Getting a loan without collateral is almost impossible with Cream banks. Only you can get a loan without collateral in other places and also in Germany. It makes no difference whether you want to use this loan in a commercial or private sense. It is only important that you make yourself clear what obligation you take on when you take out a loan.
Why is there no loan without collateral at Cream banks?
To answer this question, you have to look at bank lending and the whole system behind it. A bank only grants credit with collateral. So you usually need positive Credit Bureau information, bank information and a sufficient credit rating. You get the latter either if you have a high income or have other assets.
When a bank grants a loan, it does not want to post any defaults. That is why it tries to protect itself against them as much as possible and to keep the risk as low as possible. Only by checking the creditworthiness and checking for collateral can the bank assume that it will not have to accept payment defaults and that the money lent plus the accrued interest will be returned - a profit for the bank.
Where can I take out a loan without collateral?
Loans without collateral exist in many places. You don't have to approach a bank from abroad to do this, you can also find several jobs in Germany. For example, if you buy a property for financing, it's a kind of loan. Depending on the amount of the expenditure for the respective object, collateral is due. If you buy a washing machine, for example, you do not have to show any collateral and take out an intermediary bank, loan or loan. There is therefore no need for collateral, since in the event the installments are not paid, the corresponding item can simply be recovered by the seller. In theory, the item sold is security.
But you can also approach private investors and try to get a loan without collateral. Here, above all, good contacts form the basis for the conclusion of a loan agreement. But you can also take out a loan without collateral on the Internet. All you have to do is give statements about your current employer and your monthly earnings.
As a rule, the loan is approved or canceled after 24 hours. However, you have to keep in mind that with this type of loan, credit intermediaries are interposed. They earn money by taking out loans. This money is drawn from the repayments of the respective borrower, so that the interest on the online loan usually cannot keep up with the offers from reputable banks in Germany.
What does a loan look like without collateral?
The loan without collateral is actually a normal installment loan. You have a fixed annual interest rate, a certain loan amount and a monthly repayment rate. In addition, the loan agreement regulates the start of repayment, usually 1 year after the loan amount has been distributed, as well as other modalities such as whether special repayments, which may be free of charge, may become chargeable. It is also important that the loan participants are in the contract.