if the credit rating is poor and can even be between 13 and 15 percent.
However, it always depends on what type of loan it is, for example, less interest is payable on car loans than on a loan that is freely available. This also applies to a loan despite a negative Credit Bureau and without prepayment.
No prepayment costs
Unfortunately, there are always black sheep in this industry who only process a loan request if they have been paid for it beforehand. Such an offer is generally not advisable, since in most cases no loan is made, but the preliminary costs are retained. It is better to invest even more time in the search until you have found a reputable provider who, despite a negative Credit Bureau, agrees to a loan without prepayment. Normally, the processing costs can already be factored into the conditions.
Compare offers exactly
For a loan despite a negative Credit Bureau and without prepayment, you have to compare the offers exactly. The quickest and easiest way is to use a comparison calculator on the Internet. This shows at a glance the cheapest providers for which Credit Bureau information is not relevant. The selection is then smaller than if you have better conditions, but there are always cheap offers with an interest rate below 10 percent.
However, since interest rates can change quickly, you should access them quickly. It should also be borne in mind that the processing time can be protracted. Finally, the credit institutions not only check the proof of income but also whether there are any other loans. It must be ensured that the borrower is able to pay the monthly installments on time.