Those who are looking for a loan without a bank can, in most cases, refer to bad experiences or endeavor to avoid them. A loan without the bank can bring benefits if a conscientious comparison of the various offers on the credit market is made. Not infrequently, it is the credit standards that make customers seem too strict or unrealisable and should be bypassed in this way.
The possibilities at a glance
If you want to apply for a loan without a bank, you should do one thing over and over again: compare conditions and use alternatives. There are several ways to apply for a loan without the bank, but the terms and conditions do not always have to be cheaper, but can be much more expensive. In general, too auspiciously sounding offers, which apparently do not require any collateral, should be avoided in order to protect against dubious lenders. Here are a few alternatives to be proposed where applicants have a higher chance of success.
The Swiss Credit
Among the most well-known loans that do not require a bank, the Swiss credit counts. This is offered through credit intermediary applicants from Germany, as a direct admission to a Swiss bank is not possible. However, the Swiss loan is completely rigid in its terms: The loan amount amounts to between 3,000 and 4,000 USD, interest rates, installments and maturities are set from the outset. An advantage lies in the credit check, because a credit bureau query does not take place. In order to do so, the applicant must be able to demonstrate sufficient income by payroll. As a rule, self-employed and freelancers have no chance of obtaining a loan without a bank.
The policy loan
A special option is offered to owners of a capital-forming life insurance. If you have a contract that has a sufficiently long previous term, you can borrow the current surrender value from the insurance company. The conditions for this are relatively favorable, since the insurer has to take only a relatively low risk, because there is a claim on the part of the insured anyway.
This process is also referred to as the lending of an insurance and represents a reasonable alternative to the sale or termination of the contract. Just the latter is done today by many insured without knowing that you can borrow the amount also. On the way of the loan remains the old-age provision and you get a cheap loan without bank.
The personal loan
A relatively new way to apply for a loan is personal loan. Unlike other alternatives, the borrower does not borrow the money from institutions, but from private individuals. The conditions for personal loans are much cheaper here than is the case with banks. Although this form of credit is not a credit check, the risk of being rejected is far lower. With a bad credit rating, however, it can be expected that interest rates will become more expensive due to risk premiums. The higher the interest rate, the greater the chance that a private investor will express his benevolence in the form of lending. The application can be made at one of the mediation platforms found on the internet.
For this, all documents are needed, which would also be required for a normal loan application. Although payroll checks are also required here, these do not necessarily have to come from dependent work. Thus, self-employed and freelancers have a good chance of a loan without a bank.